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The Mauritius Commercial Bank Limited Annual Report 2019 1 ANNUAL REPORT 2019 SUCCESS BEYOND NUMBERS This Annual Report is printed on chlorine free recycled paper produced from 100% recovered fibre. This report has been prepared to assist relevant stakeholders to assess the strategies of MCB Limited and their potential of success. The statements contained herein may include declarations of future expectations and other forward-looking statements that are based on our current views and assumptions. Readers are advised not to place undue reliance on forward-looking statements relating to the Bank’s business strategy, plans, objectives and financial positions as these statements rely on assumptions and hypotheses which inherently represent an accuracy risk. Actual results, performance and events may differ from those described in such statements due to unexpected changes in the economic, market, industry political, interest rate and currency market conditions as well as developments in relation to laws and regulations. The MCB Limited does not undertake to update any forward-looking statement that may be made from time to time by the organisation or on its behalf. This Annual Report is printed on chlorine free recycled paper produced from 100% recovered fibre. This report has been prepared to assist relevant stakeholders to assess the strategies of MCB Limited and their potential of success. The statements contained herein may include declarations of future expectations and other forward-looking statements that are based on our current views and assumptions. Readers are advised not to place undue reliance on forward-looking statements relating to the Bank’s business strategy, plans, objectives and financial positions as these statements rely on assumptions and hypotheses which inherently represent an accuracy risk. Actual results, performance and events may differ from those described in such statements due to unexpected changes in the economic, market, industry political, interest rate and currency market conditions as well as developments in relation to laws and regulations. The MCB Limited does not undertake to update any forward-looking statement that may be made from time to time by the organisation or on its behalf. The Directors of The Mauritius Commercial Bank Limited are pleased to present its Annual Report for the year ended 30 June 2019. The Annual Report was approved by the Board of Directors on 26 September 2019. Jean-François DESVAUX DE MARIGNY Chairperson Alain LAW MIN Chief Executive Officer Moris… mo pei… Nou finn resi Ansam nou’nn lev boner, travay, reve, grandi Sikse ekonomik fer nou fier Me Moris mo pei, lev to lizie ! Pran kont ki tou dimounn pena mem sans dan nou sosiete Kan ena dimounn pe plore, planet deregle, fode pa nou get lot kote E !… Finn ler nou dimann nou-mem ki nou konpran kan nou koz sikse Eski nou kapav dir dimounn ere akoz grander zot lakaz ouswa lor grander lamour zot fami ki viv ladan ? Eski enn loto so valer, li depann lor so groser ? Ouswa li dan sa fasilite ki li donn nou al partou kot nou anvi ? Eski enn biznes so rises, li zis dan profi ki li fer ? Ouswa li dan bien-et ki li aporte dan landrwa kot li ete ? Vremem… Finn ariv ler pou nou reaprann mezir ki ete sikse Sikse, se lasante, ledikasion ek travay pou tou dimounn. Se proteksion nou lanvironnman pou nou bann zanfan Se donn enn lame bann biznes, ki li gran, ki li tipti... Sikse, se ki sakenn gagn mem sans dan lavi. Moris, mwa, mo MCB, enn zanfan isi Dan sa kalite sikse-la ki mo pou investi Sikse pou nou lepep, nou lidantite, nou lavenir. Sikse pou Moris mo pei Nou konviksion Mauritius … my country … we did it! We rose at dawn, we worked hard, we dreamt and grew. Our economic success has made us proud. But … Mauritius … my country Let’s not turn a blind eye to things anymore. As the world settles into inequality, As we brace ourselves for ecological catastrophe, As hopes and dreams disappear into reality and despair, We must redefine what success means to us. Is the success of a home the price of the property? Or is it in the love it allows a family to share? Does the value of a car live in its size, the make, the model? Or is it in the freedom to choose our own path? Does the wealth of a business lie in its profit margins? Or is it in the well-being it provides? Now is the time to change the equation, to redefine the way we measure success. Success is access to health, education and jobs for all. Success is protecting our environment for future generations. Success is empowering business, big, small, old and new. Success is equality being everyone’s utmost priority. Success is prospering together We are MCB. We believe in Success. Success for this land. Success for all people. Success for tomorrow. Our convictions MCB at a glance Our identity The Mauritius Commercial Bank Limited (referred to as ‘MCB Ltd’, ‘MCB’ or ‘Bank’) is a dynamic organisation with a rich heritage. It is the leading bank in Mauritius and an increasingly prominent regional player. MCB is the main subsidiary of MCB Group Limited (hereinafter referred to as ‘MCB Group Ltd’ or ‘Group’). The Group encompasses local and foreign banking and non-banking subsidiaries and associates. The Mauritius Commercial Bank Limited Annual Report 20196 Our purpose-driven approach Over time, MCB has built an organisation which is worthy of the trust of its customers, shareholders and the community at large. We have continuously strengthened our balance sheet and improved our revenue base, while effectively navigating through the risks and challenges that we have faced within the operating landscape. Today, we are actively, but thoughtfully, diversifying our markets in the region and beyond. We are successfully leveraging technology and innovation to make banking simpler, faster and more convenient to our customers, alongside offering them connected and seamless experiences. In tune with our brand promise and as a responsible entity, we are committed to executing an ambitious sustainability agenda in order to embed long-term value for our stakeholders. Our reporting suite This Annual Report should be read in conjunction with our Sustainability Report. For the first time, we are disseminating a dedicated report, which provides a comprehensive overview of our Corporate Sustainability Programme, ‘Success Beyond Numbers’. While shedding light on our value creation model and our socio-economic impact in Mauritius, it showcases key strategies and moves aimed at embedding our role as a responsible corporate citizen. The above reports can be accessed on our websites. They are available in a digital format, which implies that they are fully adapted to smartphones, tablets and desktop computers. This allows for a more enjoyable reading experience, while making it easier to share key information from the report. The latter can, thus, be conveniently broadcast on social media platforms such as Twitter and LinkedIn as well as on instant messaging services like WhatsApp. 6 For a more comprehensive understanding of MCB’s strategy, business, performance as well as approach to corporate governance, our websites provide a full suite of publications, which cater for the diverse needs of our stakeholders. Our identity MCB Group Limited (referred to as ‘MCB Group Ltd’ or ‘Group’) is an integrated �nancial services provider. MCB Group Ltd is the holding company of MCB Group, which consists of banking and non-banking subsidiaries and associates. Our main subsidiary, i.e. The Mauritius Commercial Bank Ltd (denoted as MCB Ltd or ‘Bank’) is the leading bank in Mauritius. Of note also, the Group is positioned as a prominent player in the region. Our purpose-driven approach Over time, the Group has built an organisation which is worthy of the trust of its customers, shareholders and the community at large. We delivered customised and innovative �nancial solutions to help our clients ful�l their hopes and realise their ambitions. We have strengthened our balance sheet and improved our revenue base, which helped us navigate risks and challenges faced amidst an increasingly demanding context. Today, we are actively, but thoughtfully, diversifying our markets in the region, alongside adopting an opportunistic approach to further expand internationally. We are successfully leveraging technology and innovation to make banking simpler, faster and more convenient to our customers, alongside offering them connected and seamless experiences. In tune with our brand promise and as a responsible entity, we are committed to executing an ambitious sustainability agenda to embed long-term value for our stakeholders. MCB Group at a glance Rs 8,814 m +29.9% Rs m Jun 17 6,245 Jun 18 6,786 Jun 19 8,814Financial performance Net profit Total assets Rs 428 bn +21.5% Rs bn 316 352 428 Rs 220 bn +13.1% Rs bn Jun 17 166 Jun 18 194 Jun 19 220 307Market positioning Customer loans Customer deposits Rs 307 bn +10.1% Rs bn 259 279 16.6% +94 bps % Jun 17 17.4 Jun 18 15.6 Jun 19 16.6Capital & profitability metrics Capital adequacy ratio Return on equity 19.2% +3.0 pp % 17.2 16.2 19.2 5.9 33.7% -3.3 pp % Jun 17 37.6 Jun 18 37.0 Jun 19 33.7 3.8Efficiency & asset quality Cost to income ratio Gross NPL ratio 3.8% -31 bps % 4.1 Our reporting suite This Annual Report should be read in conjunction with our Sustainability Booklet. For the �rst time, we are disseminating a dedicated report, which provides a compre- hensive overview of our Corporate Sustain- ability Programme. While shedding light on our value creation model and our socio-economic impact in Mauritius, it showcases key strategies and moves aimed at embedding our role as a responsible and caring corporate citizen. The above reports can be accessed at www.mcbgroup.mu. They are available in a digital format, which implies that they are fully adapted to smartphones, tablets and desktop computers. This allows for a more enjoyable reading experience, making it easier to share key information from the report. This in turn ensures that the report is broadcast on social media platforms such as Twitter and LinkedIn as well as on instant messaging services like WhatsApp. For a more comprehensive understanding of MCB’s strategy, business, performance as well as approach to corporate governance, our websites provide a full suite of publications, which cater for the diverse needs of our stakeholders. Our identity MCB Group Limited (referred to as ‘MCB Group Ltd’ or ‘Group’) is an integrated �nancial services provider. MCB Group Ltd is the