MauBank’s profits shoot up by 105.5% in nine months

State-owned MauBank has announced a significant increase in profits, reporting a profit after tax of Rs 368.25 million for the nine months ending on March 31, 2023.

This figure marks a substantial rise from the previous year’s profit of Rs 179.16 million, representing a 105.5% increase.

The bank’s total operating income for the nine-month period also rose from Rs 974.53 million to Rs 1.17 billion, thanks in part to a larger loan and advance portfolio which increased net interest income and non-interest income.

MauBank’s CEO, Premchand Mungar, has attributed the bank’s success to its adaptive asset and liability strategy, product strategy, and customer-focused approach.

Mungar noted the bank’s quick turnaround times and solution-oriented approach, which have attracted new customers across various segments.

Additionally, the bank’s operating cost-to-income ratio improved from 73.99% to 65.72%. Its Capital Adequacy Ratio (CAR) currently stands at 13.30% as of March 31, 2023.

The bank’s total liquid assets represent a significant portion of its assets, standing at 32.51%, or 37.71% of its deposit base.