MCB Group Mauritius Reports Rs 16B Net Profit in FY2024, Up 13.5%, as Market Cap Surpasses Rs 96B

MCB Group reported a net profit of Rs 16.0 billion for the financial year ended 30 June 2024, representing a 13.5% increase on the prior year, the group announced on 27 September 2024. Earnings per share rose 10.4% to Rs 63.65, while the group's market capitalisation surpassed Rs 96 billion.

Total assets reached Rs 937 billion as at the end of June 2024, a 12.9% expansion year on year. Gross loans rose 12.9% to Rs 431.6 billion.

CAPITAL AND RATINGS

MCB Group's capital adequacy ratio stood at 20.5% at the end of FY2024.

The group's banking subsidiary MCB Ltd holds Baa3/P-3 long-term/short-term deposit ratings from Moody's. Baa3 is Moody's lowest investment-grade rating.

EARNINGS PER SHARE AND FILING

The 10.4% rise in earnings per share to Rs 63.65, slightly below the 13.5% growth in net profit, reflects a larger weighted average number of shares following the conversion of preference shares and the issuance of scrip shares in lieu of cash dividends.

MCB Group's results were released in filings submitted to the Stock Exchange of Mauritius on 27 September 2024, alongside the full audited financial statements for the year ended 30 June 2024.