SBM profits rise

SBM Holdings Ltd has reported that its profit after tax for the second quarter of 2016 has increased by 20.7% to reach Rs 863 million compared to the first quarter of 2016 amounting to Rs 715 million. The Group’s profit before and after tax have increased from Rs 822 million and Rs 567 million respectively for the six months period June 2015 as restated to Rs 1.9 billion and Rs 1.6 billion respectively for the six months period June 2016. The Group’s total assets grew by 3.05% from Rs 136.16 billion as at 31 December 2015 to reach Rs 140.31 billion at 30 June 2016.

Gilt-edged investment securities have increased by Rs 3.05 billion, while net loans and advances witnessed a drop of Rs 2.62 billion. However, deposits from non-bank customers have remain stable during the first six months period of 2016. SBM Holdings Ltd has also appointed Mr Jairaj Sonoo as Chief Executive Overseas Expansion of the bank with effect from 22 August 2016 and has appointed Mr Raj Dussoye as Chief Executive of SBM Bank (Mauritius) Ltd in replacement of Mr Jairaj Sonoo with effect from 16 August 2016. Mr Raj Dussoye holds an MBA from the Heriott Watt University Edinburg and is an Associate of the Chartered Institute of Bankers UK. He has been the CEO of Bank One and prior to that he was a Divisional Leader at SBM Bank (Mauritius) Ltd.