CIEL Finance

4

COUNTRIES

2

BANKS

1

FIDUCIARY & CORPORATE SERVICES COMPANY

1

STOCKBROKING COMPANY

1, 600

EMPLOYEES

CLUSTER REVENUE

MUR 4,536M

2021: MUR 3,782M

EBITDA

MUR 1,409M

2021: MUR 1,265M

PROFIT AFTER TAX

MUR 703M

2021: MUR 608M

MARKET DYNAMICS
AND OUTLOOK

Lakshman Bheenick

Chief Executive Officer of CIEL Finance discusses performance and operating context.

PERFORMANCE & STRATEGY

Progress Report for FY22	Priorities for FY23
The Board held a strategic session in October 2021 to define broadly the new CFL strategy Digital and data journey being embedded across the two banks	Progress on the execution of the new CFL strategy, which encompasses a digital / fintech angle

Progress Report for FY22	Priorities for FY23
POP has been launched Roll-out of an upgraded internet banking platform Launch of Falcon, a new FX trading platform for customers Focus on data and analytics to enhance its transformation change programme	Deepen focus on new Sub-Saharan strategy Integrate POP into the current Bank One banking app Roll-out trade finance platform Grow market share for domestic mortgages

Progress Report for FY22	Priorities for FY23
The Bank has launched a number of initiatives to achieve the objectives set under the “Grow Better” programme BNI remains the leader on the market both on the credit and deposit fronts BNI has set up a new segment ‘DPME (Direction Petites et Moyennes Entreprises)’ to integrate all SME (Small Medium Enterprises) activities to further the inroads made with KRED, the brand dedicated to microfinance	Upgrade the core banking system Focus on operational excellence Grow healthy loan book (corporates) Develop new products and services as per clients’ needs in line with “Grow Better” strategy Maintain position as leader on the market both on the credit and deposit fronts

Progress Report for FY22

Priorities for FY23

The Bank has launched a number of initiatives to achieve the objectives set under the “Grow Better” programme

BNI remains the leader on the market both on the credit and deposit fronts
BNI has set up a new segment ‘DPME (Direction Petites et Moyennes Entreprises)’ to integrate all SME (Small Medium Enterprises) activities to further the inroads made with KRED, the brand dedicated to microfinance

Upgrade the core banking system
Focus on operational excellence
Grow healthy loan book (corporates)
Develop new products and services as per clients’ needs in line with “Grow Better” strategy
Maintain position as leader on the market both on the credit and deposit fronts

Progress Report for FY22	Priorities for FY23
Low levels of new business partially mitigated by good cost control and lower provisions that prior year	Target for excellence for customer experience Develop new products and services as per client needs

ESG COMMITMENTS

GENDER BALANCE

Includes a salary benchmark and alignment with market practices and Learning & Development agenda with focus on career path and talent management

CARBON ACCOUNTING

Project undertaken to obtain insights on the cluster’s carbon emissions and implement a system for initial data collection

IDENTIFIED RISKS AND MITIGATION

STRATEGIC

• Keeping pace with the digital transformation of the financial services sector

FINANCIAL

• Global macro-economic conditions (Ukraine Russia crisis) and phasing off of COVID-19 relief measures leading to deterioration in the credit risk profile

OPERATIONAL (CYBER)

• Rising to the cyber risk challenge given that financial services companies are prime targets for cybercriminals

COMPLIANCE

• Increasing and/or stringent regulatory and legislative changes which require investment and embedment