Mauritius financial major Bramer Bank has made a net profit before tax of Rs 94.5 million (profit after tax: Rs 90.9 million) for the year ended 31 December 2013 compared to Rs 9.8 million for the eight month-period ending 31 December 2012.

To explain the exceptionnal rise in profits, the annual report notes that the Bank in 2013 has “extended its business into new lines of activities” and has hence accrued profits from those new business segments as well.

Also, it may be noted that the past fiscal year till 31 December 2012 covered only eight months of operation, unlike 2013 which covered the full fiscal year from 01 January 2013 to 31 December 2013.

The deposit and net loans and advances portfolio of the bank stood at an appreciable level of Rs 11.9 billion and Rs 8.6 billion respectively at 31 December 2013, showing an increase of 39.3% and 39.1% as compared to 31 December 2012.

Total assets increased by 39.6 % to Rs 15.2 billion at 31 December 2013 as compared to Rs 10.9 billion at 31 December 2012.

Furthermore, net fee and commission income increased by Rs 1.9 million compared to 31 December 2012 when it stood at Rs 51.7 million while interest received at the end of December 2013 amounted to 9.86 million compared to Rs 4.18 million as at 31 December 2012.

The financial statement went on to note that the bank had issued a cautionary announcement on the 11 February 2014 to inform its shareholders and the public that it has started discussions with an African Bank for a merger or amalgamation.

In banking circles, it is rumoured that a Kenyan bank listed on the stock exchange in Nairobi, with which Bramer Bank has close ties, could be a party to the merger.

The financial statement concluded by observing that the share price of the bank stood at Rs 7.98 as at 31 December 2013.

Image (Bramer Bank)

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