CFSL - Financial Statements - Nine months and Quarter Ended 30 June 2019
Cim Group reports a 26% increase in Net Operating Income from continuing operations for the nine months ended 30 June 2019
The Group’s Net Operating Income from continuing operations increased by 26% to reach MUR1,309.7m for the nine months ended to 30 June 2019.
Cim Group posted overall a satisfactory Profit After Tax (PAT) of MUR281.8M for the period under review.
Over the recent quarter, there has been continuous progress in sales from the Group’s greenfield Fintech Consumer Finance business in Kenya.
Surrender of Non-Bank Deposit Taking licence (NBDT) and Amalgamation
Following the decision made by CFSL’s subsidiaries Cim Finance Ltd (CFL) and Mauritian Eagle Leasing Co Ltd (MELCO) to surrender their NBDT licence, the Board wishes to report that all the deposit holders of CFL and MELCO have been successfully refunded their deposits. Accordingly, CFL and MELCO have lodged an application for the surrender of the said NBDT licence with the Bank of Mauritius.
Furthermore, with the objective of streamlining the structure of the group and improving efficiency, the Board of CFSL had approved the ‘in principle’ amalgamation of the following entities with and into CFSL (subject to regulatory approval):
• Cim Finance Ltd;
• Cim Agencies Ltd;
• Mauritian Eagle Leasing Company Limited;
• Cim Management Services Ltd; and
• Cim Shared Services Ltd.
Shareholders and other stakeholders will be kept informed of future developments on this matter.
Outlook
With the surrender of the NBDT licence being completed and the announced amalgamation, the Company is on track to deliver on its strategy to focus on and strengthen its core consumer finance lending business within an improved governance framework and through securing more opportunities as a lender on both the local and the regional markets.
By Order of the Board
Cim Administrators Ltd
Company Secretary
14 August 2019
The abridged 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 2018, 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.