JEAN JUPPIN DE FONDAUMIERE
Dear Shareholders, I am pleased to present our Integrated Report 2019 and thank you for your continuous support in making our Bank Different approach the hallmark of our achievement. This report is a testimony to AfrAsia Bank’s capacity to deliver sustainable value to its stakeholders despite the challenging business environment it operates in.
On behalf of the Board and the Bank, we place on record our thanks for the contribution of Lim Sit Chen (Maurice) LAM PAK NG. He served as Independent Director from 2007 to 2018 and as Chairperson from 2015 to 2018. We also express our appreciation to Boon Huat LEE who was appointed Independent Director from 2018 to 2019 and Chairperson from November 2018 to February 2019, during which he ensured a period of smooth transition.
Dear Valued Partner,
The year ended June 2019 recorded an encouraging performance for AfrAsia Bank, and we progressed in our goal to be a reference in customer service and an employer of choice in the industry.
The Bank’s Total Operating Income reached MUR 3.7bn, a growth of 27% year-on-year. Cost containment remained in the forefront as Cost-to-Income Ratio was maintained at 30%. This allowed us to record a Net Profit after Tax of MUR 1.6bn. With the aim to maintain a healthy liquidity position, deposits from customers grew by 18% for the year ended 30 June 2019, to reach MUR 131.2bn, while loans and advances stood at MUR 28.2bn, reflecting our prudent lending approach.
During the year, our progress was guided by our 4 core pillars – Customer-Focus, Teamwork, Innovation and Sustainability, in pursuing our efforts in building bridges between Africa, Asia, and the World
Chief Executive Officer
> MUR 300m
Headquartered in Port Louis, Mauritius, AfrAsia Bank’s historic building, dating back to 1879, is listed as a National Heritage site. The Bank also has a branch in Ebène, the island’s Cybercity, further strengthening its presence in Mauritius. With its representative office in Johannesburg, South Africa, the Bank also serves its regional and international clients. These strategic office locations allow the Bank to bridge Africa and Asia, the two fastest growing emerging markets.
At the heart of our business are our business houses, striving, perfecting and innovating relationship manangement and product offerings. While we are in the race of creating a distinct experience with a unique business framework that caters for customer demands with the most proactive elements, we are also priortising the most sustainable approach requiring aesthetics, durability and quality.
The idea around cost improvement is a two-tiered ecosystem surrounding the Bank and its Clients. The focal point is over the creation of solid aerodynamics around the processes and operations to lower cost to income quotient through an optimal allocation of resources of the Bank and to incidentally enhance and embed ourselves in the customer’s journey.
The view is that technology is no more perceived as a support system but rather as a partner to work hand in hand with business in the achievement of objectives and Key Performance Indicators (KPIs). The Bank is trusting in continuing to dwell into digitalisation in this era marked by evolving customer demand but also capitalises over the metamorphosis of the traditional human capital to be able co-drive performance. The result of the fusion of these two forces is a seamless banking platform for everyone.
The commitment of the Bank remains hovered over making responsible and sustainable banking a pillar of our business framework. The Bank’s approach uses Sustainable Development Goals (SDGs) to steer its focus, the main SDGs prioritised during the FY19 are: SDG 1 - No Poverty, SDG 4 - Quality Education, SDG 8 - Decent work and Economic Growth, SDG 13 - Climate Action, SDG 17 - Partnership for the Goals.