Mauritius MCB Group full-year pretax profit up 26 pct

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PORT LOUIS (Reuters) – Mauritius Commercial Bank Group’s (MCB) pretax profit for the full year to June rose 26 percent to 6.90 billion rupees ($195.19 million) on the back of higher net interest income, fees and commissions, it said on Tuesday.

MCB, the biggest bank by market value in East Africa and the Indian Ocean region, said that net interest income increased by 12 percent to 8.15 billion rupees in spite of pressures on margins posed by excess liquidity and restrained demand for credit locally amidst subdued private investment.

In a statement, MCB said loan book growth was supported by its international financing activities.

Net fee and commission income rose 17 percent to 3.36 billion rupees, driven by growth in revenues from regional trade finance, wealth management and card business activities.

“We are confident to grow the business further, which should result in higher profits for FY 2015/16,” the statement said.

Earnings per share rose to 24.04 rupees from 18.34 rupees.

Shares at MCB Group closed lower at 206.50 rupees from 207 rupees before the results were released.

 

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