SBM Bank (Mauritius) Ltd has posted a profit of Rs 1.59 billion, up 12%, for the nine months ended September 30, 2021. During the same period, the Bank, a market leader, recorded net interest income of Rs 4.2 billion as well as non-interest income of over Rs 2.3 billion, with 11.6% growth in fee and commission income over the corresponding period in 2020. The bank’s assets are also up from Rs 229.28 billion as of December 31, 2020 to Rs 264.50 billion as of September 30, 2021, an increase of 15.36%.
“The after-tax profits of Rs 1.59 billion are a sign that SBM Bank (Mauritius) Ltd is well positioned to record double-digit growth in the fiscal year ending December 31, 2021. The good performance in the first nine months of 2021 indicates that the strategic initiatives put in place by our employees have had the desired result,” said Mr. Anoop Nilamber, Chief Executive Officer of SBM Bank (Mauritius) Ltd.
Other noteworthy figures for the nine months to September 30, 2021 include the 19.86% increase in deposits to Rs 229.09 billion from Rs 191.12 billion in December 2020. In addition, SBM Bank (Mauritius) Ltd remains well capitalized with a Capital Adequacy Ratio (CAR) of 16.48% as against 15.94% in December 2020.
Furthermore,” said Mr. Nilamber, “this performance is proof that the Bank can look forward to better days, especially considering the strong recovery we have witnessed in the local stock market following the reopening of our borders, the removal of Mauritius from the FATF Enhanced Surveillance list, and the global economic recovery.
