State Bank of Mauritius Q1 pretax profit up 30.5 pct

PORT LOUIS Wed Nov 14, 2012 7:24am EST

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PORT LOUIS Nov 14 (Reuters) - State Bank of Mauritius , the island's second-largest bank with a market share of about 25 percent, said quarterly pretax profit rose 30.5 percent.

SBM also said on Wednesday the operating environment was expected to remain difficult with slow credit growth and declining spreads, particularly in the Mauritian rupee.

SBM, involved in retail and corporate banking, currency and securities trading, e-commerce, leasing and asset management, said pretax profit in the three months to September - its first quarter - was 868 million rupees ($28 million).

Interest income grew 8.4 percent to 1.51 billion rupees while interest expenses fell 19 percent to 569 million and earnings per share rose 28 percent to 2.67 rupees. ($1 = 31.05 Mauritius rupees) (Reporting by Jean Paul Arouff; Editing by Dan Lalor)

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