Business
MauBank Ltd Reports 112% Surge in Profit

MauBank has announced, on October 1, extraordinary financial results for the year ending June 30, 2024, showcasing a remarkable profit after tax of Rs 807.59 million, marking a substantial increase of 112% compared to Rs 380.80 million for the previous year. The bank’s total operating income has surpassed Rs 2 billion, standing at Rs 2,139.95 million, reflecting significant growth from Rs 1,600.37 million in 2023 and Rs 1,299.14 million in 2022.

In a statement regarding the results, MauBank’s CEO, Vishuene Vydelingum, expressed enthusiasm about the bank’s performance: “We are thrilled with our results, which have more than doubled from last year.
This achievement highlights our dedication to enhancing operational efficiency and expanding our market presence.
Our commitment to providing exceptional service has resonated with customers, enabling us to capture an increased market share.
By investing in innovative solutions and refining our service delivery, we have not only met but exceeded our clients’ expectations.”
Vydelingum further emphasized the bank’s ambition, stating, “We have set our vision of becoming the third-largest local bank in Mauritius.
These results demonstrate that our team has risen to the challenge and is well on its way to achieving this goal.
I would like to extend my gratitude to our committed staff and our Board of Directors for their continuous support and guidance.”
The bank also reported a significant increase in Non-Interest Income, which rose by Rs 307.52 million compared to the previous year.
This growth was driven by enhanced earnings from fees and commissions, foreign exchange transactions, and investment properties.
Notably, Net Trading Income experienced a remarkable increase of 186%, outpacing Net Fee and Commission Income.
MauBank’s Net Interest Income grew by 22%, reaching Rs 1,384.94 million, up from Rs 1,136.12 million the previous year.
This growth can be attributed to strong performance across all interest-bearing asset classes, including loans and advances to customers, optimal bank placements, and investments in securities.
The bank’s total assets expanded by 37% year-on-year, climbing to Rs 48,517.28 million as of June 30, 2024, compared to Rs 35,442.59 million in June 2023 and Rs 33,234.48 million in June 2022.
Additionally, the loan portfolio increased by 12%, reaching Rs 25,553.80 million, while customer deposits totaled Rs 41,848.28 million.
MauBank maintains a prudent approach to liquidity management by actively monitoring its asset-liability maturity mismatches.
As of June 30, 2024, the bank had invested 39.35% of its assets and 45.83% of its deposit base in liquid assets, ensuring preparedness for unexpected liquidity needs.
The bank’s capital adequacy ratio (CAR) stood at 19.68% as of June 30, 2024, well above the regulatory minimum of 12.5% and an increase from 15.35% in the previous year.
The cost-to-income ratio improved to 48.8%, a significant reduction from over 65% in 2023 and 75% in 2022, indicating better operational income and successful cost optimization initiatives.
MauBank achieved a return on equity (ROE) of 17% and improved its return on assets (ROA) to 1.68%, up from 1.07% in June 2023.
The bank’s revenues grew by Rs 0.91 billion, exceeding budget expectations by 14% and surpassing the figures from 2023 by 44%.

Mahen Sookun, Chairman of MauBank Ltd, expressed pride in the bank’s achievements, recognizing the hard work of both staff and the trust of customers.
He stated, “The Board is particularly satisfied that our bold growth strategy is yielding results. Together with management, we remain committed to sustaining this momentum by exploring new avenues for expansion.
Moving forward, our focus will be on delivering value to our shareholders, customers, staff, and stakeholders while contributing to the sustainable development of the communities we serve.”
Source: Maubank Ltd Press Release