Business news feedMauritius Commercial Bank sees year profit rising


Posted on Thursday, 16 June 2011 15:45

Mauritius Commercial Bank sees year profit rising

June 16, 2011, 2:57 pm

By Jean Paul ArouffPORT LOUIS (Reuters) - Mauritius Commercial Bank (MCB) expects its 2010/11 pretax profit to grow beyond the 4.1 billion rupees made in its 2009/10 year ended June, helped by expansion into new business lines.Ranked biggest bank in the island nation, MCB has outlets in in Madagascar, Seychelles, Mozambique and Maldives. It also has a partnership with Banque Francaise Commerciale Ocean Indien (BFCOI), operating in Reunion, Mayotte and Paris."The MCB is confident to post a resilient performance, buoyed by increasing prominence of foreign-sourced activities," the bank said in its annual report on Thursday."Group profit for FY 2010/11 is set to recover from the current level, with the MCB remaining well-geared to tap into the openings associated with an eventual economic upturn."Economies of the region have started to rebound from the global financial crisis, with officials in Mauritius projecting an expansion of around 4.1 percent this year, underpinned by positive growth in all sectors, and 4.2 percent in 2011.Raj Tapesar, managing director of MCB Stockbrokers Ltd, a unit of MCB, said foreign-sourced activity entailed the group offering financial services to other banks on the continent."Through its international department the bank wants to increase revenue from outsourcing activities by providing second-tier African banks with services such as syndicated loans, import-export financing and credit-card management systems," Tapesar told Reuters.Last month, MCB reported a pretax profit of 1.15 billion rupees for the quarter ended September 30, compared with 921.49 million a year earlier.

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