CIM GROUP REPORTS A PROFIT AFTER TAX (PAT) OF MUR 116.1M FOR THE QUARTER ENDED 31 DECEMBER 2021
Cim Group posted a PAT of MUR 116.1M, an improvement on prior year figure of MUR 83.4M. The Group’s Operating Income increased by 17% for the period under review.
The positive momentum experienced in the last financial year continued into the first quarter with an expansion of the lending book driving the growth in Operating Income. Measures taken to contain the increase in expenses across the Group also contributed to the satisfactory bottom line. Given the persisting subdued economic environment, the Group posted an allowance for credit impairment of MUR 149.8M for the period.
The road to economic recovery remains uncertain, challenging and may take longer than previously expected. The Group will thus continue to exercise prudence whilst expecting some volatility in its performance over the coming quarters.
By order of the Board
Cim Administrators Ltd
11 February 2022
The condensed financial statements of the Group (‘Interim Report’) are unaudited and have been prepared using the same accounting policies as the audited statements for the year ended 30 September 2021, except for the adoption of published Standards that are now effective.
This Interim Report is issued pursuant to Listing Rule 12.20 and the Securities Act 2005. Copies of the statement of direct and indirect interests of Officers pursuant to rule 8(2)(m) of the Securities (Disclosure Obligations of Reporting Issuers) Rules 2007 and the Interim Report are available free of charge upon request made to the Company Secretary at the registered office of CIM Financial Services Ltd.
The Board of Directors of CIM Financial Services Ltd accepts full responsibility for the accuracy of the information contained therein.
Click here to view the Unaudited Financial Statements for the Period ended 31 December 2021.