MCB’s Rs 7.8 Billion profit: Soaring Success

The country’s leading banking group achieved a strong financial performance in the six months ending 31st December 2023, with net profits of Rs 7.8 billion, up 16.7% from the previous year. This growth was driven by international activities and high interest rates.

The MCB Group’s net banking income rose by 23.9% to Rs 18 billion, with net interest income increasing by 27.6%. Non-interest income also grew by 17.8% to Rs 6.4 billion. The group’s capital levels exceed regulatory standards, with a solvency ratio of 20.5%, including 17.9% Tier 1 capital.

Global economic activity has been more resilient than expected, despite slow growth and lingering risks on commodity prices and supply chains. Interest rates are expected to remain stable until the second half of 2024.

In Africa, macroeconomic conditions are challenging, with high inflation and public debt. However, Mauritius is poised for continued economic growth, particularly in the tourism, financial services, and ICT sectors.

The group’s profit growth is expected to slow down in the coming quarters, following the stabilization of net interest margins. The board of directors remains cautiously optimistic about the group’s financial performance for the 2023/24 financial year, considering prevailing economic and commercial conditions.

Source: l’Express