What's Hot

    Bronwyn Knight | Grit Real Estate Income Group: “Diversification plays a large role in our risk mitigation strategy”

    June 7, 2023

    AMM sees a potential of $570 million for tourist expenditure on ‘Made in Moris’ products

    June 5, 2023

    MIoD wants to support Listed Companies in Achieving 25% Female Representation on Boards

    June 5, 2023
    Facebook YouTube LinkedIn
    Facebook YouTube LinkedIn
    Investor's MagInvestor's Mag
    • Economy
    • Finance
    • Sustainability
    • Fintech
    • Tourism
    • Africa
    • News Release
    • Magazines
    Investor's MagInvestor's Mag
    Home » SBM Group reports strong start to 2023 with Net Profit of Rs 752 Million
    News Release

    SBM Group reports strong start to 2023 with Net Profit of Rs 752 Million

    May 17, 2023No Comments3 Mins Read
    Facebook Twitter LinkedIn Email
    Share
    Facebook Twitter LinkedIn Email

    Despite challenging market conditions, the SBM Group has kicked off the year on a positive note, showcasing its resilience and ability to navigate through uncertain times. In the first quarter of 2023, the Group recorded a net profit after taxes of Rs 752 million, marking a noteworthy 5.3% increase compared to the same period in the previous year.

    The results for the first quarter of 2023 reveal several positive indicators, demonstrating the SBM Group’s robust performance. Net interest income experienced a substantial growth of 27.3%, while non-interest income saw a surge of 33.4%. As a result, the Group’s operating income soared by 29.3% to reach Rs 3.8 billion by the end of March 2023.

    The revenue boost was driven by the expansion of the investment securities portfolio and the significant amount of net loans and advances provided to non-banking customers, totaling Rs 150.1 billion as of March 31, 2023. Non-banking customer deposits also witnessed a rise, reaching Rs 291.0 billion.

    With the exceptional performance in the first quarter, SBM’s earnings per share for the period ending on March 31, 2023, amounted to 29.1 cents, a notable increase compared to 27.7 cents in the corresponding period of 2022.

    Sattar Hajee Abdoula, Chairman of the SBM Group, emphasized, “We have remained committed to our strategy established in recent years, enabling us to maintain robust financial ratios that support the Group’s growth projects. Our strong financial position is reflected in a capital adequacy ratio of 19.5%, surpassing regulatory thresholds. Additionally, the Group has demonstrated sound positions in terms of asset quality, funding, liquidity, and efficiency.”

    Sattar Hajee Abdoula | Chairman | SBM Group

    Despite positive trends, the global economic recovery faces uncertainties stemming from high inflation, geopolitical tensions, and financial sector turbulence in certain countries. As per the latest indications, global GDP growth is projected to slow from 3.4% in 2022 to 2.8% in 2023, before rebounding to 3.0% in 2024.

    Sattar Hajee Abdoula also acknowledged the ongoing economic recovery in Mauritius, driven by improvements in the business climate and infrastructure modernization projects undertaken by the authorities. However, he noted that the operational environment remains challenging due to headwinds in the country’s main export markets.

    In light of this context, the SBM Group plans to pursue its growth strategy cautiously. The Group will focus on strengthening its personnel and technological capabilities while ensuring the effective implementation of ongoing projects and initiatives. These efforts aim to enhance the customer experience across various channels and support the Group’s business development endeavors.Sattar Hajee Abdoula concluded, “SBM is well positioned to consolidate its role as a significant player in the banking and financial services sector, contributing to the well-being and progress of the economies and societies in which we operate.”

    Share. Facebook Twitter LinkedIn Email

    Related Posts

    AMM sees a potential of $570 million for tourist expenditure on ‘Made in Moris’ products

    June 5, 2023

    MIoD wants to support Listed Companies in Achieving 25% Female Representation on Boards

    June 5, 2023

    SBM Group unveils its Sustainability Agenda

    June 2, 2023

    Leave A Reply Cancel Reply

    Editors Picks
    Latest Posts

    Investor’s Mag is an independent printed magazine and website focused on delivering unbiased and insightful financial, business, and corporate news. It covers analytical reviews of trade and investment, property, technology and eco-friendly opportunities emerging in Mauritius and our region. Its interest is in spotlighting entrepreneurship, innovation and leadership news that are shaping our world today.

    Bronwyn Knight | Grit Real Estate Income Group: “Diversification plays a large role in our risk mitigation strategy”

    June 7, 2023

    AMM sees a potential of $570 million for tourist expenditure on ‘Made in Moris’ products

    June 5, 2023

    MIoD wants to support Listed Companies in Achieving 25% Female Representation on Boards

    June 5, 2023
    © 2023 Investor's Mag

    Type above and press Enter to search. Press Esc to cancel.