The State Bank of Mauritius carries Rs 2 billion profit
12 years, 6 months ago - October 01, 2011
The State Bank of Mauritius (SBM) has made a net profit of Rs 2 billion for fiscal year 2011 compared to Rs 1.8 billion for the same period in 2010. This represents a 8.3% increase in profitability.
This increase is modest compared to that of the Mauritius Commercial Bank, is primarily due to non-interest income received but rather to the dividends received from Mauritius Telecom in which the SBM is a major shareholder at 19%.
The profit on the interest is actually remained the same as in 2010 to Rs 2.4 billion. Yet the amount of loans granted by the SBM has increased from 32% to Rs 58 billion while deposits increased by 15% and interest payments to customers increased by 1.2% only. However, a specialist in stock this "anomaly" can be explained apparent: despite an increase in deposits, the SBM has less cash to lend its direct competitor, the MCB.
However, the SBM has caught many by making Rs 880 million profit on fees and commission, an increase of 36%.She also received dividends amounting to Rs 220 million to Mauritius Telecom.