The global economic climate in 2024 remained dynamic, with a mixture of opportunities and risks. The Global growth has seen a gradual recovery, though not without hurdles. The Mauritian economy has shown progress in sectors such as construction and tourism. However, geopolitical uncertainties, inflationary pressures, rising commodity prices and global economic volatility continue to pose challenges for businesses and consumers alike. Despite these external pressures, the Mauritian banking sector has remained resilient, with declining non-performing loan ratios and the benefit of higher interest rates on net interest income.
As we reflect on the year that has passed, I am proud of the Bank’s achievements, but conscious of the challenges that continue to shape our operating environment. The financial year 2024 was a year of transformation and resilience for Absa Mauritius, as we navigated a complex economic environment, while remaining committed to delivering sustainable growth and value to our customers, employees, and shareholders.
Setting strategic direction
Absa Mauritius delivered another year of strong operational and financial results, with revenue and headline earnings increasing by 27.9% and 27.2% respectively. Capital and liquidity strengthened further, and the quality of the Bank’s balance sheet creates a robust platform for future growth.
The integration of the domestic Wealth and Personal Banking and Business Banking business acquired from HSBC was a significant undertaking, and we are delighted to welcome the new clients and colleagues into the Bank. Additionally, the focus on diversification across the business paid dividends in other areas, including the scaling up of our Wealth business, further growth in digital platforms, a notable expansion in sustainable finance, and increasing activity in business in international corridors and custody services.
We focused on bolstering our commitment to innovation and digital transformation. We made significant strides in enhancing our digital offerings, ensuring that our customers have seamless access to banking products and services, both locally and internationally.
Sustainability remained a cornerstone of the Bank’s strategy. In 2024, we deepened our commitment to financing sustainable projects, notably obtaining DFI funding from Proparco to support the sustainable development agenda in Mauritius. 483 colleagues helped to plant 10 900 indigenous trees in a reforestation project in Le Morne to preserve biodiversity in a World Heritage site and mitigate climate change impacts. We continue to explore ways to reduce our environmental impacts by promoting environmentally friendly practices in our head office and branches, deploying solar and renewable energy solutions to reduce our carbon footprint. Our approach to sustainability goes beyond fulfilling regulatory requirements to ensure that we make a tangible, positive difference in the communities where we operate.
At the heart of our success lies our people. In 2024, we continued to focus on fostering an environment where our employees can thrive and contribute meaningfully to the Bank’s goals. We believe that our diverse and talented team is the driving force behind our ongoing success, and we are committed to supporting their personal and professional development. Being recognised as a Top Employer for 2025 in Mauritius and Africa – a first for a bank in Mauritius - is testament to our commitment to fostering an inclusive, engaging and innovative workplace culture.
Supporting growth through governance
Effective governance underpins our operations, ensuring that we act with transparency, accountability, and integrity in all that we do. Our Board of Directors provides strong leadership and strategic oversight, ensuring that Absa Mauritius remains aligned with the broader objectives of the Absa Group while finding solutions tailored to uniquely local challenges focused on adding value, and committed to the highest ethical standards.
Key Board focus areas during the year included overseeing progress on the digital transformation and sustainability programmes, integration of customers and colleagues acquired from HSBC, talent management and succession planning, customer experience, progress against targets set in the short- and medium-term plans, as well as growth initiatives including revenue diversification.
As a Board, it is essential that we remain well-informed on emerging issues that can impact the bank’s operations, reputation and regulatory standing. Throughout the year, the Board has participated in training on several critical areas. This year, our focus included cybersecurity, ESG and sustainability reporting, anti-money laundering, governance, and the identification and management of key risks.
Looking ahead: An optimistic outlook
As we look ahead to 2025 and beyond, I remain optimistic about the future of Absa Mauritius and the broader Mauritian economy. At Absa Mauritius, we are prepared for the future. Our continued investment in technology, innovation and talent will ensure that we are not just participants in this transformation but leaders in it. We will continue to build on our position as a trusted partner for businesses and individuals, offering world-class financial services while remaining aligned with the broader goals of the Absa Group.
Appreciation
In closing, I extend my deepest gratitude to my fellow directors for their strategic vision, support and diligent oversight during the year. My sincere appreciation goes to our management team for their leadership and commitment to driving progress in the Bank’s strategic focus areas. The dedication and expertise of our colleagues is the backbone of our success, and we thank them for their efforts during the year.
Thank you to our valued customers - we are truly grateful for your trust and partnership.
As we look ahead, Absa Mauritius remains steadfastly focused on delighting our customers, innovating and growing our diversified business streams to sustain our growth trajectory.
