MCB Group (Mauritius Commercial Bank) has published its results for the 2025-2026 financial year: a net profit of 20.1 billion Mauritian rupees, up 11.3% year-on-year. The group confirms its continental pivot, with 64% of profits now generated internationally.
A bank resolutely focused on Africa
The strategic transformation MCB has been pursuing for several years is bearing fruit. The Mauritian bank, once centred on the domestic market, now generates the majority of its revenues outside the island. Present in about ten African countries, it leverages bilateral tax treaties — notably with Kenya, Rwanda and Mozambique — to facilitate cross-border investment flows.
Why it matters: Mauritius is cementing its status as a continental financial hub, no longer relying on tax advantages but on service quality and international compliance standards. MCB is the clearest illustration of this shift.
Solid fundamentals despite a domestic slowdown
Mauritius's economy slowed to 3% growth in 2026 according to the latest GDP revisions, but MCB remains on track. The bank benefits from growing exposure to high-growth African markets — particularly sub-Saharan Africa, where infrastructure financing needs remain enormous.
The credit portfolio quality has also improved. MCB strengthened its compliance frameworks after exiting the FATF grey list in 2021, and the 2019 overhaul of the India-Mauritius tax treaty pushed the group to diversify revenue sources beyond capital routing structures towards South Asia.
An expansion that also raises questions for the Mauritius Stock Exchange
MCB's performance stands in contrast to a SEMDEX that has seen ten companies delist within eighteen months. Its resilience makes it one of the few blue chips displaying a sustained upward trajectory on the official market. Analysts note that international profits now serve as a structural buffer for the group, shielding it from local market volatility.
For the 2026-2027 financial year, MCB is expected to accelerate its African deployment further, particularly in project finance and transaction banking — two areas where demand is driven by major continental infrastructure projects.