For the last nine months of the financial year, ABC Banking Corporation, a banking entity of the ABC Group, made an operating profit of Rs 615.2 million, compared to Rs 553.3 million for the same period in 2023. profits after tax amounted to Rs 195.9 million. These figures are taken from the latest financial statement of ABC Banking Corporation, closed on March 31, 2024.
Brian Ah-Chuen, Executive Director of ABC Banking Corporation, says ABC Banking is well positioned to continue its expansion and embark on new ambitions based on its current strong foundation. “The reorganization of our structure into two distinct divisions will take place from the start of the next financial year and we are enthusiastic to begin this other level of our development, especially after the success of our bond issue in March 2024, which been oversubscribed,” he says. Indeed, ABC Banking recently announced its ambition to reorganize its activities around two axes: the banking and non-banking divisions, both entirely owned by ABCB Holdings Ltd which will soon be created. It is also expected that ABCB Holdings Ltd will join the Main Board of the Stock Exchange of Mauritius, its shares thus replacing those of ABC Banking Corporation on the Development and Enterprise Market (DEM). This marks a significant step in ABC Banking's expansion strategy.
As of March 31, 2024, the bank's total assets stood at Rs 26.0 billion, up from Rs 23.3 billion a year ago. The deposit portfolio reached Rs 21.9 billion compared to Rs 20.1 billion in March 2023. Other figures for the financial year: Net Interest Income which increased to Rs 478.1 million as of March 31, 2024 compared to Rs 422 .7 million for the same period the previous year.
