Message from the Group Chief Executive

“Vision 2030 sets out where we want to be in five years, serving as our compass for navigating uncertainty, prioritising our efforts and uniting our teams around a common goal.”

One Group, one journey

This past year has been one of reflection, growth and collective achievement amidst a challenging landscape. A defining moment that stands out for me was a ten-day seminar that offered the opportunity to pause and reflect on what truly matters. It was a powerful reminder that beyond numbers and strategy, our greatest strength lies in our people, our country and the values we uphold - both at home and across the Group.

What has inspired me most is witnessing the notion of ‘One Group’, that Thierry and I firmly believe in, take root and gain real traction. The synergies across the Group are no longer just aspirations, they are being translated into action and embraced by colleagues at every level. This shared commitment is strengthening our foundations, delivering meaningful value to our stakeholders and positioning us for sustainable growth. I remain deeply energised by the passion and dedication of our teams.

“The synergies across the Group are no longer just aspirations, they are being translated into action and embraced by colleagues at every level.”

Defining direction and delivering results

Over the past years, our shared strategic orientations haveserved us well, helping us become more diversified, more digital and more sustainable. While these directions have been valuable, they did not fully clarify our final destination. In a world marked by rapid change, geopolitical shifts and growing economic fragmentation, we took a bold step forward this year by launching Vision 2030 which defines our Groupwide ambition. Vision 2030 sets out where we want to be in five years, serving as our compass for navigating uncertainty, prioritising our efforts and uniting our teams around a common goal. Built on three strategic pillars - leading in our home markets, building a top-tier African Corporate and Investment Bank and Private Banking institution, and winning in the workplace, this vision is guided by our purpose and values. It sets a clear and confident path forward.

The successful execution of our strategy has translated into tangible outcomes, clearly reflected in our financial performance. Profit attributable to ordinary shareholders increased by 12.6% to Rs 18,065 million, with foreign sourced activities continuing to make a strong contribution. Operating income rose by 13.9% to Rs 42,160 million, driven by our enhanced value proposition and strategic positioning across segments in both our home markets and international business. Net interest income grew by 11.6%, supported by balance sheet growth and improved margins on MUR liquidity. Non-interest income increased by 18.3%, enabled by trade finance, payments and financial markets activities. Our cost-to- income ratio edged up to 37.4% with operating expenses rising by 15.9%, a reflection of our continued investment in technology and talent - both critical to sustaining our long-term competitiveness. Our risk profile remained sound. Impairment charges and gross NPL ratio both declined while we maintained strong funding and liquidity positions, underpinned by efforts to grow and diversify our foreign currency funding base. Our capital buffers remained comfortable, with an overall capital adequacy ratio of 22.0% and a Tier 1 ratio of 19.6%. These robust results enabled us to raise our total dividend payout to Rs 25.50 per share for FY 2024/25, delivering consistent returns to our shareholders.

Executing Vision 2030: Progress and impact

Over the past year, the Group made further strides in reinforcing its footprint and delivering on its priorities across home markets - Mauritius, Madagascar, Seychelles and Maldives, while remaining firmly committed to contributing meaningfully to local economic development and long-term value creation. We delivered more integrated solutions and greater impact for our clients by helping individuals, entrepreneurs and corporates navigate the dynamic operating environment and by capitalising on enhanced cross-selling capabilities and deeper synergies among Group entities. In Mauritius, we serve a broad segment of the population and stand among the country’s largest corporate taxpayers and employers, while actively fostering community upliftment through targeted initiatives and partnerships. MCB maintained its leadership positioning, holding around half of local currency deposits and 39% of domestic credit to the economy. We made homeownership more accessible, empowered micro, small and medium-sized enterprises with enhanced financing and digital tools and remained a trusted partner to corporates through tailored solutions that support both sustainability and international growth. In Madagascar, we strengthened our market presence with the opening of a branch in Antananarivo and advanced our sustainability agenda through the continued deployment of a EUR 6 million credit line for energy efficiency and renewable energy projects. We continued to support the Seychellois economy, maintaining a strong presence in both the retail and corporate segments while we also enhanced our commercial banking capabilities in Maldives.

In parallel, we continued to broaden our reach as a specialist bank, deepening our presence across Africa. We reinforced our support to African economies by financing energy and commodities, leveraging our established track record, alongside promoting our Power and Infrastructure franchise and developing our expertise in base metals that are critical for the continent’s climate transition. To further this agenda, we established a dedicated sustainable finance desk to deliver tailored solutions that support green transition across markets. In the investment fund and private equity space, we continued to leverage the Mauritius International Financial Centre and our presence in leading financial centres such as Dubai to support our clients. Meanwhile, we are scaling up the capabilities of our commercial hubs through targeted recruitments and exploring London and Abidjan as opportunities for future growth. We strengthened our trading capabilities, positioning MCB as a regional leader in G10 FX while advancing execution and settlement in key African currencies to deliver enhanced value to our clients and financial institutions across the continent. In the corporate advisory field, the Group acted as exclusive advisor on significant bond issuances, including Valency International’s USD 15 million bond and supported Sun Limited’s corporate restructuring. We also advised on the creation of the Africa Credit Rating Agency, an initiative led by the African Union. We also broadened our wealth management offering for high-networth clients in the region. The success of our strategy was recognised through prestigious accolades, including African Bank of the Year by The Banker and Best Regional Bank in Southern Africa by the African Banker.

Building tomorrow

we look to the future, we recognise that achieving the ambition set in Vision 2030 will require more than incremental progress - it calls for a bold shift in how we work and operate. This means exploring new models and structures to better serve both our local and international markets, while responding to the evolving global financial landscape and dynamics prevailing in jurisdictions where we operate. We are committed to delivering enhanced customer experiences, empowering our people and upholding strong governance. With discipline, agility and a forward-looking mindset, we will continue to execute our strategy and shape a future that is both resilient and inclusive.

“Our competitive edge is built not only on a strong brand, solid financials and an investment-grade rating, but above all on our people and culture.”

Elevating customer service
Customer experience remains one of my foremost priorities. I am pleased with the progress we have made this year, from the launch of MCB Juice 5.0 with enhanced features to the migration of Calypso to the cloud, and the rollout of innovative platforms like MCB Wave. At the same time, I recognise that we must continue to raise the bar and deliver even better experiences for our clients. In this respect, the forthcoming recruitment of our Chief Experience Officer and Chief Information Officer will further strengthen our focus on service excellence and digital transformation. Above all, our ambition is to make banking more human, accessible and meaningful, ensuring every client feels valued at every interaction.

Empowering our people, leading with empathy
As a Chartered Accountant by training, I have always valued precision, discipline and ethical stewardship. And beyond the numbers, the profession also instills empathy, a commitment to people development and a sense of responsible leadership. These qualities are essential to building organisations that are not only high-performing but also human-centric and resilient. We are fortunate to have talented and committed individuals who truly embody our values. As we pursue Vision 2030, we are strengthening our teams by investing in talent development, inclusiveness and leadership, while also bringing in new capabilities to match the scale of our ambitions. Our competitive edge is built not only on a strong brand, solid financials and an investment-grade rating, but above all on our people and culture. Our ongoing commitment to diversity, equity and inclusion ensures MCB Group remains well-positioned to deliver sustainable value, drive innovation and build resilience in a fast-paced world.

Pursuing sound governance and strategic execution
Sound governance and disciplined strategy execution remain central to our long-term success. To facilitate the smooth running of the Group and effective decision-making, we have reinforced our risk and compliance oversight at Group level, with robust frameworks and controls designed to safeguard our stakeholders and support sustainable growth. Our governance structure is supported by dedicated executive committees and forums. The Group Executive Committee ensures organisational alignment and operational excellence, while the Group Executive Strategy Committee (GESCO) provides a structured forum for robust debate and leads the formulation and execution of our strategy. A key focus of the GESCO is to define the roadmap and initiatives that will deliver the tangible outcomes needed to realise Vision 2030 and shape a future-proof organisation. Accountability, a core principle of our governance framework, is reinforced through our scorecard, which rigorously tracks progress against strategic objectives and cascades clear targets across the Group.

I also wish to acknowledge that, in August 2025, the Supreme Court of Mauritius upheld a judgment relating to internal control shortcomings identified over twenty years ago in the MCB vs ICAC case. While we are concerned by the conclusions reached and have sought leave to appeal to the Judicial Committee of the Privy Council, I wish to reassure all our stakeholders that the events that occurred till 2002 stand in stark contrast to the institution we are today. Since then, we have comprehensively transformed our governance, risk management and internal control frameworks, embedding a culture of strong ethics, accountability and transparency at every level of the organisation. These principles remain central to how we operate and to the trust placed in us by our clients, partners, and communities.

Final words

I wish to extend my sincere gratitude to the members of our various Boards for their dedication, wise counsel and unwavering support. To our staff and management teams across the Group, thank you for your professionalism, resilience and commitment. Your passion and hard work form the foundation of our achievements and the driving force behind our continued progress.

As we look to the future, I am filled with optimism and confidence whilst remaining humble. The journey ahead will require resilience, innovation and a steadfast commitment on our shared values. I invite all our stakeholders - employees, clients, partners, and communities - to join us as we pursue Vision 2030. Together, as One Group, we remain committed to success beyond numbers.

Jean Michel NG TSEUNG

Group Chief Executive