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Mauritius Commercial Bank Group profit up, optimistic for full year
May 14, 2015 / 4:37 PM / 3 years ago

Mauritius Commercial Bank Group profit up, optimistic for full year

PORT LOUIS, May 14 (Reuters) - Mauritius Commercial Bank Group’s (MCB) nine-month pretax profit rose 30 percent to 5.13 billion rupees ($148.35 million) compared with the same period a year ago, helped by higher net interest and commission incomes, it said on Thursday.

MCB Group, the biggest bank by market value in east Africa and the Indian Ocean region, said it expected full-year profits to show a significant improvement from a year earlier.

“In spite of subdued private investment level and excess liquidity situation in Mauritius, net interest income grew by 9.7 percent to 6.05 billion rupees, driven by an expansion in our international activities,” MCB said in a statement.

It said net fee and commission income increased by nearly 20 percent, in line with the strong growth in revenues from asset management activities.

MCB Group’s earnings per share rose to 17.90 rupees from 13.23 rupees. Its shares closed higher at 204 rupees on the Mauritius Stock Exchange compared with 203 rupees the previous day. ($1 = 34.5800 Mauritius rupees) (Reporting by Jean Paul Arouff; Editing by Edith Honan and Jane Merriman)

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