Absa Mauritius achieved an excellent performance in 2023, marked by significant progress in its transformation and growth strategy. Anchored in digitalisation, customer experience, people and culture, being an active force for good in everything that it does and being a diversified market-leading franchise, this strategy encapsulates Absa Group's purpose: "Empowering Africa’s tomorrow, together... one story at a time."
Strategic Pillars
2023 was very rich in terms of digital transformation. The bank unveiled a diverse range of innovative products and services designed to cater to the needs of both individuals and businesses, such as the Digi Account, Digi Business, and Digi Loans. This digitalisation also extended to the bank's internal operations, with a focus on automating essential back-office tasks. This strategic move resulted in notable improvements in efficiency and a reduction in processing times. The bank also invested Rs 56.1 million in new technologies to improve products and streamline procedures.
In terms of customer experience, Absa Mauritius aims to exceed expectations while also consolidating relationships and strengthening its brand. Procedures were evaluated and revised as necessary. Training was provided to employees to enhance customer experience. In 2023, 82% of complaints were resolved on the first day, compared to 70% in 2022.
Value creation also involves significant investment in the company's human capital, particularly in a context marked by intensified "talent war" in the financial sector. The bank has implemented a series of measures—training programs and recognition—to maintain a high level of engagement within its teams. In 2023, Absa Mauritius stood out by ranking first in the banking and financial sector following the National Engagement Survey. The retention rate also improved: from 94.8% in 2022 to 97%.
In its commitment to being an active force the good in everything it does, Absa Mauritius financially supported the construction of 600 social housing units and invested over Rs 20 million to renovate the Ladies Ward 1-6 of the Jawaharlal Nehru Hospital in Rose-Belle. As the first local bank to join SigneNatir, an initiative by Business Mauritius, it also demonstrated its commitment to sustainable development. In recognition of its efforts, the bank was honored at the PwC Sustainability Awards 2023 in the financial services sector.
Absa Mauritius remains committed to expanding its geographical and sectoral diversification initiatives. A notable development was the inauguration of a Service Lounge at Tribeca Central, setting a new standard for convenient access to flexible banking services. Furthermore, in Corporate and Investment Banking, the institution solidified its partnerships with both local and international businesses, effectively finalising numerous significant transactions. Progress in the Wealth Management strategy has been promising, especially in the expansion of Wealth Management activities both domestically and internationally.
An effective strategy
The excellent financial results and operational performance showcased by Absa Mauritius for the financial year 2023 testify to the effectiveness of its strategy. Revenues increased substantially to Rs 7.2 billion from Rs 5.7 billion in 2022, marking a notable growth of 27.5% whilst our net profits after taxes rose significantly to Rs 3.58 billion, up from Rs 1.99 billion in the previous year.The institution is thus accelerating its growth momentum while maintaining a strong capital base, as evidenced by its capital adequacy ratio, which increased from 16.78% in 2022 to 18.44% in 2023.
Looking forward
Absa Mauritius looks confidently to the future. The acquisition of HSBC Mauritius's Wealth and Personal Banking and Business Banking activities is part of this approach to growing the bank in Mauritius, determined to strengthen its position as an influential banking and economic player in the local landscape. This acquisition will further consolidate Absa Mauritius's Retail and Business Banking division.
Absa Mauritius also aspires to become a leading bank in sustainability. To this end, the bank has recently implemented a new strategy extending to 2030. Focused on three pillars: sustainable finance, responsible corporate behaviors, and community, this new approach aims to amplify the impact of the bank's sustainability efforts in various areas.
Through its operations, the bank aims to generate more value for its employees, clients, and the community as a whole. The launch of its new brand promise "Your Story Matters" at the beginning of the year confirms the bank's ambition to be more human-centered—favoring empathy and an intuitive, seamless customer experience. This promise reinforces the importance the bank attaches to its customers and demonstrates its intention to accompany them through different phases of their lives.
For more information, please refer to our Integrated Report 2023 by clicking here.
