February 14, 2018 / 3:07 PM / 10 months ago

Mauritius MCB Group pretax profit up in first half

PORT LOUIS, Feb 14 (Reuters) - Mauritian bank MCB Group Ltd said on Wednesday its first-half pretax profit rose 2.3 percent to 4.371 billion rupees ($134.70 million) from a year ago, helped by higher net interest income.

MCB, the biggest bank by market value in East Africa and the Indian Ocean region, was optimistic about prospects for the full year. “On current trends, full year results are expected to improve compared to last year with notable support from our international activities,” it said.

“Net interest income rose by 6.9 percent (to 5.083 billion rupees), reflecting increased revenues linked to foreign activities ... and higher investment in government securities in a context of persisting excess liquidity situation in Mauritius,” it said in a statement.

The bank, which also operates in Madagascar, the Maldives, the Seychelles, Mayotte, Mozambique and Reunion, said net fee and commission income rose by 4.4 percent in the six months to December 31, supported by higher revenues from financing activities within the banking cluster and from non-banking operations.

MCB’s earnings per share rose to 15.28 rupees from 14.13 rupees.

$1 = 32.4500 Mauritius rupees Reporting by Jean Paul Arouff; Editing by Aaron Maasho and Jane Merriman

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