SBM Holdings has published its half-year results to 30 June 2023. The banking group posted after-tax profits of Rs 2.4 billion for the half-year. This amount represents an increase of 65.5% compared to the last half of 2022. The figures show a 25% increase in net interest income, 17% growth in fees and commissions and a sustained level of trading income. This enabled SBM Holdings to achieve exceptional growth. SBMH’s credit losses have been contained to half the 2022 level. This has helped to catalyse top line performance and absorb expense growth of around 18%.
Management believes it is pleasing to note that the Group has achieved a significant improvement in its financial strength ratios.
The Board of Directors of SBM Holdings Ltd issued a statement following the publication of the financial results on Thursday 10 August. Its Chairman, Sattar Hajee Abdoula, believes that the Mauritian economy should maintain its growth momentum in 2023. The global economy is facing significant challenges.
According to him, the more substantial investments, the increase in tourist arrivals and the measures in the 2023-24 budget will enable the country’s economic climate to continue to perform well. “The SBM Group will continue to take a cautious approach to its growth. We will pursue our initiatives and projects to strengthen our human capital, risk management and competitiveness. We will support the progress of the local economy and Mauritian society,” the statement says.
