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Mauritius lender SBM's nine-month pretax profit falls 11.6 pct
November 13, 2017 / 3:27 PM / in 5 days

Mauritius lender SBM's nine-month pretax profit falls 11.6 pct

PORT LOUIS, Nov 13 (Reuters) - Mauritian lender SBM Holdings reported an 11.6 percent drop in pretax profit for the first nine months of the year after boosting expenditure on IT and staff, it said on Monday.

SBM, the Indian Ocean island’s second-largest lender by market share, said pretax profit in the nine months to Sept. 30 fell to 2.29 billion rupees ($66.9 million) from 2.592 billion rupees a year earlier. Earnings per share dropped to 0.72 rupees from 0.77 rupees.

The company said it is preparing to acquire some assets and liabilities of Chase Bank (Kenya), which is in receivership, subject to shareholder, regulatory and other approvals. ($1 = 34.2300 Mauritius rupees) (Reporting by Jean Paul Arouff; Editing by Duncan Miriri and David Goodman)

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