Bramer Bank sees profits up four-fold to Rs 77.3 mn for 9 months to Sept 30
Following an increase in net interest income to Rs 508.16 million from Rs 277.37 million in the year ago period, the bank’s operating income rose by 50% to Rs 548.85 million. (Image: LuxuryMauritiusMagazine)
Bramer Bank has registered a major increase in profitability by 317% to reach a profit before tax of Rs 77.3 million for the nine month period ended September 30, 2014, compared to the year-ago period when profit before tax stood at Rs 18.5 million.
The bank’s operating income, for its part, rose by 50% to Rs 548.85 million, following an increase in net interest income to Rs 508.16 million from Rs 277.37 million in the year ago period.
Coming to the balance sheet, the deposits and net loans and advances portfolio of the bank stood at Rs 14.0 billion and Rs 10.0 billion as at 30 September 2014, which represents an increase of 26.3% and 28.4% respectively as compared to 30 September 2013.
Besides, total assets were up by 24.5% to Rs 17.8 billion at 30 September 2014 as compared to Rs 14.3 billion at 30 September 2013.
Under total assets, an increase in loans and advances to customers was registered to Rs 9.9 million for the nine months period ended September 30, 2014, compared to Rs 7.8 million in the corresponding period last year.
Finally, the communique by the bank concluded on the note that Bramer Bank’s share price was Rs 6.78 as at 30 September 2014.
About Bramer Bank:
Over the years, Bramer Bank has been helping families, individuals, entrepreneurs and corporate alike to realize their ambitions.
The bank offers a wide choice of financing, deposits and transactional facilities to meet personal and business requirements of the clientele and it has strong capabilities to build solutions around customer needs.
Bramer bank has a wide network of 20 branches across the island, in line with its mission to deliver proximity services to its customers.
The bank’s activities straddle retail, corporate and private banking, automobile and equipment leasing and micro finance.