SBM posts profit of Rs1.74 billion

The State-owned SBM Bank has posted profit of Rs1.74 billion for the year ended 31 December 2021.

The bank said the performance was due to a drop in credit loss expense on the back of moves to tackle impaired loans and strengthened risk stewardship.

Gross loans and advances to non-bank customers went up by 7.0% to attain Rs145.1 billion.

Deposits from non- bank customers rose by 31.6% to stand at Rs298.6 billion.

Chairman Sattar Hajee Abdoula said the group continued to invest in its future growth.

“This can be gauged by the notable rise in operating expenses during the year under review, thus leading to a cost to income ratio of 60.6%.”

The capital base of the Group stood at Rs32.7 billion with the overall capital adequacy ratio reaching 21.4%.