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  • CFSL - Abridged Audited Financial Statements Year Ended 30 September 2020
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Abridged Audited Financial Statements-30 September 2020

28 December 2020


The Group’s Net Operating Income from continuing operations increased by 15% to reach MUR 2.1Bn whilst Profit After Tax (PAT) decreased by 50% to MUR 190.8M overall for the year under review. This drop is mainly due to an increase in allowance for credit impairment to reach MUR 652.6M in the financial year under review (2019: MUR 180.9M) due to the deteriorating and uncertain economic outlook. The operating profit before impairment showed however a progress of 37% year on year.

Highlights of the year under review
This year is marked by the difficult operating context caused by the COVID-19 crisis. Over the first semester, the Group experienced growth in its lending book, supported by its four main activities of consumer finance, leasing, factoring and cards business. However, this stalled in mid-March 2020 with the outbreak of the pandemic and the subsequent lockdown. Post curfew lift off in June, a pick-up in activities was noted mainly in the consumer finance segment, with a more subdued experience in the other activities, underpinned by a steady progress in collections.

During the lockdown period, the Group launched its mobile application “Mo Finans”, a user-friendly application that allows clients to check their accounts, view their monthly amount due and proceed with their payments. In parallel, the group also developed an online payment channel via its website. These initiatives allowed Cim to remain in touch with its clientele during the difficult period, with support provided to the most affected clients via moratoriums and rescheduling possibilities. Leveraging on its funding strategy set in 2019, the Group has successfully raised MUR 2Bn and MUR 3Bn on the debt capital market in October 2019 and in July 2020 respectively. These funds will help the Group to maintain a sound liquidity position in the current depressed economic climate.


The Board had decided not to declare any interim dividend in May 2020, given the precarious environment and uncertainties that the Group was facing at that time. As these conditions continue to prevail and given the drop in PAT from continuing operations, the Board has resolved not to declare a final dividend for the year under review. The Board will continue to monitor the situation very closely and will adapt its dividend pay-out accordingly.

Although the news of the soon-to-be available COVID-19 vaccine has buoyed sentiment worldwide and in Mauritius, it is still early days to predict when the crisis will end. The Board thus expects the performance of the Group for financial year 2020/2021 to remain subdued in the midst of the uncertain economic outlook.

Link to Financial Statements: http://m.cim.mu/CFSL_Abridged