SBM Holdings’s profits soar by 71%

The SBM Holdings has posted net profits of Rs714.5million for the first quarter of 2022.

This represents an increase of 71% compared to the corresponding period in 2021 (+Rs415.9million).

Commenting the results, Chairman Sattar Hajee Abdoula was cited by Defi Media as saying he is very satisfied with the results.

“The performance is the outcome of methodological execution of our strategy in all locations where we are present.”

Net interest income rose by 15.5% to reach Rs1.98billion.

Deposits by non-banking clients reached Rs323.1 billion, representing an increase of 8.2%.

Its capital adequacy ratio stood at 20.3%