MauBank Reports Net Profit Surpassing Rs 500 Million

MauBank Ltd has unveiled remarkable results for the six months ending 31 December 2024, with an after-tax profit soaring to Rs 501.6 million—an impressive increase of 15.6% compared to Rs 433.8 million in the same period last year. The management attributed this strong performance to a sustained profitability drive, underpinned by rigorous management and a boost in activity.

In tandem with this profit surge, operational revenue saw a significant rise, reaching Rs 1.42 billion by 31 December 2024, up from Rs 990.7 million the previous year, marking an astonishing increase of 44.2%.

This growth is a testament to enhanced business development efforts and an expanding customer base.

Commenting on these encouraging results, Vishuene Vydelingum, Chief Executive Officer of MauBank, remarked that these robust half-year financial outcomes underline the effectiveness of the bank’s strategy—rooted in controlled growth, diligent management, and a resolute focus on customer-centric banking.

“The double-digit growth in profit and revenue, coupled with a substantial rise in assets and deposits, demonstrated our ability to seize market opportunities and create lasting value for our stakeholders,” he said.

He also credited the bank’s success to the unwavering commitment of its employees, whose daily contributions play a crucial role in the bank’s development.

Moreover, MauBank’s total assets have seen significant growth, reaching Rs 57.5 billion by 31 December 2024, compared to Rs 41.9 billion a year earlier, reflecting a remarkable 37.2% increase.

The loan portfolio has also expanded significantly, with net loans and advances growing by 22.8%, bringing the total to Rs 29.1 billion as of 31 December 2024, up from Rs 23.7 billion at the same date in 2023.

This growth can be attributed to MauBank’s commitment to supporting economic activity and its capacity to meet the evolving financial needs of its clientele.

Customer deposits have also registered a substantial increase, rising from Rs 36.4 billion on 31 December 2023 to Rs 50.5 billion a year later, representing a significant growth of 38.7%.

The sustained rise of MauBank strengthens its solid fundamentals and long-term vision, explains its CEO.

Vishuene Vydelingum emphasized that by focusing on expanding its loan portfolio, optimizing operational efficiency, and enhancing client relationships, the bank is solidifying its position and growth momentum within the market.

Source: l’Express