SBM Group’s financial results are positive! The financial year ending December 31, 2021, shows a profit after tax of Rs 1.74 billion. A good performance for the SBM group in view of the geostrategic and economic context marked by great volatility. SBM Holdings Ltd has just published its results on Wednesday 30 March 2022.
The results are encouraging for the SBM group with profits after tax of Rs 1.74 billion for its financial year ending December 31, 2021. This is a strong growth compared to the corresponding year in 2020. The group also recorded operating revenues of Rs 11.8 billion, an increase of 5.1% for the same period. These results demonstrate that the initiatives put in place over the past two years are beginning to bear fruit, and are largely related to the strengthening of risk management procedures and the gradual diversification of the SBM group’s revenue sources in the markets where it operates.
“Although 2021 has been a complicated year in many respects, both locally and internationally, it is clear that the support measures put in place by the authorities, the favorable impact of the vaccination campaign and the full reopening of borders have benefited the financial sector as a whole. The group’s results encourage us to continue our efforts, to continue investing in our human and technological capital to better serve our clients, while remaining alert to the threats that lie ahead,” said Sattar Hajee Abdoula, chairman of the group’s board of directors.
While the banking institutions in the group’s overseas locations, namely Kenya, India and Madagascar, have capitalized on growth initiatives and enriched the customer experience, SBM Mauritius has made the most significant contribution to the group’s overall performance, but this certainly does not obliterate the contribution of the other entities in the group’s banking arm, let alone the promising contribution of the non-banking financial arm.
SBM Bank (Mauritius) Ltd. : Rs 2.1 billion profit for fiscal year 2021
SBM Bank (Mauritius) Ltd. has achieved a profit of Rs 2.1 billion for the fiscal year 2021, an increase of Rs 636 million compared to fiscal year 2020. The Bank’s assets also climbed by Rs 47.60 billion (+20.79%) in FY2021, from Rs 228.97 billion as of December 31, 2020 to Rs 276.57 billion as of December 31, 2021.
“We have crossed the symbolic bar of Rs 2 billion in terms of profits and such results augur interesting prospects for our performance over the months, even years to come. I must emphasize that to achieve this figure, all employees, management and the Board of Directors worked together in accordance with the strategic plan that was put in place in 2020 and which we will continue to implement over the next few years. I think that these results are all the more encouraging since they were achieved in a rather difficult socio-economic context, taking into account the 2021 confinement, and the many challenges arising in the wake of the Covid-19 pandemic which required a quick reaction and a great deal of adaptation on our part in order to address what is now our new normal. And I must say that we continue on this path, using various resources, in particular human and technological, in order to offer even more advanced banking services to the various market segments which are becoming more and more sophisticated,” says Mr. Anoop Nilamber, Managing Director of SBM Bank (Mauritius) Ltd.
