The SBM group is consolidating its profitability level through its operating entities as well as its intervention markets. Indeed, the Mauritian financial institution has recorded net profits of Rs 1.453 billion for the first half of 2022. This performance, attributable to the sustained efforts made to consolidate and diversify the growth trajectory, confirms the robust fundamentals and financial strength of the SBM Group.
“SBM Group has been able to maintain its growth momentum thanks to strategic initiatives implemented in its countries of operation. Taking into account the difficult economic conditions in the markets, the group’s performance is encouraging as it demonstrates that we are on the right track with a strategy that is paying off so far. We are positioning SBM where it needs to be. The Board will ensure that the group remains vigilant to future challenges by taking a disciplined approach to growth opportunities. Overall, the group is focused on the success of the strategic priorities established in line with its vision and risk appetite,” says Sattar Hajee Abdoula, Chairman of the Board of SBM Holdings Ltd.
As a result, a 90.4% increase was noted in SBM Holdings Ltd’s profits for the six months ended June 30, 2022 compared to the corresponding period in 2021, driven in part by its expansion strategy on various fronts. While the foreign banking entities continued to capitalize on growth opportunities, SBM Bank (Mauritius) Ltd strengthened its position as the group’s flagship. In addition, the increase in the contribution of the non-banking financial division to the group’s profits demonstrates the diversification of revenue sources.
The main figures to remember :
During the first half of the year, the group’s assets increased to Rs 362.3 billion; asset growth was driven by continued growth in loans to non-bank customers as well as investment securities.
Deposits from non-bank customers reached Rs 298.3 billion, demonstrating the reliability of the group.
Net interest income jumped 17% to Rs 4,137 million, enabling the SBM group to record a 9.5% increase in operating income to Rs 6,281 million for the first half of 2022.
Earnings per share stood at 56.3 cents for the period ended June 30, 2022 compared to 29.5 cents for the corresponding period last year.
The group has maintained healthy financial ratios to support its resilience and the implementation of future growth initiatives. For instance, the group’s equity stood at Rs 32.6 billion as of June 30, 2022, contributing to a solvency ratio of 19.3%, which is above regulatory requirements.
