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MauBank 6-month profit soars threefold to Rs143.78 million

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MauBank 6-month profit soars threefold to Rs143.78 million

State-owned MauBank has reported a pre-tax profit of Rs143.78 million for the six months ended 31 December 2021, representing a threefold jump over the Rs47.55 million recorded for the same period last year.

Total Operating Income stood at Rs650.88 million, higher by 21.9% compared to Rs534.05 million for the same period last year.

Maubank attributed the increase in income to higher volumes in interest income, lower funding costs as well as an increase in net fee and commission income.

“With income and assets in Segment B increasing, the bank’s diversification strategy for new products and markets has started to contribute significantly to our revenue stream. Our diversification in the international front and cross-border lending has seen a major leap as the bank continues to invest in high quality international products whilst continuing to develop with international institutions in order to become a key banking player on the African continent” said Chief Executive Premchand Mungar.

Loans and advances increased by 14.6% from Rs16.4 billion at 31 Dec 2020 to Rs18.8 billion as at 31 Dec 2021, while customer deposits stood at Rs. 30.92billion as at 31 Dec 2021.

“The Capital Adequacy Ratio (CAR) of the Bank stood at 13.81% as at 31 December 2021, above the regulatory minimum of 11.75%, which includes a capital conservation buffer of 1.875%,” read a press release issued by the bank.

Maubank’s total liquid assets represented 34.62% of the its assets, or 39.72% of its deposit base.

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The information and opinions expressed in our published works are those of authors/sources believed to be reliable. NewsMoris makes no representations as to accuracy, completeness, suitability, or validity of any information expressed.