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Mauritius MCB Group 3rd-quarter pretax profit rises 4 pct
May 12, 2017 / 4:54 PM / 4 months ago

Mauritius MCB Group 3rd-quarter pretax profit rises 4 pct

PORT LOUIS, May 12 (Reuters) - Mauritius Commercial Bank Group’s (MCB) pretax profit rose 4 percent year-on-year to 2.17 billion rupees ($61.88 million) in the third quarter to March 31, helped by higher net interest income, the bank said on Friday.

MCB, which also operates in Madagascar, the Maldives, the Seychelles, Mayotte, Mozambique and Reunion, saw its net interest income increase by 5 percent to 2.35 billion rupees during the quarter, the bank said in a statement.

It attributed the growth in net interest income mainly to higher investment in government securities amid persisting excess liquidity.

On a nine-month basis, the bank’s pretax profit rose to 6.44 billion rupees, from 5.98 billion rupees a year ago.

“Group results for the year to June 2017 are expected to grow satisfactorily, albeit at a slower pace than the growth registered during the first nine months of the year given the significant non-recurrent gains recorded in the last quarter of the previous financial year,” the bank said.

It said third-quarter earnings per share rose to 7.65 rupees from 6.54 rupees in the same quarter in 2016.

$1 = 35.0700 Mauritius rupees Reporting by Jean Paul Arouff; Editing by Aaron Maasho and Susan Thomas

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