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AfrAsia Bank Limited and its Group Entities
Annual Report 2015
page 135
Africa and Mauritius: Economic co-operation, regional integration and trade
Mauritius has concluded double taxation avoidance agreements with 38 countries, among which are 14 African countries.
A Mauritius-Africa Fund has been set up in 2014, under which the government encourages and promotes Mauritian businesses
exploring mainland Africa. Statistics reveal that 45 Mauritian companies have already invested in 12 countries in mainland Africa,
in several sectors, including ICT, renewable energy, agri-business and banking/financial services.
BUSINESS SEGMENTS REVIEW
Corporate Banking
In a rapidly changing banking environment, customers remain at the heart of what the bank does. Everything is geared to achieving
all goals in line with being the preferred bank for customers.
HIGHLIGHTS
The Corporate Banking segment delivered market leading
performance and strong results in the financial year
2015.
Advances have been growing steadily over the years
and have reached MUR 9.1bn as at 30 June 2015,
a significant increase of 26% as compared to June 2014.
High increase in deposits from customers reached
MUR 10.7bn as at 30 June 2015, thus achieving a growth
of 7% over the year.
High increase of 11% in foreign exchange transactions
was achieved on the back of focused effort and enhanced
relationship building with existing corporate entities as
well as new clients.
Interest income has improved despite the current low
interest rate environment as well as fee income. However,
the poor economic climate is also reflected by higher risk
costs.
Advances
A growth of
1.9Bn
as compared to
June 2014
MUR
+712m
MUR
Deposits
A growth of
over the year