Bramer Bank’s pre-tax profit shoots up 193.2% for quarter ended March 31
The financial statement concluded by observing that the share price of the bank stood at Rs 7.50 as at March 31, 2014. (Image: Luxury Mauritius Magazine)
Bramer Banking Corporation, a leading financial institution based in Mauritius, has achieved a profit before tax of Rs 20.79 million in the quarter ended March 31, 2014 compared to Rs 7.09 million in the year-ago period, representing a whopping increase of 193.2%.
Further, the bank declared an increase of 216.8% in after-tax profits to reach Rs 19.22 million for the quarter ended March 31, 2014, against Rs 6.07 million for the corresponding period a year ago.
Bramer Bank indicated in its statement that the deposit and net loans and advances portfolio of the bank stood at Rs 12.22 billion and Rs 9.33 billion respectively as at March 31, 2014, showing an increase of 2.7% and 7.7% as compared to December 31, 2013.
The financial statement went on to note that the bank’s total assets were up by 7.5% to Rs 16.33 billion at March 31, 2014 as compared to Rs 15.19 billion at December 31, 2014.
Furthermore, the net fee and commission expense amounted to Rs 3.35 million in the quarter ended March 31, 2014 compared to the corresponding period of last year when the net fee and commission income stood at Rs 16.41 million.
The financial statement concluded by observing that the share price of the bank stood at Rs 7.50 as at March 31, 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.