MauBank Records 41% Increase in Profits

MauBank has reported profits of Rs162.55 million in the span of three months.

The bank recorded an after-tax profit of Rs 162.55 million for the quarter ending September 30, 2023, compared to Rs115.49 million for the same period last year, marking a 41% increase.

“We have concluded the 2022-23 financial year on an extremely satisfying note, with growth seen at all levels and a 42% increase in profits.

The first quarter of this new financial year is well underway and sets the tone for our ambitions over the next 12 months.

Our business decisions and strategic direction are yielding positive results, leading to sustained profitability and value creation for our shareholders,” stated MauBank’s Chief Executive, Premchand Mungar.

Additionally, the total operating result amounted to Rs446.91 million in 2023, compared to Rs 361.89 million in 2022.

MauBank also recorded a 15.85% growth in its net loans and advances portfolio, increasing from Rs 19.36 million to Rs 22.43 million.

Source: Defi Media