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MAURITIUS · BANKING
Key Facts
- —The country Mauritius is an Indian Ocean island nation of about 1.24 million people (Statistics Mauritius), east of Madagascar.
- —What happened MauBank, a bank wholly owned by the Mauritian state, reported MauBank pretax profit up 29.5% for the year to 30 June 2026.
- —The profit Group profit before tax was Rs 1.19 billion (about US$25.2 million), against Rs 919.4 million (about US$19.5 million) a year earlier.
- —Net profit Profit after tax rose only 6.2% to Rs 888.7 million (about US$18.8 million), because income tax more than tripled.
- —The balance sheet Total assets grew 18.3% to Rs 68.3 billion (about US$1.44 billion), and customer deposits rose 17.9%.
- —The rate used Dollar figures use 47.27 Mauritian rupees to the US dollar, the rate on 23 October 2026.
- —Still open The bank’s bad-loan ratio, its capital ratio and the date of a permanent chief executive are not in the summary statements.
MauBank pretax profit rose 30% to Rs 1.19 billion (about US$25.2 million) in the year to 30 June 2026, the bank’s own statements show. The exact rise was 29.5%, from Rs 919.4 million (about US$19.5 million) a year earlier.
For US investors, it is a rare look at a government-owned lender in an Indian Ocean financial centre that the state has recapitalised since 2015. Net profit rose far less, by about 6%, because the tax bill more than tripled.
What MauBank Reported for the Year to June 2026
MauBank pretax profit for the group reached Rs 1,190.6 million (about US$25.2 million), up 29.5% from Rs 919.4 million (about US$19.5 million). Net operating income, the bank’s total revenue after interest costs, grew 8.4% to Rs 2.88 billion (about US$60.9 million).
Profit for the year after tax was Rs 888.7 million (about US$18.8 million), up 6.2% from Rs 837.1 million (about US$17.7 million). The bank paid a dividend of Rs 165 million (about US$3.5 million) to its owner during the year.
Why Pretax Profit Grew Faster Than Net Profit
The main driver was a smaller bad-loan charge, down 40% to Rs 267.5 million (about US$5.7 million) from Rs 446.6 million (about US$9.4 million). Profit before that charge and before tax rose a more modest 6.7% to Rs 1.46 billion (about US$30.8 million).
Income tax climbed to Rs 301.9 million (about US$6.4 million) from Rs 82.3 million (about US$1.7 million), lifting the effective rate to 25% from 9%. That is why net profit grew only 6% while MauBank pretax profit jumped 30%.
Net interest income, the gap between loan earnings and deposit costs, slipped 3.3% to Rs 1.77 billion (about US$37.5 million). Net trading income rose 11.7% to Rs 708.0 million (about US$15.0 million), and a prior-year loss on selling bonds became a small gain.
Balance Sheet Growth Behind the Result
Total assets grew 18.3% to Rs 68.3 billion (about US$1.44 billion) at 30 June 2026. Customer deposits rose 17.9% to Rs 59.8 billion (about US$1.27 billion).
Loans and advances to customers climbed 16% to Rs 33.9 billion (about US$718 million). Equity, the owner’s stake in the bank, increased 17.5% to Rs 6.28 billion (about US$133 million).
Loans stand at about 57% of deposits, which leaves the bank holding large reserves of cash and securities. Cash and cash equivalents alone were Rs 15.2 billion (about US$322 million).
Who Owns MauBank and How It Got Here
MauBank Ltd is a subsidiary of MauBank Holdings Ltd, which the Mauritian state owns entirely. The state has put Rs 4.1 billion (about US$87 million) into the holding company since 2015, Prime Minister Navin Ramgoolam told parliament in May 2026.
In 2018 the bank moved toxic loans worth Rs 5.1 billion (about US$108 million), inherited at its start, to a separate company named EAMC. The bank itself carries no borrowings, because its debt sits with the holding company.
Leadership changed this spring, when the bank ended the contract of chief executive Vishuene Vydelingum on 29 April 2026. Deputy chief executive Issa Soormally has since run the bank as officer in charge and signed the June statements.
What It Means for US Readers
MauBank is wholly owned by the state through a holding company, so US investors cannot buy its shares. MauBank pretax profit is a gauge of Mauritius’s banking sector, a common base for funds that invest in Africa and India.
The US$ figures here use 47.27 rupees to the dollar, so a weaker or stronger rupee would change each one. Readers following the island’s financial system can also see how the central bank’s recent reserve requirement cut plays out for lenders.
What Is Not Known
The summary statements do not split the Rs 267.5 million (about US$5.7 million) impairment charge between specific problem loans and general provisions. The bank’s bad-loan ratio and capital ratio at 30 June 2026 are not shown in them.
It is open whether the state will take a larger dividend than the Rs 165 million (about US$3.5 million) paid in the year. The statements, signed on 28 September 2026, show the bank still run by an officer in charge, not a permanent chief executive.
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Frequently Asked Questions
What is MauBank?
MauBank is a Mauritian commercial bank owned by the state through a holding company. Its total assets were Rs 68.3 billion (about US$1.44 billion) at 30 June 2026.
How much profit did MauBank make?
MauBank pretax profit was Rs 1.19 billion (about US$25.2 million) for the year to 30 June 2026, up 29.5%. Profit after tax was Rs 888.7 million (about US$18.8 million), up 6.2%.
Why did net profit grow less than pretax profit?
Income tax rose to Rs 301.9 million (about US$6.4 million) from Rs 82.3 million (about US$1.7 million). The effective tax rate went from about 9% to about 25%, so MauBank pretax profit grew five times faster than net profit.
Can Americans invest in MauBank?
MauBank is wholly state-owned through a holding company, so its shares are not offered to the public. US investors usually reach Mauritian banks through funds or listed lenders on the island’s stock exchange.
Which exchange rate was used for the dollar figures?
The conversions use 47.27 Mauritian rupees to the US dollar, the rate on 23 October 2026. A different rate would change every dollar figure.
Sources: MauBank Ltd, Financial Statements for the year ended 30 June 2026, 28 September 2026; L’Express via AllAfrica, MauBank Holdings Ltd, capital injected since 2015, 5 May 2026; MauBank Ltd, Communique: Leadership Transition at MauBank Ltd, 29 April 2026; L’Express via AllAfrica, Mauritius population estimate (Statistics Mauritius), 17 March 2026.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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