Bramer Bank achieves pre-tax profit of Rs 43.2 million in first half of 2014
The financial statement went on to note that the bank’s total assets were up 20.8% to Rs 16.2 billion as at June 30, 2014 as compared to Rs 13.4 billion as at June 30, 2013. (Image: Luxury Mauritius Magazine)
Mauritius financial services major Bramer Banking Corporation registered a profit before tax of Rs 43.2 million for the six month period ended June 30, 2014, an almost four-fold rise over Rs 11.6 million achieved in the corresponding period last year.
In addition, for the quarter ended June 30, 2014, the bank achieved a profit before tax of Rs 22.4 million against Rs 4.5 million in the year-ago period.
Bramer Bank indicated in its financial statement that deposits stood at Rs 12.15 billion as at June 30, 2014, representing an increase of 13.6% compared to Rs 10.69 billion as at June 30, 2013.
Besides, the net loans and advances portfolio amounted to Rs 9.10 billion as at June 30, 2014, representing an increase of 21.5% compared to Rs 7.49 billion as at June 30, 2013.
The financial statement went on to note that the bank’s total assets were up 20.8% to Rs 16.2 billion as at June 30, 2014 as compared to Rs 13.4 billion as at June 30, 2013.
Further, net interest income stood at Rs 313.96 million for the six months ended 30 June 2014 compared to Rs 149.24 for the six months ended 30 June 2013.
However, net fee and commission expenses amounted to Rs 6.31 million for the half year till 30 June 2014 as against Rs 38.06 million of net fee and commission income achieved in the corresponding period last year.
The financial statement concluded by observing that the share price of the bank was Rs 6.80 as at 30 June 2014
The Bank started as the South East Asian Bank (SEAB) in 1989 and became the Bramer Bank in 2008 when the banking entity was acquired by British American Investment (BAI) – a premier conglomerate in Mauritius that has interests in financial services, healthcare, trade & commerce, construction and tourism.
It is to be noted that BAI has a presence of more than 40 years in Mauritius and has operations in South Africa, Madagascar, Kenya, Dubai, France and Malta.
Thereafter, the bank merged with Mauritius Leasing (ML), the leading asset finance provider in Mauritius, in May 2012.
Bramer Bank has a wide network of 20 branches across the island in line with its mission to deliver proximity services to its customers. It also has a Private Banking Unit that caters for the high net worth segment.