SBM Group has started its fiscal year 2022 on a strong footing. It recorded net profits of Rs 714.5 million for the first quarter ended March 31. This represents a significant increase over the corresponding quarter of fiscal year 2021 (71% growth). This notable performance was achieved despite an uncertain economic environment, with financial markets still under pressure.
“We are very pleased with our first quarter results in which all our business segments contributed positively. This solid performance is the result of the continued methodical execution of our well-thought-out strategy in all geographies where we operate. Moreover, our performance at the beginning of 2022 is encouraging in a context where the world is facing great uncertainties, including geopolitical tensions and inflationary pressures,” said Sattar Hajee Abdoula, Chairman of the Board of Directors of the group.
With this result, the SBM Group will continue to exercise caution in the implementation of its future strategic plans. These will be supported by the further strengthening of its risk management and corporate governance.
Key figures for the first quarter ending March 31, 2022
Net interest income increased by 15.5% to Rs 1,985.8 million, driven by the implementation of initiatives to accelerate business development in all jurisdictions where SBM Holdings Ltd operates.
Deposits from non-banking customers reached Rs 323.1 billion (+8.2%). This result positions the SBM Group as a reliable partner in this segment.
The SBM Group remains well capitalized for contingencies, with equity of Rs 32.3 billion as of March 31, 2022, and a capital adequacy ratio of 20.3%, well above regulatory thresholds.
Earnings per share stood at 27.7 cents as of December 31, 2021, compared to 16.1 cents for the corresponding period in 2021.
About SBM Holdings Ltd
SBM Holdings Ltd (SBM Group) is a major player in the Mauritian banking and financial sector. The group is also present in India, Madagascar and Kenya through its banking subsidiaries. In Mauritius, the group is also active in the capital markets through its subsidiary SBM NBFC. In addition, the SBM Group is a key player in cross-border financing on the African continent, as well as on the Asia-Africa corridor.
SBM has also been awarded the Best Bank in Mauritius in 2021 by The Banker magazine, a publication of the Financial Times media group.
In its 2021 edition, Africa Report ranked SBM Holdings Ltd 48th among the top 200 banks in Africa.