SBM Group’s profits in 2022 double to attain Rs3.6 billion

The SBM Group has delivered strong financial results, with profit attributable to equity holders of the parent more than doubling to attain Rs3.6 billion for the year ended 31 December 2022.

Results just posted by the group were underpinned by expanding business activities, favourable interest rate conditions and lower credit loss expense.

Return on average shareholders’ equity attained 13.6% for the year ended 31 December 2022 as compared to 6.7% for the preceding year.

Earnings per share from continuing operations stood at 140.8 cents for the year ended 31 December 2022, compared to 67.3 cents for the preceding year.

Operating income rose by 15.8% to attain Rs13.7 billion, driven by increases of 18.3% and 11.2% in net interest income and non-interest income respectively, with notable improvements at the level of both net fee and commission income and net trading income. Operating expenses increased by 13.9%.

The Group benefitted from a sustained rise in gross loans and advances to non-bank customers from Rs145.1 billion as at 31 December 2021 to reach Rs163.5 billion as at 31 December 2022.

Deposits from non-bank customers stood at Rs293.4 billion.

The Group’s capital base stood at Rs33.6 billion as at 31 December 2022, leading to a capital adequacy ratio of 19.1%.

Source: Stock Exchange of Mauritius