CIM GROUP REPORTS A PROFIT AFTER TAX (PAT) OF MUR 83.4M FOR THE QUARTER ENDED 31 DECEMBER 2020
Cim Group posted a PAT of MUR 83.4M, down 8% on prior year figure. The Group’s Net Operating Income increased by 2.6% to reach MUR 521.3M for the period under review. The result of the first quarter was driven by the Finance cluster which recorded a growth in Net Operating Income on the back of an expansion of its lending book at an albeit subdued pace when compared to the pre- Covid19 period. The results were also positively impacted by measures taken to contain costs across the Group.
Given the persisting morose economic environment, allowance for credit impairment was MUR 113.9M, up as compared to same period last year.
Outlook
While vaccination campaigns around the world and in Mauritius are underway, the international and domestic business and economic horizons still remain uncertain and challenging with no clear visibility on how long it would take for countries to recover. The Group will thus continue to exercise prudence and reinforce measures put in place to mitigate the downside risks caused by pandemic.
By Order of the Board
Cim Administrators Ltd
Company Secretary
11 February 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.
Link to Financial Statements: https://about.cimfinance.mu/images/CSFL-Abridged_Unaudited_Financial_Statements_Period_Ended_31_December_2020.pdf
