As a result, the bank increased its net profits by 24% during 2007. Its asset base grew 10.8% and Tier 1 capital increased 4.5%.
MCB is an outward-looking institution. In 2007 it opened a branch in the neighbouring Maldives, as well as extending its branch network in Mozambique and opening a representative office in Johannesburg.
The bank, which now has a 40% market share at home, returned 19.1% on equity in 2007, up from 17.6% in 2006, and lowered its cost-to-income ratio from 49.8% to 47.5% during the course of 2007.
“The bank celebrates its 170th anniversary this year and believes that receiving the award for the first time in its long and distinguished history reflects the very sound fundamentals and prudent strategy of the bank at a time of uncertainty in international financial markets,” says MCB chief executive Anthony Withers. “The bank’s plans are centred on continued investment in systems and training so as to sustain its record of growth in its key business areas while maintaining its strong balance sheet.”
MCB’s share price grew by 67% in 2007 and its dividend per share leaped 57%. The bank also prides itself on its transparency, a fact recognised by accountant PricewaterhouseCoopers, which awarded it Best Published Accounts Bank of the Year in Mauritius for 2007.
