Mauritius Commercial First-Quarter Profit Rises on Loan Income
Mauritius Commercial Bank (MCB), the country’s largest lender by market value, said first-quarter profit rose 7.5 percent as income from loans grew.
Net income climbed to 1.14 billion rupees ($37 million) in the three months through September, from 1.06 billion rupees a year earlier, the Port Louis-based lender said today in a statement e-mailed by Anglo-Mauritius Stockbrokers Ltd. Net interest income, the amount banks earn from interest charges on loans, increased 11 percent to 1.75 billion rupees as loans advanced to 135.9 billion rupees from 125.8 billion rupees.
“Considering the difficult operating context, this is a satisfactory performance, stemming from MCB’s business- development initiative aimed at diversifying its markets and continuously improving customer service,” the bank said. Results for the first half “are expected to reflect the trend shown in the first quarter,” it said.
MCB, as the lender is known, has a 24 percent weight in the 40-member SEMDEX gauge, according to data compiled by Bloomberg. The stock has declined 3 percent this year, compared with a 12 percent drop in the index. The shares traded unchanged at 162 rupees today.
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