ABC Banking Corporation reported a strong financial performance for the six months ending December 31, 2024, confirming the bank’s growth across different segments. The customer deposit base grew by 18.2%, reaching Rs 24.5 billion compared to Rs 20.7 billion the previous year.
The bank’s operating profit reached Rs 444.4 million, an increase of 9.6% compared to Rs 405.5 million recorded for the same period in 2023. This growth was primarily driven by the increase in its loan portfolio, which reached Rs 15.9 billion. This expansion generated an 8.4% rise in net interest income, which now stands at Rs 352.4 million compared to Rs 325.3 million for the same period last year.
The bank’s assets also saw a significant growth of 22.4%, reaching Rs 29.5 billion as of December 31, 2024. Non-Interest Income saw a substantial increase of 14.7%, rising to Rs 92 million, reflecting the diversification and strength of the bank’s performance. Profits after tax amounted to Rs 108.7 million for the six months, showing a decline attributed to additional, exceptional expenses, including those related to legal requirements. ABC Banking Corporation continues to demonstrate robust growth and strong financial performance, reinforcing its position in the Mauritian banking sector.
Brian Ah-Chuen, Managing Director of ABC Banking Corporation, emphasized: “This performance reflects our commitment to growing ABC Banking both locally and internationally. The significant 25.8% growth in our loan portfolio, along with the increase in customer deposits, is a testament to the strengthened trust in our banking institution. While we faced unforeseen regulatory and legal expenses, we will continue to invest in our growth and are confident that this will generate returns in the medium term.”
Nevertheless, the bank’s fundamentals remain strong, with a Capital Adequacy Ratio (CAR) comfortably standing at 17.5%, and the Liquidity Coverage Ratio (LCR) at 364%, well above regulatory requirements. These results highlight the bank’s financial health and stability.
About ABC Banking Corporation
Founded in 2010, ABC Banking Corporation has experienced rapid growth with both local and international operations. The bank was the first in Mauritius to open a representative office in Hong Kong, reinforcing the island’s strategic role as a gateway between Asia and Africa. Recently, it expanded its international presence by opening an office in Dubai, a major financial hub in the Middle East.
Specializing in tailored solutions for private clients, ABC Banking offers exclusive wealth management and real estate financing services. The bank is also active in three strategic segments: International Banking, Business Banking, and Retail Banking. Since its inception, it has firmly established itself in the market and is part of the ABC Group, one of the largest conglomerates in the country.
ABC Banking is preparing for its entry into the main market of the Stock Exchange of Mauritius with the introduction of ABCB Holdings, a holding company that consolidates its banking and non-banking activities. This initiative further strengthens its market presence and attracts new capital.
