MCB Group Profits Surge to Rs 10 Billion

The MCB Group reports impressive financial results, despite looming concerns on economic slowdown. The MCB Group’s net profit rose by 28.8% to Rs 10 Billion for the six months concluding on 31st December 2024.

Jean Michel Ng Tseung, Chief Executive of MCB Group Ltd, stated:

“The MCB Group continues its strong growth with an 18.1% increase in net banking product.

Supported by its international expansion strategy and a strong commercial base in Mauritius, MCB Group’s assets exceeded one trillion rupees by December 2024,”.

The Group’s assets at the end of 2024 total Rs 1,010,831,000,000, up from Rs 867,686,000,000 at the end of 2023.

Mr. Ng Tseung emphasized the Group’s strength, stating:

“This contributed to the confirmation of Moody’s rating of MCB Ltd despite the change in perspective from stable to negative.

The quality of the Group’s assets remains stable, with the rate of non-performing loans decreasing to 2.9%.

The Group maintains a strong capital and liquidity base, providing a comfortable margin for future growth.”

Key Points:

• Profits: The Group’s profits rose from 7.84 billion rupees for the six months ending 31st December 2023.
• Assets: The Group’s assets reached 1,010,831,000,000 rupees at the end of 2024.
• Outlook: The Group’s GDP growth may slow, influenced by external factors and the construction and tourism sector. The Central Bank recently raised the interest rate by 50 basis points to 4.5% to combat inflation.

Source: Defi Media