confidence - Investing In Africa

Management Discussions & AnalysisFinancial Review (cont’d)Average MUR term deposits bearing higher interest rates decreased fromRs8,099M at June 30, 2004 to Rs6,575M at June 30, 2005, a decrease of18.82% whereas MUR savings deposits increased from Rs14,899M toRs17,223M, or 15.60%, over the same period. Total low cost portfolio depositsincreased from 63% at June 30, 2004 to 66% at June 30, 2005.Deposits from the Personal and Business segments grew by Rs1,242.2M(6.39%) and Rs2,133.9M (23.94%) respectively during the year while depositsfrom the Government decreased by Rs1,270.2M (28.49%).Our Malagasy Operations recorded an increase in deposits of 33.5% fromJune 2004 to June 2005.Average non Mauritian Rupee deposits increased from Rs5,420M at June 30,2004 to Rs7,464M at June 30, 2005, an increase of 37.71%.Table 11 - Average Non Bank Deposits MixMRs Million 2005 2004 2003% % %DemandMauritian Rupee Deposits 2,069 6 1,711 6 1,587 6Non Mauritian Rupee Deposits 352 1 370 1 332 1Total Demand 2,421 7 2,081 7 1,919 7SavingsMauritian Rupee Deposits 17,223 51 14,898 50 13,247 49Non Mauritian Rupee Deposits 2,518 8 1,912 6 1,254 5Total Savings 19,741 59 16,810 56 14,501 54106TermMauritian Rupee Deposits 6.575 20 8,099 27 7,687 29Non Mauritian Rupee Deposits 4,594 14 3,138 10 2,704 10Total Term 11,169 34 11,237 37 10,391 39Grand Total 33,332 100 30,128 100 26,811 100Total MUR Deposits 25,867 78 24,708 82 22,521 84Total Non MUR Deposits 7,464 22 5,420 18 4,290 16Shareholder’s FundShareholders’ Fund registered a growth of 33.39% from Rs6,134.7M at June30, 2004 to Rs8,182.8M at June 30, 2005. The increase is attributable tovarious factors, including:-• property valuation reserve net of deferred tax of Rs962M• retained profits for the year of Rs769M• increase in fair value of equity investments by Rs213M• translation gains of Rs77M.