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MCB Group : 2023 2nd semester results

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MCB Group : 2023 2nd semester results

Profit is up 16.7% compared to the previous year

The MCB Group has announced robust financial results for the second half of 2023, with net profits reaching 7.8 billion MUR, equivalent to approximately 170 million USD.

This marks a notable 16.7 % increase compared to the previous year, buoyed by international growth opportunities and favorable interest rate environments.
The Group’s capital reserves significantly surpass regulatory standards, boasting a solvency ratio of 20.5 %. Net banking income surged to 18 billion MUR (400 million USD), reflecting a substantial 23.9 % rise attributed to improved margins and augmented foreign currency assets. Non-interest income also experienced significant growth, climbing by 17.8 % to 6.4 billion MUR (140 million USD). This achievement is primarily attributed to the expansion of financial assets in trade and payment services, alongside profits generated from foreign exchange operations.
In its outlook, the MCB Group acknowledges the global economic resilience, which has surpassed initial expectations. Despite lingering challenges such as high inflation and debt levels in Africa, improvements have been observed. Moreover, Mauritius anticipates economic stimulation in key sectors including tourism, financial services, and ICT.
While the Group foresees a stabilization in net interest margins, leading to a potential deceleration in profits, the Board remains optimistic about the future trajectory. Sustained albeit modest growth, coupled with stabilizing interest rates, is anticipated for the fiscal year 2023-24. These insights underscore the MCB Group’s resilience and adaptability in navigating dynamic market conditions while maintaining a positive outlook for the periods ahead.

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