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State Bank of Mauritius year pretax profit up 31 pct
September 26, 2012 / 7:16 AM / 5 years ago

State Bank of Mauritius year pretax profit up 31 pct

PORT LOUIS, Sept 26 (Reuters) - State Bank of Mauritius (SBM), the Indian Ocean island’s second-largest bank, on Wednesday posted a 30.5 percent rise in pretax profit for the year ended June 30, driven by higher net interest income.

SBM, which has a market share of about 25 percent, said pretax profit for the period rose to 3.230 billion rupees ($106 million) compared with 2.474 billion a year earlier.

“Assets growth was mainly driven by net advances growth of 9.7 percent to 62.3 billion particularly, on the back of market share gains in the Mauritian rupee coupled with the planned downsizing of cross-border lending from Mauritius in other currencies,” it said in a statement.

Earnings per share rose to 10.14 rupees from 7.80 rupees. Net interest income climbed to 3.198 billion rupees from 2.498 billion in 2011.

The bank’s shares last traded up 1.22 percent at 83 rupees.

$1 = 30.4500 Mauritius rupees Reporting by Jean Paul Arouff; Editing by Yara Bayoumy and Mark Potter

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