SBM Group released its financial statement on Thursday, November 10, 2022. For the nine months ended September 30, 2022, it maintains its growth momentum with Rs 2.8 billion in profits after tax. This represents a significant improvement over the previous year when it recorded Rs 1.2 billion in profits during the same period.
“This good performance is the result of our business growth and improved operational efficiency, as well as a reduction in bad debt provisions. The Group is now well on track to deliver on the key strategic initiatives launched in the jurisdictions where we operate, supported by a significant improvement in its risk management policy in the context of a still very volatile economic recovery,” said Sattar Hajee Abdoula, Chairman of the Board of Directors of SBM Group. “The SBM Group will therefore continue its expansion strategy in a prudent manner, while relying on growth models adapted to each of the environments in which we operate and building on our efforts to strengthen our capacity and risk management policies,” he emphasizes.
It is heartening to note that the SBM Group’s profitability has been built on a diversified base. Indeed, while the banking entities have intensified their strategic efforts, the contribution of the non-banking financial division (NBFC) to the Group’s result has been significant.
It is also interesting to note that, while expanding its activities, the SBM Group has maintained more than satisfactory financial strength ratios, particularly in terms of capitalization, capital adequacy, operational efficiency, liquidity and asset quality. All of these elements combine to lay the foundations for healthy and sustained growth of business activities within the Group’s various entities over the short and medium term.
SBM Bank (Mauritius) Ltd. earns Rs 2.6 billion in Q3
SBM Bank (Mauritius) Ltd, on the strength of its 2022-2024 strategic plan implemented since the beginning of the year, is showing a solid financial health. The bank, one of the largest banking institutions in the country, posted net profits of Rs 2.58 billion for the nine months ended September 30, 2022, an increase of 62% compared to the corresponding period in 2021. Mr. Anoop Nilamber, Chief Executive Officer of SBM Bank (Mauritius) Ltd, said that these results reflect the soundness of the new strategy and reinforce the bank’s ambitions to become one of the region’s leading banking solutions providers. These profits also highlight the relevance of a reorganization that has allowed the Bank to better focus on certain segments. The Bank’s operating income for the year ended September 30, 2022 shows a growth of 4% over the corresponding period in 2021 at Rs 6.78 billion while net interest income shows an increase of 19%.
Total assets as of September 30, 2022 were Rs 267.14 billion. Net high-yield loans and advances and investment securities increased by 11% (Rs 10.95 billion) and 4% (Rs 4.50 billion) respectively, between December 31, 2021 and September 30, 2022, supported by a strong deposit base of around Rs 235.98 billion at the end of the third quarter of 2022.
“In Mauritius, we are seeing encouraging signs of recovery, especially in the tourism sector, despite a challenging operating environment. Economic activity has been sustained in most sectors and growth performance has been positive, according to the latest official figures. Nevertheless, given the uncertain international environment, the short- and medium-term macroeconomic outlook for the country is exposed to significant risks and therefore the local economic situation will require constant monitoring and reassessment,” added the CEO of SBM Bank (Mauritius) Ltd.
