Mauritius | Finances

August 09, 2013

Bank Charges: The Financial Windfall of Commercial Banks

In addition to the segment B (international business), the Mauritian commercial bank can rely on their bank charges to increase their profitability. Let's take a little tour of banking horizon to see what they have amassed as 'fees and commissions' during the 2012 fiscal year.

From July 2011 to June 2012, the Mauritius Commercial Bank (MCB) recorded profits after tax of Rs 4.1 billion, which represents a decrease of 8.4% compared to the previous year (Rs 4 5 billion). However, profits in 2011-2012 are comparable to those of the previous year when excluding the two non-recurring results 2010-2011: a settlement agreement reached with Mauritius Union Assurance (MUA) and disposal of an investment in the hotel sector.

The "Net fees and commissions" the most profitable bank in Mauritius represent more than 50% of the Group's profitability. They went from Rs 1.88 billion in 2011 to Rs 2.2 billion in 2012, an increase of 18.4%. Note that in 2010, bank charges had allowed the MCB to garner Rs 1.7 billion and has increased about 31% in two years.

Turning to the State Bank of Mauritius (SBM), whose net profit rose 30% for the fiscal year ending June 30, 2012 to reach Rs 2.6 billion. The "Net fees and commissions" for the past year amounted to Rs 1.15 billion representing more than 44% of the Group's profitability. Commissions received increased 77.5% over the past two years.

At Barclays Bank is Rs 469 million collected as "fees and commissions", or about 46% of its profitability (over one billion). Compared to 2011, expenses increased by approximately 6%. By cons, compared to 2010 (Rs 479 million), the 'fees and commissions' in 2012 were down 2%.
Bank One has made a profit of around Rs 203 million in 2012. The bank collected Rs 107 million as 'fees and commissions', against Rs 103 million in 2011 and Rs 94.5 million in 2010. Fees received in 2012 represent more than 52% of its profitability.

For the eight months of operation ending 31 December 2012, the Bramer Banking has received Rs 51.7 million as "fees and commissions" to a profitability of around Rs 16.5 million.

For fiscal 2012, the AfrAsia Bank reported net profit of Rs 270 with Rs 101 million from bank commissions. The 'fees and commissions' receipts are up 136% in 2012 compared to 2011 (Rs 42.9 million).

Despite Rs 21.3 million of commissions in 2012, ABC Banking ended the year with a loss of Rs 14.6 million. The 'fees and commissions' for 2011 amounted to Rs 17.2 million and Rs 18 million in 2010.
Note that the Finance Minister Xavier-Luc Duval has already protested against bank fees that are charged to clients of the qualifying exaggerated. The Governor of the Bank of Mauritius (BoM) has also sounded the alarm about this state of affairs while wishing to see the commercial banks to engage in an exercise in 'Rethinking' of the equation-profits.

 

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