Mauritius | Finances

November 20, 2013

BOM Report 2012-2013: Total Profit of Rs 13.8 Billion for Commercial Banks

Commercial banks operating in Mauritius recorded for the fiscal year ending June 30, 2013 the total profit of Rs 13.8 billion against Rs 2.6 billion in 2011/2012 and Rs 11.9 billion in 2010/2011.

So says the latest annual report of the Bank of Mauritius public he made a few days ago. When the BoM, it reported a net profit of around Rs 71 million for 2012/2013 but had to draw its special reserves (Special Reserve Fund) to announce profits since the fiscal year was ended at the operational level by loss of Rs 1.8 billion.

According to the report of the central bank, the 21 banks in operation at the end of last June, four suffered losses during the financial year. Three of these four banks saw their profits be erased by provisions for bad debts, while the fourth, a newcomer in the industry continued to face high operational costs in the wake of its presence in Mauritius. The pre-tax profits of the entire banking sector amounted to Rs 15.4 billion in 2012/2013 against Rs 14.3 billion in 2011/2012. A summary table of the performance of commercial banks shows that they have reached a total revenue of nearly Rs 48 billion in 2012/2013, an annual increase of 13.8%. Operating income amounted to Rs 30.4 billion. However, the central bank noted that the cost / income ratio of banks has declined from 40% to 38.5%.

At the end of June 2013, the Mauritian banking sector consisted of nine local banks, foreign bank subsidiaries 8 and 4 branches of international banks. These institutions operated a total of 223 branches, 9 counters, a mobile service and 450 ATMs. They employed 7,464 people. In addition to traditional banking facilities, I4 banks offered services credit cards and internet banking while two proposed banking by phone. " The banking sector grew at a faster pace during 2012-2013 than in the preceding year," notes the BoM. Deposits grew by 11.3% during the fiscal year reviewed, thanks in large part to an increase of 16.9% in deposits at the international operations.

Referring to bank loans, the BoM comment as part of the construction industry in the total amount allocated to the private sector increased from 25.3% to 23.2%, while the tourism sector has remained unchanged. The annual report shows that bad loans rose 16.6% to Rs 21.4 billion at end-June 2013, pushing the ratio of bad loans as a percentage of total loans from 3.1% to 3.5%. Commercial banks have had to supply a larger sum (Rs 9.1 billion against Rs 5.9 billion for the previous period) as "specific provisions for loan Losses."

Reviewing the card transactions bank, the BoM first notes that the number of cards in circulation (debit, credit and other) increased 60,220 to surpass the 1.4 million. It shows that the average monthly value of transactions with credit cards to auto and home business houses wickets grew 15.6% to reach Rs 10.5 billion for the quarter ending June 2013.

In addition, the BoM has announced a net profit of Rs 71 million in 2012/2013 against Rs 395.3 million for the previous fiscal year. BoM had to make a transfer of Rs 1.9 billion in the Special Reserve Fund to be able to announce these profits since the last financial year has resulted in loss of Rs 1.8 billion, while in 2011 - 2012 profits of Rs 3.3 billion were announced.

 

Text by Le Mauricien
 

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