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AfricaMoney | June 26, 2017

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Mauritius: HSBC branch sales dip 6.7% to Rs 927 mn & profits by 8.7% to Rs 227 mn

Mauritius: HSBC branch sales dip 6.7% to Rs 927 mn & profits by 8.7% to Rs 227 mn

The Mauritius branch of HSBC declared lower than expected revenues of Rs 927.5 million, down 6.7% over last year, and also saw profits down 8.7% to Rs 226.6 million for the year ended December 2014. (Image:Facebook.com)

The Mauritius branch of the Hongkong and Shanghai Banking Corporation Limited released its financial statements for the year ended December 2014 showing lower than expected results with a total revenue of Rs 927.5 million, down 5.9% on the back of lower net interest income and reduced net trading income.

It may be noted that HSBC has two entities in Mauritius – a branch of the Hongkong and Shanghai Banking Corporation Limited — and a local subsidiary — HSBC Bank (Mauritius) Limited. HSBC operates 11 retail branches offering a full range of retail banking and also offers global banking services through HSBC Bank (Mauritius) Limited.

The net interest income, which accounts for 60.9% of total revenue, amounted to Rs 564.8 million — representing a decline of 6.7% — and net trading income dropped by 11.6% to reach Rs 166 million, while fees and commission income contributed positively with a rise of 1.7%.

The total operating income of the bank dipped by 4.1% to stand at Rs 1054.4 million and profit levels also fell by 8.7% to reach Rs 226.6 million.

On the balance sheet side, the total loans of the bank as at December 2014 amounted to Rs 12.5 billion, out of which loans to other bank went down significantly with a decrease of 79.5%.

The total deposits of the bank amounted to Rs 19.4 billion and lower deposits from customers were received, with a dip of 8.3%.

Total assets of the bank for 2014 amounted to Rs 22.8 billion and compared to 2013 the bank assets for the same period dipped by 12.9%.

On a positive note, an improved cash flow position was recorded, with cash and cash equivalents standing at Rs 2.44 billion as at 31Dec14 compared to Rs 1.71 billion as at 31Dec13.

Corporate profile:

The Hongkong and Shanghai Banking Corporation Limited is the founding member of the HSBC Group, which serves around 60 million customers through four global businesses: Retail Banking and Wealth Management, Commercial Banking, Global Banking and Markets and Global Private Banking.

The HSBC Group`s network covers 6,900 offices in 84 countries and territories in six geographical regions: Europe, Hong Kong, rest of Asia-Pacific, Middle East and North Africa, North America and Latin America. With assets of US$2,721 billion at 30 September 2012, HSBC is one of the world`s largest banking and financial services organisations.

In Mauritius, through its 11 full-service domestic branches, HSBC offers a wide range of products and services to local customers including retail accounts, credit cards, personal and home loans and custody services.

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