SBM Group Pre-Tax Profit Jumps 23% in First Nine Months of 2026
SBM Group reports a 23.1% rise in pre-tax profit for January to September 2026, driven by revenue growth and tighter cost control.
SBM Group, one of Mauritius's two largest banking and financial services conglomerates, has posted a strong set of results for the first nine months of 2026, with pre-tax profit climbing 23.1% compared to the same period in 2025.
The group attributed the performance to two main drivers: growth across its core business activities and disciplined cost management. Total operating income rose by 15% over the period, reflecting increased demand for banking and financial services across the markets where SBM operates.
Gross loans, a key indicator of how much credit a bank is extending to businesses and individuals, also expanded during the period, signalling continued appetite for borrowing despite the higher interest rate environment in Mauritius. The Bank of Mauritius raised its key repo rate to 5% earlier this year, a move designed to curb inflation but one that also increases the cost of borrowing for consumers and companies.
SBM Group, formally known as State Bank of Mauritius, is listed on the Stock Exchange of Mauritius and operates across several countries including India, Kenya and Madagascar, as well as maintaining a significant retail and corporate banking presence at home. It is one of the few Mauritian financial institutions with a substantial international footprint.
The results place SBM in a similarly positive trajectory to its main local rival, MCB Group, which recently reported a profit of Rs 5.4 billion for its first quarter of the 2026/27 financial year. Together, the two groups dominate the Mauritian banking sector and their financial results are closely watched as a barometer of broader economic health on the island.
What this means: For ordinary Mauritians, strong bank profits can be a double-edged signal. On one hand, they reflect a growing economy where businesses are borrowing and investing. On the other, they come at a time when many households are under pressure from rising interest rates and a higher cost of living. Shareholders and investors in SBM, including institutional and retail investors on the Stock Exchange of Mauritius, are likely to view the 23.1% profit increase as a positive indicator for dividends and long-term stability. For the broader economy, a profitable and well-capitalised banking sector also provides a cushion against financial shocks.
Full details of the nine-month results, including a breakdown of revenues by segment and geography, are expected to be published in SBM Group's official financial report.
Source: Le Defi Media
Frequently Asked Questions
What is SBM Group and where does it operate?β
SBM Group, originally known as State Bank of Mauritius, is one of the two largest banking groups in Mauritius. It is listed on the Stock Exchange of Mauritius and has international operations in countries including India, Kenya and Madagascar, in addition to its core retail and corporate banking business in Mauritius.
How does SBM's 2026 profit growth compare to MCB Group?β
SBM Group reported a 23.1% rise in pre-tax profit for the first nine months of 2026. MCB Group, its main local competitor, separately reported a profit of Rs 5.4 billion for the first quarter of its 2026/27 financial year, suggesting both major Mauritian banks are performing strongly.
Does a higher Bank of Mauritius interest rate affect SBM's profits?β
Yes, indirectly. When the Bank of Mauritius raises its key repo rate, as it did to 5% in 2026, banks can earn more on the loans they issue. However, higher rates can also slow borrowing demand over time. SBM's results suggest that, so far, loan growth has continued despite the higher rate environment.
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