Equity Analysis /
Mauritius

SBM Holdings: STATE BANK OF MAURITIUS Q1 18 results: Scaling up

    Rahul Shah
    Rahul Shah

    Head of Financials Equity Research

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    Tellimer Research
    15 May 2018
    Published byTellimer Research
    SBM reported Q1 18 net profit of MUR747mn, up by 28% yoy. The key driver of this performance was higher net interest income (+25%), which was driven by strong loan growth. ROE improved to 11.9% from 9.6% in FY 17. Reported numbers include contributions from SBM Holdings’ Kenyan acquisition.