The Concept
At MCB, we believe that gender equality is sine qua non for the sustainable prosperity of any organisation or state. Recognising that, globally, equity has been put on the back burner for too long, we have taken steps to address systemic inequities that may linger, despite our best intentions.

Financial highlights

Net profit

Rs 8,019 m

  • Jun 21 8,019
  • Jun 20 7,912
  • Jun 19 9,434

Rs m

Total assets

Rs 683 bn

  • Jun 21683
  • Jun 20532
  • Jun 19471

Rs bn

Earnings per share

Rs 33.48

  • Jun 21 33.48
  • Jun 20 33.10
  • Jun 19 39.50


Dividend per share*

Rs 16.75

  • Jun 2116.75
  • Jun 200.00
  • Jun 1913.00


*Dividends declared for FY 2020/21 also took into consideration the results of FY 2019/20 for which no dividend payments were made amidst the uncertain context

Customer loans

Rs 288 bn

  • Jun 21 288
  • Jun 20 252
  • Jun 19 235

Rs bn

Customer deposits

Rs 486 bn

  • Jun 21486
  • Jun 20386
  • Jun 19328

Rs bn

Capital adequacy ratio

-1.2 pp

  • Jun 21 17.4
  • Jun 20 18.6
  • Jun 19 17.3


Return on equity

-1.5 pp

  • Jun 2111.8
  • Jun 2013.3
  • Jun 1917.5


Cost to income ratio


  • Jun 21 36.9
  • Jun 2035.5
  • Jun 19 37.1


Gross NPL ratio

-38 bp

  • Jun 213.9
  • Jun 204.2
  • Jun 194.1


Principle 1:

Raise awareness and establish leadership commitment to gender equality and attempt to reduce unconscious bias at all levels and in every action.

From left to right:

Afsheen - Journalist
Girisha - Dental Surgeon
Rebecca - Interior Architect
Pallavi - Senior Maintenance Technician
Christiane - Director, NGO

Non-financial highlights

~ 22,000


Rs 65.4 billion

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


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

~ 1.1 million

Total customers

~ 408,200

MCB Juice subscribers


Customer Satisfaction Score
(Retail-conducted only at branch counters)

Rs 54.7 million

Amount allocated to MCB Forward Foundation


Electricity consumption from renewable resources

17,345 tonnes CO2-eq*

Carbon emissions from 2019 operations offset to reach carbon neutrality

~ 5%*

of the total value added generated in Mauritius

~ 10%*

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

~ 1.8%

of the total value added generated in Seychelles

~ 3,700



Women at middle and senior management level

~ 96%

Employee Retention rate
* Figures relate to MCB Ltd
Note: Figures above are as at 30 June 2021

Principle 2:

Aim to have a gender-balanced shortlist of candidates and selection panel in every recruitment exercise and treat all candidates fairly and without discrimination.

From left to right:

Geraldine - Petrol Pump Attendant
Lucinda - Import Counter Officer
Anishta - Psychologist
Widaad - Comedian and Make-up Artist
Anousha - General Manager, IT
Karine - Senior Manager, Finance

Reflections from the Chairman

“Although the pandemic significantly impacted our activities throughout FY 2020/21, the organisation managed to deliver encouraging results...”

Didier HAREL


Read the full statement

Message from the Chief Executive

“The particularly difficult economic and market conditions exerted pressures on revenue lines across segments...Yet the Group posted a resilient performance...”

Pierre Guy NOEL

Chief Executive

Read the full statement

Our market operations

To further their business growth, Group entities can rely, to a notable extent, 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 wide network of correspondent banks worldwide, including over 100 in Africa, alongside capitalising on its Representative Offices located in Johannesburg, Nairobi, Paris and Dubai. Of note, in September 2021, our Representative Office license in Dubai was upgraded to Advisory Office under Category 4.

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

Principle 3:

Promote a safe workplace free from any form of violence, bullying or harassment on any ground, be it of age, gender, race, religion or sexual orientation for both men and women.

From left to right:

Shameema - Taxi Driver
Nadia - Police Officer
Emilie - Director, Biscuit Factory
Joomawtee - Charge Nurse
Punardeep - Airline Pilot

How we distributed value created

During the last financial year, the Group continued to provide relevant and meaningful ways to promote the interests of its stakeholders and help them prosper, supported by its resilient financial results.

Wealth created by MCB Group

Retention to support growth

Wealth is allocated to support the Group’s future growth and sustainability via our retained earnings.


Our value proposition comprises competitive rewards and benefits, with particular emphasis laid on the personal and career development of our staff.


Via our direct and indirect tax payments, we support the authorities in fostering the execution of socio-economic development projects.

Providers of capital

We provide shareholders with adequate dividend payout.


We contribute to the welfare of the society in which we live and work with funds assigned for Corporate Social Responsibility (CSR) activities and sponsorships.

* Includes the proportion of our CSR contribution remitted to the Mauritius Revenue Authority

Principle 4:

Ensure fair and equitable pay based on performance, with equal pay for equal work, irrespective of gender.

From left to right:

Bhama - Site Engineer
Vanessa - Chief Technical Officer, Digital
Pritima - Fitness Instructor
Saurenza - Fisherwoman and Fishmonger
Virginie - Protection Officer

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

Short-term imperatives to cope with COVID-19 pandemic

  • • Safeguard the health and safety of our employees and clients
  • • Increase proximity with customers facing unprecedented hard times and deliver customised solutions and advice
  • • Foster business continuity and the soundness of our operations
  • • Maintain close collaboration with Central Banks and the Governments to implement support measures

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

Our promise to 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

Principle 5:

Provide professional development and coaching to women employees to help them advance in Managerial and Leadership roles.

From left to right:

Shridhana - Training Manager
Claire - Community Manager
Sudashina - Firefighter
Fleur - Guidance Counsellor
Shanya - Executive Director
Medjée - Machinist

Our governance philosophy

The Board of MCB Group Ltd is committed to applying high standards of corporate governance as a solid foundation for supporting the Group’s ability to create sustainable value for its stakeholders and the society at large. The Board provides ethical and effective leadership by setting the tone from the top in the way it conducts itself and oversees the business and affairs of the Company and its subsidiaries. It promotes a culture whereby the principles of integrity, accountability and transparency are embraced by employees within the organisation. During the year under review, the Board remained focused on addressing the challenges that emerged from the COVID-19 pandemic while adapting to the rapidly changing and demanding operating context. In this respect, the Board believes that good governance and increased stakeholder engagement are more important than ever to the successful delivery of the Group’s purpose and strategy. 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

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

Robust 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

Principle 6:

Provide flexibility to employees to create a work schedule that balances work and personal life as well as cater for their personal commitments.

From left to right:

Angie - Eco-Responsible Entrepreneur
Corinne - Physical and Health Educator
Gaëlle - Director, Textile Factory
Lillka - Director, Training Institution
Mokshda - Barrister
Charlene - Project Manager

Risk and capital management report

Our business model

We consider that, beyond being a threat, risk can turn out to be a real competitive differentiator if it is managed in a thoughtful way. In line with our business aspirations, we manage risk in an open, transparent and disciplined way, after making due allowance for the exigencies of our stakeholders. Our risk management approach and policies are regularly reviewed and updated to account for changes in the Group’s business strategies and the external landscape, notably with regard to legal and regulatory stipulations as well as developments taking place within the economic, market and societal landscapes.

Stakeholder engagement
• Our risk policies make allowance for the long-term interests of our customers, regulators and other stakeholders

• While achieving sustained business growth, we help our stakeholders realise their ambitions and prosper

Sustainability Report


Full Annual Report 2021


Our corporate profile


Delivering on our strategic objectives


Financial performance


Corporate governance report


Risk and capital management report


Financial statements


Administrative information