CIM GROUP REPORTS A PROFIT AFTER TAX (PAT) OF MUR 289.6M FOR THE NINE MONTHS ENDED 30 JUNE 2021
For the period ended 30 June 2021, Cim Group posted a PAT of MUR 289.6M, an improved performance as compared to prior year of MUR 138.4M. Total assets of the Group increased by 4% year on year to reach MUR 16.3Bn.
The lending book continued to grow and the positive momentum experienced before March was supported by an encouraging May and June months in the retail sector, despite the second lockdown, subsequently reflecting on the bottom line results.
However, as the uncertainty persists, the Group continued to maintain its prudent approach with an allowance for credit impairment of MUR 349M for the period under review (LY: MUR 434M).
The weeks following the second lockdown have shown some resiliency in the retail sector which was quite encouraging and the gradual opening of borders is bringing a breath of fresh air to the economic landscape. Nonetheless with bouts of successive waves of the pandemic being experienced across the world, the road to recovery will be long. Therefore, the Board will continue to exercise prudence and will implement appropriate initiatives as the situation develops.
By Order of the Board
Cim Administrators Ltd
11 August 2021
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 2020, 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.
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