MauBank Records Rs 380.8 Million After-Tax Profits

MauBank Ltd’s fiscal year 2022-23 reveals an impressive after-tax profit of Rs 380.80 million, marking a remarkable 41.78% surge in profits.

The bank’s interest income saw a robust uptick of 26.96%, reaching Rs 1.14 billion.

This growth was observed across various interest-generating asset categories, including loans and advances extended to banks and other clients, strategic placements with high-yield financial institutions, and investments in mobile products.

Furthermore, non-interest income exhibited an increase of Rs 70.97 million, attributed to improved earnings from fees and commissions, currency exchange activities, and investment properties.

MauBank’s asset base stood at Rs 35.44 billion, reflecting a 20.12% surge in total assets primarily driven by a notable increase in net loans and advances.

Premchand Mungar, Chief Executive Officer of the bank, explained that this financial report underscores their commitment to swiftly and efficiently execute their strategic objectives.

He stated, “The pace of change in our industry continues to accelerate, and our success hinges on our ability to anticipate and positively respond to the opportunities that come our way.”

Source: Defi Media