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AfricaMoney | August 24, 2017

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SBI Mauritius Ltd realised profit of Rs 326.3 million up by 4.3%

SBI Mauritius Ltd realised profit of Rs 326.3 million up by 4.3%

Operating income inched up by 15.1 per cent to Rs 643.4 million whereas in 2013 this amounted to Rs 559.1 million.(Image: sbimauritius)

SBI Mauritius Ltd (SBI) realised profit of Rs 326.3 million for the nine months ended December 2014 which represent a rise of 4.3 per cent compared to 2013.

Increased in fee and commission income for 2014 levelled up to Rs 119.9 million which contributed towards the positive performance of SBI.

Moreover, operating income inched up by 15.1 per cent to Rs 643.4 million whereas in 2013 this amounted to Rs 559.1 million.

On the balance sheet side total deposits has registered a growth of Rs 4.2 billion in 2014 to reach a level of Rs 23.2 billion. Loan and advances amounted to Rs 24.0 billion

Other attributes were the reduction in interest expenses by Rs 111.6 million which led to higher net interest income of Rs 477.0 million against Rs 456.2 million in 2013.

The earning per share of SBI stands at Rs 419.25.

Leading economic indicators point that the domestic economy is gathering growth momentum.

However, Mauritius is subject to a number of external vulnerabilities such as anticipated normalisation of the interest rates in some advanced economies, stumbling recovery and renewed threat of recession coupled with very low inflation in Eurozone, which may have financial stability implications domestically and thus have a bearing on its growth path.

SBI expects to keep abreast of the economic growth by capitalising on the opportunities that should accompany global and domestic recovery while maintaining a prudent stance by focusing on risk management on account of the ongoing fragile economic conditions.

About STI:

SBI (Mauritius) Ltd, a foreign subsidiary of State Bank of India, has emerged as a strong bank after the amalgamation of Indian Ocean International Bank Ltd with SBI International (Mauritius) Ltd, both subsidiaries of State Bank of India, the largest Commercial Bank of India. The bank is having fully integrated 15 branches in major cities/towns of the country including Rodrigues and 19 ATMs at different locations.

The Bank operates in both offshore as well as domestic sector offering products and services in Corporate, Retail and Personal Segment. The products have been designed, keeping in view the needs of different segments of society and are available at competitive pricing.

SBI (Mauritius) Ltd`s core values are Integrity, Customer Care and sound Corporate Governance apart from following Best International Practices. The Bank is committed to be a responsible corporate citizen and a significant player in the Mauritian Banking Sector.

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