State Bank of Mauritius posted a good growth in profit after tax of 20.62% to reach Rs 3.2bn for the twelve months ended 30 June 2013; compared to the corresponding period last year; mainly driven by increase in net interest income.
The Group continues to benefit from intensive and robust balance sheet management. Net interest income increased by 22.51% as against 28.02% for the corresponding period of last year. During the period, interest income increased by 5.53% and at the same time interest expense decreased by 14.60%, with improved liability management techniques. Non interest income excluding exceptional dividend decreased by 6.14% mainly on account of a decrease in cross border card fee income and exchange income compared to the corresponding period of 2012. Non interest expense increased by 9.13% to reach Rs 1.77bn mostly due to higher system and business transformation costs.
Credit to deposit ratio for all currencies on aggregate basis stood at 88% as at 30 June 2013 up from 85% as at 30 June 2012 and for Mauritian Rupee, it is more than 92%. The capital adequacy ratio for the Banking Group as at 30 June 2013 was 20.2% under Basel II and is comfortably above the minimum regulatory requirement of 10% whereas under Basel III, the capital adequacy ratio was 20.3%.
Source: Financial statement
