Rs 773.4 Million Profit, SBM’s Blazing Start to 2024

The financial group, which is one of the leading players in the financial sector in Mauritius, has published its financial results for the first quarter of 2024, showing a profit after tax of Rs 773.4 million, a 2.8% increase compared to the same period last year.

According to a statement released by the Board, the group’s results were primarily driven by the growth of 21.2% in net profit realized by SBM Bank (Mauritius) Ltd.

The performance was achieved despite a relatively challenging operational context within the jurisdictions where the group’s entities operate.

This robust performance is a testament to the strength of the business model on which the group relies and the strategic decisions made over the past few years.

The group is committed to pursuing its ambitious and responsible growth trajectory, navigating complex operational environments with agility and prudence.

To achieve this, the group will focus on strengthening its human and technological capabilities, while emphasizing the importance of operational efficiency.

As Sattar Hajee Abdoula, chairman of the board, said in the statement: “The group aspires to continuously create value for its shareholders, clients, employees, and other stakeholders, while actively supporting socio-economic progress in Mauritius.”

The group’s results for the quarter ending March 31 were driven by an improvement in risk cost, resulting from continuous efforts to manage risks, as well as a 6.6% increase in net interest income compared to the previous year.

This growth was supported by a high-interest rate environment and an increase in activity volumes.

Gross loans and advances to non-bank customers and placements with banks continued to rise, reaching Rs 165.3 billion at March 31. Total deposits also increased to Rs 307.2 billion.

The group maintained solid financial ratios to support its growth ambitions. The group’s core capital remained comfortable at Rs 37.5 billion at March 31, with a core capital ratio of 20%, well above regulatory thresholds.

Source: Le Mauricien