Cim Finance has different areas of expertise, broken down in the following business units: Consumer Finance, Leasing, Cards & Payments, Factoring and SMEs. As illustrated in our organisational structure on pages 8 to 9, Cim Finance is the largest nonfinancial institution in Mauritius and is regulated by both the Financial Services Commission and the Bank of Mauritius for our Credit Cards services. By the scale and nature of our activities, Cim Finance plays an essential role in the Mauritian economy, especially because our focus is very much on the mass market retail and SME financing—two segments that contribute to almost 50% of our economy.
Despite the second lockdown and negative impacts of COVID-19, the Finance cluster managed to record top-line growth during FY 2021. Net operating income increased by MUR 178m (+9%) from MUR 1.99bn in FY 2020 to MUR 2.17bn in FY 2021. Profit after tax increased by MUR 155m (+51%) from MUR 306m to MUR 461m, despite an increase in provisioning charges relative to pre-COVID-19 levels to take into account the adverse market conditions.
Cim Finance’s asset (loan) book increased by MUR 1.2bn (+8%) during the financial year, from MUR 14.6bn at 30 September 2020 to MUR 15.8bn at 30 September 2021. The balance sheet growth was largely driven by the Consumer Finance business.