SBM: Profits After Tax of Rs4.1Bn in 9 months

SBM Group has reported a significant increase in profits for the first nine months of the current financial year.

After-tax profits reached Rs 4.1 billion, marking a 43% growth compared to the same period in 2022.

The strong performance was largely driven by the improved profitability of SBM Bank (Mauritius) Ltd.

The group’s capital adequacy ratio stood at 20.6% as of September 30th, 2023, representing a 1.5% increase from December 2022.

The group’s revenues were supported by loans and other credit facilities provided to non-banking clients, while its investment portfolio also experienced growth.

Net interest income increased by 24.2% to nearly Rs 8 billion, contributing to a group operating profit of almost Rs 12 billion, an 18.7% rise compared to the same period last year.

During the January to September period, the average return on equity for shareholders significantly improved to 18.4%.

Additionally, the group achieved improved gross and net delinquency ratios of 6.9% and 2.1% respectively, as of September 30, indicating its effective risk management efforts and prudent approach to business development across the markets it operates in.

Source: Le Mauricien