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.
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.
In June 2023, MCB’s global trade-solutions team, together with members of the commercial and investment coverage teams, hosted MCB Trade Week. The goal was to help clients better understand international trade and supply-chain dynamics and promote trade-finance solutions.
Best international bank: Standard Bank
Standard Bank demonstrated strong financial performance over the awards period, along with noticeable gains in efficiency.
Profits were up by 11% to MauR3.2 billion ($679 million) from MauR12.5 billion in revenues. Growth in transaction banking was particularly strong, with revenues and headline earnings up by 80% and 99% respectively. Revenue doubled in trade finance, underscored by marked increases in the volume of trade loans, bank guarantees and working capital deposits.
The bank also prioritized investments in its digital platforms. It automated 11 processes, saving over 7,000 employee hours and reducing critical and high-priority IT incidents by more than 70%. Its investments in data-driven decision making contributed to a 92% electronic processing rate for total payments.
As part of its digital transformation strategy, the bank also established a virtual cloud data centre and initiated the migration of six applications to the cloud.
Best digital bank: Mauritius Commercial Bank
Mauritius Commercial Bank made substantial investments in its digital platforms over the awards period. It gained more than 86,000 new subscribers, an 18% year-on-year increase. This coincided with the launch of several user-centric features such as faster login and expanded interbank transfer capabilities. The introduction of a new mortgage product generated over 3,000 housing loan applications.
The bank also recorded significant activity in digital payments. It processed more than seven million transactions, marking a 20% year-on-year increase in 2023. Transactions conducted via the bank’s proprietary app MCB Juice jumped by 119%, while contactless payments saw a 51% rise. The lender’s Wealth feature was integrated into MCB Juice to cater to affluent and high net-worth individuals, which contributed to this growth.
The bank’s commercial banking application, MCB JuicePro, was upgraded to include instant transfers of funds to local bank accounts, the removal of daily transfer limits and push notifications for payment approvals. These improvements led to a doubling in customer numbers to 21,000 and the disbursement of over 300 express overdrafts totalling more than MauR140 million ($2.97 million).
Internally, operational efficiencies were boosted with the full implementation of the Backbase core banking platform, which streamlined mortgage credit processes. The bank also upgraded its cybersecurity measures, including endpoint detection and response solutions, and established a dedicated cybersecurity team. Key system migrations to the cloud and updates to the card management system were also completed.
Best bank for SMEs: SBM Bank
SBM Bank had a successful year in Mauritius’ small and medium-sized enterprise banking market, expanding the geographic scope of its operations and broadening its offering to agricultural producers.
The bank restructured its internal operations, decentralizing SME services by setting up dedicated SME client centres in branches throughout Mauritius and Rodrigues. These include SME hubs in Mahebourg, Ebene and Tamarin, and a dedicated SME desk at the bank’s Rose Belle branch.
The bank also introduced special agricultural schemes, including crop loans and agricultural term and mechanization loans, which are designed specifically for farmers, plantation owners and agri-entrepreneurs.
Best bank for ESG: HSBC
HSBC has played a big role in driving sustainability in Mauritius, particularly through energy efficiency improvements and strategic collaborations aimed at fostering renewable energy deployment and sustainable financing.
The bank has introduced its first net-zero transition plan, setting a target for net zero in financed emissions by 2050 and in its own operations and supply chain by 2030. To support this, specific emission reduction targets up to 2030 have been established for key carbon-intensive sectors.
The bank has achieved significant success in improving energy efficiency across its own operations, reducing its energy consumption by 31.5% year on year, to a total of 460,107 kilowatt hours. The bank’s head office has been relocated to a LEED Gold certified building. HSBC has set a target to reduce its energy consumption in Mauritius by an additional 10% in 2024.
The lender has initiated a three-year carbon offset project at Black River Gorges National Park, offsetting carbon emissions through native forest restoration. This initiative is vital as the native forest cover on the island is under 3%.
The bank has collaborated with the Central Electricity Board and various development finance institutions to support the development of the renewable energy market for commercial users and to unlock sustainable finance opportunities for Mauritian corporates. These collaborations have been crucial in advancing the deployment of renewable energy across the country.
Best bank for corporate responsibility: AfrAsia Bank
AfrAsia Bank has had a tangible impact on communities in Mauritius through its philanthropic initiatives. These have been concentrated predominantly on supporting education and healthcare.
The bank’s flagship initiative in the education space, AfrAsia School, significantly expanded its scope last year, supporting 62 families and 78 children over the awards period. The school offers free primary education, after-school care and medical and psychological support.
In collaboration with the University of Adelaide, the bank launched the Children’s University AfrAsia Foundation, which enables students to earn recognition for learning activities completed outside traditional school settings. The initiative engaged 17 children in its pilot testing phase.
The bank also partnered with Mahebourg Espoir Educational Centre and Esperance 2000 to introduce an adaptive internship model to its AfrAsia Golf Academy, providing practical golf training and industry-specific education for its participants.
The bank has also significantly contributed to cancer awareness. It donated a portable scanning machine to Link to Life, which conducted 155 breast and cervical cancer screenings over the awards period. In a show of solidarity with cancer sufferers and survivors, the lender distributed pink ribbons among its workforce.
Best bank for corporates: Mauritius Commercial Bank
Mauritius Commercial Bank introduced a new internet banking platform last year for corporate and investment banking clients. Called IB Pro, this incorporates graphical account balance displays and enhanced self-service, as well as a secure and streamlined transaction approval process using two-factor authentication. A 90% penetration rate among the bank’s corporate clients was registered on the platform in under a year.
The bank also introduced its specialized international trade finance platform, MCB Global Trade Portal. This offers clients access to essential deal-related information and technical insights.
The bank advised on landmark domestic and regional sustainable finance deals. For example, the bank disbursed MauR350 million ($7.4 million) to fund GreenYellow’s photovoltaic plant in Arsenal. With a capacity of more than 20 gigawatts, the plant is expected to power over 4,500 Mauritian homes and offset more than 13,000 tonnes of CO2 emissions.
