Summary of the Points
- SBM Holdings Ltd released their interim unaudited condensed financial report for the nine months ended 30th September 2023, prepared following IAS 34 Interim Financial Reporting, and based on the accounting policies applied for the audited financial statements of the year ended on 31st December 2022.
- The report includes consolidated and separate statements of financial position, profit or loss, other comprehensive income, changes in equity, and cash flows.
- The review was conducted following the International Standard on Review Engagements (“ISRE”) 2410, with the primary inquiries being made of those responsible for the company’s financial and accounting matters. An audit opinion was not made.
- The SBM Group reported a profit after tax of MUR 4.1 billion, representing a rise of 43% compared to the same period in the previous year. The Group attributes this growth to its prudent strategic endeavours, which have strengthened the business model and competitive edge.
- Key performance indicators such as return on average shareholders’ equity and earnings per share improved significantly to 18.4% and 157.0 cents respectively.
- Further, the net interest income rose by 24.2%, and non-interest income grew by 8.8%, contributing to the overall operating income of the Group, which increased by 18.7%.
- Net loans and advances to non-bank customers stood at MUR 147 billion, and deposits from non-bank customers reached MUR 292.8 billion. Non-interest expense increased by 19.5% due to business development and capacity-building initiatives.
- The Group’s gross and net impaired advances ratios improved to 6.9% and 2.1% respectively, reflecting the cautious growth strategy. The Group’s capital adequacy ratio stood at 20.6%, indicating a strong financial position.
- As per the latest IMF report, while global growth is slow, it is gradually recovering from recent crises. The Mauritian economy shows a resilient performance on various fronts.
- The SBM Group plans to continue pursuing its growth endeavors while ensuring client satisfaction and contributing to society and economy-wide advancement.
About SBM Holdings Ltd (SBMH.mu)
SBM Holdings Limited is licenced as a commercial bank by the Bank of Mauritius and provides personal banking products and services, including savings accounts and term deposits; home, personal, educational loans, auto lease for cars and prepaid, debit, and credit cards. The bank also provides corporate and institutional banking products and services comprising working capital finance and project finance, as well as finance for the acquisition and installation of energy efficient and renewable energy equipment. SBM Holdings Limited together with its subsidiary businesses in Kenya, Mauritius, Madagascar and India, is known as SBM Group. SBM Holdings Limited is listed on the Stock Exchange of Mauritius.
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