Best bank: Mauritius Commercial Bank
Mauritius Commercial Bank (MCB) had another good year in 2023 and is again the best bank in the country for the review period.
AfE 2024
The numbers speak for themselves. Profit before tax was up 51% to MauR15.9 billion ($340 million) from MauR10.5 billion in 2022.
Total assets grew 15% from MauR665 billion at the end of 2022, to MauR762 billion at the end of 2023.
Net interest income (which was up by 26%) fuelled the 24% rise in operating income, along with a 21% increase in non-interest income. Non-interest expenses were up by 30%.
MCB’s digital transformation has led the market, and 2023 marked the 10th anniversary of its mobile banking application, MCB Juice. The app added over 86,000 new users (up 18% year on year) between December 2022 and December 2023.
The bank has launched a new app-based mortgage offering through which there have been more than 3,000 housing loan applications initiated.
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