09 June 2020
The Covid-19 pandemic will severely affect the economy at large. Absa Bank (Mauritius) Limited is closely monitoring the evolution of the Covid-19 situation, and as a responsible organisation, it continues to support the country and community, whilst adapting itself to the distinctive needs of its clients to provide them with as much relief as possible through this period of financial uncertainty.
It is amidst this context that Absa Bank (Mauritius) Limited announces its financial results for the year ending December 2019. Operating income reached Rs 4.9 billion, corresponding to an 8% increase compared to the previous year. Loans and advances to customers grew by 25% to reach Rs 65.3 billion, while deposits from customers rose by 37% to Rs 109.4 billion. These growths are primarily a result of the performance of the bank’s international banking activities.
During the 2019 financial year, Absa Bank (Mauritius) Limited recorded a 5.3% growth in its normalised Pre-Provision profit, largely explained by its growth in balance sheet. As for normalised Profit-After-Tax, these amount to Rs 2.1 billion.
The bank is also able to leverage on its parent company in South Africa, Absa Group Limited, which delivered a strong performance in 2019, with headline earnings on the rise and a 6% increase in revenue to R80 billion for the year ending December 2019 (normalised values).
We are going through an unprecedented situation with severe and abrupt economic shock waves throughout the world. We need to maintain a flexible approach to relaunch strategies, amongst which are actions such as redefining governance frameworks, finding new ways of interacting with each other and accelerating digital transformation.
Organisations should plan for a recovery founded on sustainability, to build a stronger economy and a sound future for our country and its citizens.
With more than 100 years of presence on the island, Absa Bank (Mauritius) Limited has always been an important player in the economic development of the country. Today, more than ever, the bank is determined to support the country’s recovery and has already started to work on initiatives deemed to address the challenges posed by the Covid-19. This spirit is driven by 'Africanacity’, a philosophy embraced by Absa, evoking the unique way of turning every challenge into an opportunity by being resourceful and creative. ‘Africanacity’ is inspired by resilience, optimism and a unique way of solving problems in life, a mind-set that is more powerful than ever as we stand beside each other to fight our invisible enemy, the Covid-19.