Bramer Bank sees quarterly profits up 12%
The bank declared after-tax profits of Rs 5.8 million for the three months from July to September 2013, against Rs 5.2 million for the corresponding period a year ago. (Image: Company Website)
Bramer Banking Corporation, a leading financial institution based in Mauritius, saw profits up 11.5% for the quarter ended September 2013.
The financial sector is an important contributor to the economy of the island nation, with a sustained GDP contribution of 10% and an average growth of 4.8% over the last three years.
The bank declared after-tax profits of Rs 5.8 million for the three months from July to September 2013, against Rs 5.2 million for the corresponding period a year ago.
For the nine month period from January to September, the bank notched up after tax profits Rs 16.3 million.
Over the nine month period, operational income came up to Rs 371.2 million while its expenses (except interest) amounted to Rs 352.7 million, yielding pretax profits of Rs 18.5 million.
On the liabilities side, deposits, and on the asset side, net loans and advances, went up by 30.2% and 24.8% respectively vis-à-vis the corresponding figures on 31 December 2012, standing at a robust level of Rs 11.1 billion and Rs 7.8 billion respectively at 30 September 2013.
Finally, total assets were up by 31.5% to Rs 14.3 billion at 30 September 2013 against Rs 10.9 billion at 31 December 2012.
Bramer Bank has been operating in Mauritius for the last 40 years. Besides, the financial group also has operations in South Africa, Madagascar, Kenya, Dubai, France and Malta.
Bramer Banking Corporation Ltd
Bramer Bank is one of the fastest growing banks in Mauritius. The bank merged with Mauritius Leasing (ML), the leading asset finance provider in Mauritius, in May 2012. The merged entity is listed on the Stock Exchange of Mauritius.
The group has an established presence, with over 40 years in Mauritius. It also has operations in South Africa, Madagascar, Kenya, Dubai, France and Malta.
The Bank is part of the British American Investment Group, a premier conglomerate in Mauritius that has interests in financial services, healthcare, trade & commerce, construction and tourism. Within the financial cluster, the group operates banking, insurance, asset and wealth management, forex, Islamic finance, insurance brokerage, stock-broking and commodity and currency futures broking. The Bank started operations in 1989 as the South East Asian Bank (SEAB). The banking entity was acquired by British American Investment in 2008, and became the Bramer Bank.
Bramer Bank has a wide network of 19 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 to the high net worth segment.
Source: Company Website