The SBM Group reports profits after taxes of Rs 4.1 billion for the first nine months of the financial year 2023, representing a 43% growth compared to the same period in 2022. This performance was mainly supported by a substantial improvement in the profitability of SBM Bank (Mauritius) Ltd. The SBM Group has a capital adequacy ratio of 20.6% as of September 30, 2023, a 1.5% increase compared to the end of December 2022.
The SBM Group continued its strategic initiatives across its various entities, leveraging its strong business model and consistently strengthening its internal capabilities. While the investment portfolio saw an increase, the Group’s revenues were supported by loans and other receivables allocated to non-banking clients. Net interest income rose by 24.2% to approximately Rs 8 billion, boosting the Group’s operating profit to nearly Rs 12 billion, an 18.7% increase compared to the corresponding period last year.
During the period from January to September 2023, the return on average shareholders’ equity significantly improved to reach 18.4%. On the other hand, the Group’s gross and net loss ratios improved to 6.9% and 2.1%, respectively, as of September 30, 2023, demonstrating the Group’s efforts in risk management and its prudent approach to business development in the various markets it operates.
Commenting on this performance, Sattar Hajee Abdoula emphasizes that “the SBM Group continues its development projects and growth trajectory while maintaining healthy financial ratios.” For the Chairman of the Board of SBM Holdings Ltd, “this remarkable performance attests to the validity of our strategic initiatives and sustained efforts towards the resilience and competitiveness of the organization. The Group will continue to pursue attractive growth opportunities while executing its strategies prudently.”