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State Bank of Mauritius Advances Most in 3 Years on Profit Surge

May 16 (Bloomberg) -- State Bank of Mauritius Ltd., the country’s second-biggest lender by market value, rallied the most in more than three years after announcing third-quarter profit surged.

The stock advanced as much as 11 percent, the most since March 2009 on an intraday basis, and traded 6.8 percent higher to 86 rupees a share by 11:43 a.m. in Port Louis. A close at this level would be the highest since October.

The city-based SBM, as the lender is known, announced after the end of trading yesterday net income for the three months through March jumped 40 percent to 625.1 million rupees ($21.2 million), according to a statement published on the Stock Exchange of Mauritius website. The lender’s board of directors agreed yesterday to split each SBM share into 100.

To contact the reporter on this story: Kamlesh Bhuckory in Port Louis at kbhuckory@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net

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