I am pleased to present my first Bank One Annual Report for 2024. Since assuming office in mid-October, the focus in the beginning weeks was on understanding our franchise by engaging with our people, customers, shareholders, regulators, and ecosystem partners. This has provided me with a profound understanding of the Bank One business model, strategy, operations, and the meaningful impact we have both locally and beyond borders in our pursuit of empowering prosperity. I have witnessed firsthand the tireless efforts of our teams, and the trust placed in us by the individuals we support, our trusted stakeholders, the broader community, and all those who guide our journey.

As highlighted in the Chairperson’s Report, 2024 brought its share of obstacles, including global market uncertainty, rising inflation, and geopolitical conflicts. Despite these challenges, Bank One delivered a good performance from a PBIT perspective, reflecting our agility, innovation, and consistent focus on delivering value. This report highlights how we have leveraged our strengths to adapt, succeed, and prepare for continued growth in the coming years.

Our numerous prestigious accolades, including Best Custodian Bank (Indian Ocean), Best Private Bank (Mauritius), Best International Bank (Indian Ocean), and Best SME Bank (Mauritius) are a testimony to our relentless commitment and ongoing efforts to provide the best possible services and products to our customers.

Bank Strategy

As a universal bank anchored in Mauritius and spanning Sub-Saharan Africa, Bank One holds a distinct position in the region’s financial sector. Leveraging our global partnerships and extensive market knowledge, we deliver bespoke financial solutions tailored to diverse client needs. Our strategic focus on cross-border banking activities, particularly in Corporate and Institutional Banking, as well as Private Banking and Wealth Management, continues to be a major growth engine. Africa, the world’s second-fastest growing region, presents significant opportunities in Trade, Treasury, Payments, and Wealth Management. Backed by the capabilities and regional insights of our shareholders, I&M and CIEL Group, Bank One commands a competitive advantage that drives value for our clients while effectively identifying opportunities and managing risk. Domestically, we are enhancing our positioning in the Corporate, Private Banking and Retail segments to create additional value for our clients. We remain dedicated to upholding a robust regulatory framework in line with local and international standards, ensuring the utmost integrity and transparency in all our operations. Our key strategic priorities include expanding our Corporate and Institutional Banking services, capitalizing on Africa’s economic growth, strengthening our domestic offerings, and maintaining the highest standards of regulatory excellence.

Financial Performance Highlights

Bank One achieved a 6% growth in total assets and revenue, with a return on equity of 13.34%. The bank reported a profit before impairment of MUR 755 million, reflecting an 11% growth over the previous year.

The Non-Performing Loan (NPL) ratio remained high at 6.04%, influenced by a cross-border exposure classification. The bank’s Capital Adequacy Ratio stood at 17.33%, well above the regulatory requirement of 12.50%. Additionally, the consolidated Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) were at very comfortable levels: 227% and 159%, respectively.

Corporate and Institutional Banking

Bank One international corporate business continued to play a vital role in the contribution of the bank’s revenue generation, maintaining solid performance despite a challenging macroeconomic environment and strategic shifts. Enhanced platform capabilities fueled significant growth in international payments, while our trade finance activities showed strong potential, backed by relationships with leading development finance institutions such as the African Development Bank and our financing partner, DEG.

On the domestic front, our corporate segment achieved a 13% increase in revenue and a 62% rise in profit before impairment. Looking ahead, we anticipate stronger momentum in 2025 as we advance strategic initiatives and deepen client relationships.

Consumer, Private Banking and Wealth Management

The Bank’s international securities and custody business recorded notable growth, driven by strong synergies with financial institution clients across the region. This performance reinforces our position as a wealth management hub for Sub-Saharan Africa.

Meanwhile, our Retail segment faced domestic market pressures­—such as elevated funding costs and limited FX availability—yet remained profitable through disciplined management and a focus on delivering value in challenging conditions.

Building Excellence at Core

Our digital transformation efforts centered on enhancing core platforms—Internet Banking and Mobile Banking—alongside optimizing key processes such as bulk payments and straight-through processing. We also enhanced our open banking architecture (POP) to broaden our universal payment capabilities.

These initiatives, along with the continuous streamlining of internal processes and enhancement of our value propositions, position us to scale efficiently and drive sustainable growth.

Looking Ahead – 2025

Looking ahead to 2025, inflation is projected to average around 3.5%, remaining within the central bank’s preferred range. While geopolitical considerations continue to influence the global landscape, much of the prevailing uncertainty centers on shifting trade policies.

A potential easing of international tensions could strengthen supply chains and trade flows, particularly benefiting African markets. Technological advancements are poised to further drive growth and development, though climate- and weather-related shocks present ongoing risks-especially for developing economies. Additional interest rate cuts may offer relief to sovereigns, with improved credit availability supporting higher GDP growth.

Bank One is well-positioned to advance its Sub-Saharan Africa-focused strategy, working closely with our partners and Shareholders Network. By leveraging our Mauritian roots and regional expertise, we aim to unlock significant opportunities and foster sustainable growth across the continent.

Strategic Pillars for Continued Success

Our future success is built upon key strategic pillars that drive sustainable growth:

A Culture of Excellence

Bank One continues to enhance its value propositions through focused innovation and digital transformation. Our goal is to build digital-enabled operational excellence and customer-centric solutions that elevate the banking experience.

Regional Growth and Market Relevance

We remain committed to supporting economic development across sub-Sahara Africa while reinforcing our domestic market presence. Our shareholder collaboration provides us with a competitive advantage in key markets, particularly in East Africa and Madagascar, allowing us to better serve our customers and unlock shared value.

Customer-Centricity, Agility, and Innovation

In an evolving financial services landscape, we recognise the importance of adaptability. Our business and operating model are continuously refined to enhance competitiveness, ensuring we meet the dynamic needs of our customers through scalable and cost-efficient solutions.

Building a Solid Foundation for Growth

Strengthening our risk management capabilities remains a priority. In 2024, we reinforced risk oversight across the organisation, and we will continue to enhance these capabilities in 2025 and beyond to support sustainable growth.

A Winning Team and Culture

Our people are at the core of our success. Bank One is committed to investing in talent development, fostering a high-performance culture, and ensuring our workforce remains aligned with our values. By nurturing a dynamic and inclusive workplace, we empower our employees to deliver superior customer experiences.

Commitment to Environmental, Social, and Governance (ESG) Principles

Bank One acknowledges that a commitment to ESG will improve its performance and make it more sustainable. It is thus committed to incorporating ESG principles into its operations, risk management practices and business growth strategies in a spirit of fostering sustainable long-term growth for all its stakeholders.

Concluding Remarks

I extend my sincere gratitude to Mr. Mark Watkinson for his invaluable leadership over the past four years, to the entire Bank One team for their unwavering dedication and collaboration, to our Board of Directors and shareholders for their strategic guidance, to our regulators for their continued support in ensuring compliance and stability, and, most importantly, to our customers, who remain at the heart of everything we do. While 2024 presented its challenges, our resilience and collective effort have positioned us for a brighter and more prosperous 2025, and I look forward to achieving even greater milestones together.

Thank you for your continued support and trust in Bank One Limited.

Sunil Ramgobin

CEO & Director