MCB Group posts profits of Rs 5.4 billion

For the nine months ended 31st March 2018, MCB Group has published its unaudited results and posts profits of Rs 5.4 billion. Commenting on the results, Pierre Guy Noël (Chief Executive - MCB Group Ltd) said:

“Group profits for the nine months to 31 March 2018 increased by 5.0% to reach Rs 5,447.8 million, with earnings from foreign sources and non-banking operations contributing 56% thereof.  Operating income rose by 6.6% to reach Rs 12,536.5 million. This performance was driven by an increase of 8.8% in net interest income, reflecting a strong growth in the overseas activities of MCB Ltd and, to a lesser extent, higher investments in Government securities amidst a still high liquidity situation in Mauritius.”

Operating expenses grew by 8.0% in line with the ongoing capacity-building projects currently in progress across the Group. This contributed to a rise in the cost to income ratio which stood at 41.3% as compared to 40.8% for the corresponding period in the previous year.

Based on current trends, the Group results for the financial year ending 30 June 2018 are expected to improve compared to last year. Prospects beyond are encouraging in view of business pipeline and signs of strengthening economic activity at the global, regional and domestic levels.