MauBank: Most Promising Bank Mauritius 2023

MauBank continues to report strong growth. Financial year 2022/23 saw operating income up 24 percent, net interest income rose by 27 percent, and after-tax profits of MUR 380.8m ($8.6m) – an improvement of 42 percent over the previous year. Quarter One of 2023/24 saw a post-tax profit of Rs 162.55 Mn already for the three months ended 30 September 2023, against Rs 115.49 Mn for the same period last year, thus an increase of 40.75%. Management must be congratulated on tripling profits since year 2020/21. MauBank certainly acted decisively in response to the post-pandemic challenges and geopolitical disruption and has done a sterling job in reducing costs. As for the current financial year, CEO Vishuene Vydelingum promises that the bank will be, “strengthening relationships, staying innovative, and reinforcing customer-centricity,” MauBank consistently displays this prudent attitude and looks set to reap the benefits moving forward. The MauBank approach has resulted in strong fundamentals in a competitive industry. It has effective management, and is dedicated to product and service innovation (including its superb digitalisation programme). The CFI.co judging panel is delighted to see the bank investing wisely to protect the long-term. MauBank’s above average growth record indicates that it is outperforming its competition and satisfying its loyal customer base. This is a young bank that punches well above its weight and the panel expects to see the momentum continue. MauBank offers exemplary services in SME, retail, corporate and international banking. It boasts a strong banking network with 19 business centres and 30 ATMs. CFI.co recognises SMEs as the lifeblood of national economies and applauds the unwavering support MauBank provides to these smaller businesses. The 2023 award for Most Promising Bank Mauritius goes, without hesitation, to MauBank.