The Concept
At MCB Group, we believe that growth must be wholesome and that wealth is not just financial. That’s why our contribution to a dynamic local economy is as significant as promoting and protecting our cultural and environmental heritage. In this year’s annual reports, we honour our corporate sustainability engagement, Success Beyond Numbers, by reproducing some pieces of artwork that were entered in the Samudra art competition held earlier this year and that we co-sponsored.

Financial highlights

Net profit

Rs 9,637 m

  • Jun 22 9,637
  • Jun 21 8,019
  • Jun 20 7,912

Rs m

Total assets

Rs 728 bn

  • Jun 22728
  • Jun 21683
  • Jun 20532

Rs bn

Earnings per share

Rs 40.13

  • Jun 22 40.13
  • Jun 21 33.48
  • Jun 20 33.09


Dividend per share*

Rs 13.90

  • Jun 2213.90
  • Jun 2116.75
  • Jun 200.00


*Dividends declared for FY 2021/22 are not strictly comparable with those of FY 2020/21 and FY 2019/20. No dividend payment was made in respect of 2020 amidst the uncertain context and the 2021 dividend was based on the results of both years, albeit at a reduced payout rate.

Customer loans

Rs 340 bn

  • Jun 22 340
  • Jun 21 288
  • Jun 20 252

Rs bn

Customer deposits

Rs 519 bn

  • Jun 22519
  • Jun 21486
  • Jun 20386

Rs bn

Cost to income

+1.4 pp

  • Jun 22 38.3
  • Jun 21 36.9
  • Jun 20 35.5


Return on equity

+0.9 pp

  • Jun 2212.8
  • Jun 2111.8
  • Jun 2013.3


Gross NPL ratio

+4 bp

  • Jun 22 3.7
  • Jun 21 3.6
  • Jun 204.2


Capital adequacy ratio

+0.7 bp

  • Jun 2218.1
  • Jun 2117.4
  • Jun 2018.6



Denis Li

Meet the artist

Format: Single Work
Technique/materials: Mixed media/watercolour on Canson papier a dessin blanc ‘c’ a grain.
Size of work: 240 | 320 | 0.1 mm

Non-financial highlights

Rs 74 billion

Market capitalisation on Stock Exchange of Mauritius (SEM)
(First on the local stock market)


MCB Group MSCI ESG Rating


Long-term / short-term deposits ratings – Moody’s Investors Service

~ 1,145,000

Total customers

~ 441,600

MCB Juice subscribers


Customer Satisfaction Score

~ Rs 63.5 million

Amount spent by MCB Forward Foundation


of total procurement expenditure sourced from local suppliers


of residual emissions from 2020 operations offset to contribute to carbon neutrality

~ 4%*

of the total value added generated in Mauritius

~ 9%*

of total corporate tax paid in Mauritius
(inclusive of levies on income)


Cash to digital payments ratio

~ 3,900



Women at middle and senior management level

~ 95%

Employee Retention rate
* Relates to MCB Ltd
Note: Figures above are as at 30 June 2022


Evelyn Denton

Meet the artist

Format: Sculpture
Technique/materials: Papier maché, water color and marine varnish.
Size of work: Two pieces 950x350, two pieces 250x250x200 mm

Board of Directors and Committees of the Board

Independent Non-Executive Directors

Didier HAREL

Independent Non-Executive Director
(7 years on the Board)


Independent Non-Executive Director
(7 years on the Board)

Constantine CHIKOSI

Independent Non-Executive Director
(3 years on the Board)

Jean-Philippe COULIER

Independent Non-Executive Director
(2 years on the Board)


Independent Non-Executive Director
(2 years on the Board)


Independent Non-Executive Director
(8 years on the Board)

Georges Michael David LISING

Independent Non-Executive Director
(4 years on the Board)

Alain REY

Independent Non-Executive Director
(7 years on the Board)


Independent Non-Executive Director
(4 years on the Board)

Executive Directors

Pierre Guy NOEL

Chief Executive -
MCB Group Ltd
Executive Director
(8 years on the Board)

Jean Michel NG TSEUNG

Chief Executive Officer -
MCB Investment Holding Ltd
Chief Executive Designate-
MCB Group Ltd
Executive Director
(6 years on the Board)

Gilbert GNANY

Chief Strategy Officer -
MCB Group Ltd
Executive Director
(8 years on the Board)

Secretary to the Board

MCB Group Corporate Services Ltd
(represented by Marivonne OXENHAM)

Committees of the Board

Risk Monitoring Committee

  • Jean-Philippe COULIER
  • Gilbert GNANY
  • Didier HAREL
  • Jean Michel NG TSEUNG
    (also acts as Secretary)
  • Pierre Guy NOEL
  • Alain REY

Strategy Committee

  • Didier HAREL (Chairperson)
  • Constantine CHIKOSI
  • Gilbert GNANY (also acts as Secretary)
  • Georges Michael David LISING
  • Pierre Guy NOEL

Remuneration, Corporate Governance, Ethics and Sustainability Committee

  • Didier HAREL (Chairperson)
  • Stephen DAVIDSON
  • Pierre Guy NOEL

MCB Group Corporate Services Ltd
(represented by Marivonne OXENHAM)

Audit Committee

  • San T SINGARAVELLOO (Chairperson)
  • Stephen DAVIDSON

MCB Group Corporate Services Ltd
(represented by Marivonne OXENHAM)

Supervisory and Monitoring Committee

  • Didier HAREL (Chairperson)
  • Jean Michel NG TSEUNG (also acts as Secretary)
  • Pierre Guy NOEL


Marianna Bezdvornykh

Meet the artist

Format: Single Work
Technique/materials: Acrylic paints on canvas.
Size of work: 500 | 605 | 18 mm

Reflections from the Chairperson

“The Group performed well thanks to the resilience of our employees, our continued focus on customers and the diligent execution of our strategic plans.”

Didier HAREL


Read the full statement

Message from the Chief Executive

“We have further extended our reach outside the country by diversifying our banking and non-banking activities and value proposition across market segments and geographies.”

Pierre Guy NOEL

Chief Executive

Read the full statement

Our market operations

To further their business growth, Group entities can rely on wide-ranging platforms and channels, encompassing branches, ATMs as well as payment, mobile and Internet Banking platforms. Moreover, Group entities leverage organisation-wide synergies as well as alliances and partnerships with external parties. As for MCB Ltd, it also taps into a network of correspondent banks worldwide, including over 100 in Africa, alongside capitalising on its Representative Offices located in Johannesburg, Nairobi and Paris as well as its Advisory Office in Dubai. The organisation has also applied for the setting up of a Representative Office in Nigeria given its involvement in the Energy & Commodities area at large, and commodity trade finance, in particular, in the country and the commercial opportunities in the West African region.

  • Banking subsidiaries of the Group
  • Representative/Advisory Offices of the Bank
  • Group associate (Banque Française Commerciale Océan Indien)
  • Group associate (Société Générale Moçambique)


Denis Antoine

Meet the artist

Technique/materials: Stainless steel on solid table.
Size of work: 530 | 250 | 900 mm

Our main strategic objectives

A recognised integrated banking and financial services provider locally and in the region

Strengthen our domestic position

Expand our Non-bank activities

Grow our international footprint

Embedding sustainability as a key value driver

Key focus areas

General thrusts

  • • Maximise long-term value creation for our multiple stakeholders
  • • Preserve the image, reputation and franchise of the Group

Medium to longer-term priorities

  • • Help promote socio-economic development and yield a positive impact on society and the environment across geographies in which we are present
  • • Position the Group as a competitive regional financial player, while reinforcing risk oversight
  • • Actively and thoughtfully pursue our Africa Strategy, alongside exploring business avenues beyond
  • • Enrich the appeal of our value proposition, backed by an innovative mindset and convenient digital channels
  • • Capitalise on synergies and partnerships within the organisation and with external parties

Creating a differentiating customer experience

To enrich customer experience at all touchpoints

To be coherent and simple in our approach

To stay innovative in our offerings

To empower customers in realising their aspirations

To simplify and streamline our operations

Building a future-ready, talented, engaged, diversed and inclusive workforce






Pierre Dalais

Meet the artist

Format: Triptych
Technique/materials: Drone photography printed on Aluminum.
Size of work: 540 | 960 | 30 mm

Our governance philosophy

The Board of MCB Group Ltd is committed to applying high standards of corporate governance with a view to upholding the organisation’s long-term business sustainability and creating value for all its stakeholders, whilst acting for the good of society. The Board provides purposedriven and ethical leadership by setting the tone from the top in the way it conducts itself and oversees the operation and management of the Company and of its subsidiaries. It ensures that good governance principles are adopted throughout the organisation, with the aim to uphold ethical and responsible behaviour by all employees in their dealings with stakeholders. Principles of accountability, strong risk management, transparency, and integrity are thus inherent to the Group’s values, culture, processes and operating structures. Given the highly challenging operating environment and the dynamic market landscape, including the prominence of ESG issues, the Board continuously monitors developments therein, with a view to refining the Group’s governance framework to ensure relevance and sustainability of the organisation’s business model. The Group’s sound governance standards and practices are anchored on key pillars as highlighted hereunder:

Strong commitment to ethics and values

  • Dedicated Board Committee overseeing ethical conduct and sustainability matters across the Group
  • Application of the Group’s ‘Code of Ethics’, approved and monitored by the Board
  • Whistleblowing Policy allowing employees to report matters of concern in strict confidentiality
  • Establishment of a Gender Equality Charter

Strict compliance to rules and regulations

  • Adherence by Group entities to the provisions of legislations, rules and regulations in countries where they operate
  • Compliance by relevant domestic entities with the National Code of Corporate Governance for Mauritius (2016)
  • Compliance with international reporting requirements as applicable
  • Adoption of the underlying Basel principles by banking subsidiaries

Approved risk governance and internal control

  • Ring-fencing of activities, as gauged by the segregation of banking and non-banking operations
  • Board responsible for oversight and monitoring of risk profile against risk appetite
  • Strong and transparent governance framework, underpinned by the ‘three lines of defence’ model
  • Provision of independent assurance by both internal and external auditors

Continuous multi-stakeholder engagement

  • Ongoing dialogue with the investment community, regulatory bodies and authorities
  • Contribution to economic development and resilience by providing adapted financial solutions and support to our customers
  • Safeguard of cultural and environmental heritage
  • Promotion of community well-being and fostering of staff development and welfare

FLOW (2022)

Nandisha Bahadoor

Meet the artist

Format: Single Work
Technique/materials: Acrylic colours on canvas.
Size of work: 600 | 800 | 10 mm

Risk and capital management report

The year in review from a risk perspective

In FY 2021/22, the Group continued to face a challenging external risk environment, with the ramifications of the Russia-Ukraine conflict impacting the ongoing recovery from the pandemic across markets. Primarily, we continued to actively manage the risks resulting from the pandemic alongside focusing our attention on enhancing our risk management in key areas. Risk culture, cybersecurity, compliance risk as well as sustainability and climate risk were themes which ranked high on the organisation’s agenda, in addition to our ongoing efforts to maintain sound risk metrics. At the level of MCB Ltd, it is comforting to note that Moody’s Investors Service has, in July 2022, maintained MCB’s long-term deposit and issuer ratings at Baa3 while upgrading their outlook to stable, reflecting the Bank’s resilient financial profile amidst strong liquidity and solid capital buffers with profitability set to rebound following the pandemic.

Key external risk factors

Challenging economic conditions impacting income levels

Heightened market and FX volatilities

Regulatory change, risk management and governance

Digital disruptions and higher cybersecurity risks

Increased prominence of ESG considerations

Increased health and safety risks and changing world of work

Sustainability Report


Full Annual Report 2022


Our corporate profile


Delivering on our strategic objectives


Financial performance


Corporate governance report


Risk and capital management report


Financial statements


Administrative information