Executive Director & Group Chief Executive Officer Mark van Beuningen Are you satisfied with CFSL’s performance for the year, given the challenging operating environment? In the face of a challenging operating environment, CFSL delivered a noteworthy performance and celebrated several milestones. In addition to delivering an improved turnover, several of the metrics used to measure our progress have shown positive trends, including: continued growth in our asset book, growth in our net interest income margin as well as non-interest revenue, reduction in our cost-to-income ratio, and continued improvement in our non-performing loan ratios post COVID. These indicators stand as a testament to the soundness of our business model and our clear strategic direction. This past year, we also grew our core activities and strengthened our expertise, which I credit to each one of our 1000 outstanding team members; we have made great progress on our digital transformation journey; and we completed a key acquisition that is paving the way for purposeful expansion in rapidly growing markets in Africa. I am very encouraged by these results. That said, the year was not without its challenges. The high interest rate and high inflationary environment proved equally difficult for businesses, consumers and households. Higher financing and operating costs affected businesses’ ability to invest and expand, while households have been compelled to reprioritise their finances and revise their plans for the future in view of their eroding purchasing power. At the same time, our focus never wavered from supporting our clients facing financial hardships and constraints, working closely with them to restructure their facilities to more affordable and manageable monthly payments. How does the theme of this report tie to CFSL’s performance? The theme of this report resonates profoundly with our performance this past year. As pioneers in our domain, innovation has always been integral to CFSL’s identity and ways of working. We understand that our actions reverberate far beyond our walls, impacting a significant portion of the Mauritian population, and that it is our duty to wield our influence and position responsibly to set new industry standards and stand as positive agents of change. The launch of a Green Bond to support our Green Leasing product, Noubiznes for our SME clients, and our new digital in-app MoCrédit loan are only a few examples that underscore how innovation, when strategically cultivated and harnessed, can serve as a powerful tool for enhancing societal wellbeing and contributing to a greener future–two of our strategic imperatives. The stories of ingenuity and forward-thinking initiatives contained in the pages of this report further shed light on how CFSL is actively contributing to a positive impact on the world around us through sustainable innovation. Discussion with the Group CEO 26 CIM FINANCE ANNUAL REPORT
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