the mauritius commercial bank limited unaudited interim

Statements of Financial Position

31-Mar-10 31-Mar-09 30-Jun-09 31-Mar-09 30-Jun-0931-Mar-10Rs'000 Rs'000 Rs'000 Rs'000 Rs'000Rs'000

ASSETS

Cash and cash equivalents 19,122,577 19,084,504 21,945,475 17,878,557 18,223,039 20,725,941 Derivative financial instruments 23,857 122,206 120,408 23,857 122,206 120,408 Loans and advances to banks 1,355,036 2,630,367 2,318,568 1,204,295 2,691,824 2,222,735 Loans and advances to customers 100,577,784 91,369,857 94,540,496 95,111,910 86,018,878 89,128,211 Investment securities 18,243,681 17,295,008 17,731,647 14,354,713 13,964,915 14,032,673 Investments in associates 6,503,498 6,080,330 6,490,699 881,171 900,584 914,593 Investments in subsidiaries - - - 3,123,365 2,755,943 3,019,830 Goodwill and other intangible assets 565,821 329,585 360,025 422,163 242,718 275,728 Property, plant and equipment 4,288,198 3,657,043 3,839,527 3,529,187 2,744,235 3,008,629 Deferred tax assets 34,526 29,967 29,654 20,717 26,414 26,146 Other assets 3,378,018 3,199,286 3,099,844 1,991,433 2,028,078 1,934,679 Total assets 154,092,996 143,798,153 150,476,343 138,541,368 129,718,834 135,409,573

LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits from banks 1,088,112 1,796,373 1,609,655 2,804,268 3,708,823 3,569,403 Deposits from customers 124,938,591 115,104,670 119,631,291 115,728,455 106,853,445 110,937,039 Derivative financial instruments 12,695 89,742 44,544 12,695 89,742 44,544Other borrowed funds 1,005,786 2,176,116 2,285,933 784,790 1,544,210 1,579,269 Subordinated liabilities 1,386,517 1,514,571 1,471,555 1,386,517 1,514,571 1,471,555 Current tax liabilities 345,718 652,894 758,314 225,540 520,902 628,659 Deferred tax liabilities 30,598 32,413 37,365 - - - Other liabilities 3,355,672 3,045,484 4,505,804 2,616,883 2,501,506 3,925,929 Total liabilities 132,163,689 124,412,263 130,344,461 123,559,148 116,733,199 122,156,398

Shareholders' EquityShare capital and share premium 2,554,970 2,544,998 2,544,998 2,554,970 2,544,998 2,544,998 Retained earnings 13,703,472 11,216,377 11,611,885 9,428,853 7,531,786 7,803,419 Other components of equity 4,466,899 4,522,196 4,792,928 3,371,605 3,284,708 3,280,615

20,725,341 18,283,571 18,949,811 15,355,428 13,361,492 13,629,032 Less treasury shares (373,208) (375,857) (375,857) (373,208) (375,857) (375,857) Equity attributable to the ordinary equity holders of the parent 20,352,133 17,907,714 18,573,954 14,982,220 12,985,635 13,253,175 Non-controlling interests 1,577,174 1,478,176 1,557,928 - - - Total equity 21,929,307 19,385,890 20,131,882 14,982,220 12,985,635 13,253,175 Total equity and liabilities 154,092,996 143,798,153 150,476,343 138,541,368 129,718,834 135,409,573

CONTINGENT LIABILITIESAcceptances, guarantees, letters of credit, endorsements and other obligations on account of customers, and foreign exchange contracts 30,635,189 31,772,055 27,716,854 29,231,178 30,739,108 25,833,520 Commitments 5,691,685 7,165,216 7,311,152 5,587,843 7,036,508 7,115,364 Tax assessments 314,428 234,804 278,274 314,428 234,804 278,274 Other 756,598 1,073,417 969,117 747,225 900,800 969,117

37,397,900 40,245,492 36,275,397 35,880,674 38,911,220 34,196,275

KNABPUORGStatements of Financial Position

ASSETS

Cash and cash equivalentsDerivative financial instrumentsLoans and advances to banksLoans and advances to customersInvestment securitiesInvestments in associatesInvestments in subsidiariesGoodwill and other intangible assetsProperty, plant and equipmentDeferred tax assetsOther assetsTotal assets

LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits from banksDeposits from banksDeposits from customersDerivative financial instrumentsOther borrowed fundsSubordinated liabilitiesCurrent tax liabilitiesDeferred tax liabilitiesOther liabilitiesTotal liabilities

Shareholders' EquityShare capital and share premiumRetained earningsOther components of equity

Less treasury sharestnerap eht fo sredloh ytiuqe yranidro eht ot elbatubirtta ytiuqE

Non-controlling interestsTotal equityTotal equity and liabilities

CONTINGENT LIABILITIES

Acceptances, guarantees, letters of credit, endorsements and other obligations on account of customersCommitmentsTax assessmentsOther

30-Sep-10 30-Sep-09 30-Jun-10 30-Sep-10 30-Sep-09 30-Jun-10Rs'000 Rs'000 Rs'000 Rs'000 Rs'000 Rs'000

13,182,452 16,813,332 15,352,000 12,237,172 15,657,940 14,032,127274,629 61,384 40,195 274,629 61,384 40,195

2,966,612 1,548,450 1,889,801 2,726,329 1,446,148 1,940,302 109,126,042 95,430,141 107,552,548 102,981,354 90,513,395 101,743,388

17,737,856 17,904,542 19,105,410 14,120,273 13,703,315 15,131,136 6,549,437 6,676,939 6,386,548 883,233 916,311 862,632

- - - 3,241,991 3,069,194 3,230,761827,920 467,322 756,231 685,124 328,917 611,353

4,964,187 3,979,355 4,696,459 4,197,816 3,159,965 3,927,35533,965 36,018 29,337 10,582 27,432 9,232

8,265,628 6,735,428 6,930,640 6,887,695 4,943,486 5,835,482163,928,728 149,652,911 162,739,169 148,246,198 133,827,487 147,363,963

1,925,757 1,819,790 1,118,656 3,717,548 3,730,815 3,067,436

KNABPUORG

1,925,757 1,819,790 1,118,656 3,717,548 3,730,815 3,067,436130,167,987 119,856,703 131,364,901 120,854,107 110,392,763 121,878,417

35,983 16,681 85,571 35,983 16,681 85,571 3,195,273 1,379,781 1,521,864 2,709,600 1,142,025 1,161,061 1,371,012 1,382,396 1,454,853 1,371,012 1,382,396 1,454,853

458,291 862,445 292,540 422,085 748,524 266,76932,153 44,819 32,987 - - -

3,796,494 3,242,826 4,991,375 3,129,179 2,471,019 4,291,168140,982,950 128,605,441 140,862,747 132,239,514 119,884,223 132,205,275

2,555,427 2,544,998 2,554,970 2,555,427 2,544,998 2,554,970 14,724,850 12,404,804 13,774,324 10,492,445 8,472,855 9,651,949

4,465,539 4,867,825 4,363,294 3,331,885 3,301,268 3,324,97721,745,816 19,817,627 20,692,588 16,379,757 14,319,121 15,531,896

(373,073) (375,857) (373,208) (373,073) (375,857) (373,208)347,273,12 19,441,770 20,319,380 16,006,684 13,943,264 15,158,688

1,573,035 1,605,700 1,557,042 - - -22,945,778 21,047,470 21,876,422 16,006,684 13,943,264 15,158,688

163,928,728 149,652,911 162,739,169 148,246,198 133,827,487 147,363,963

24,703,668 22,129,133 26,796,327 23,533,415 20,413,546 25,628,9056,011,185 7,103,871 6,450,251 5,848,538 6,987,300 6,239,807

325,372 282,995 319,900 325,372 282,995 319,900702,848 1,194,253 777,123 702,848 1,194,253 765,152

31,743,073 30,710,252 34,343,601 30,410,173 28,878,094 32,953,764

THE MAURITIUS COMMERCIAL BANK LIMITEDUnaudited Interim Financial Statements - 30th September 2010

Income Statements

Quarter to Quarter to 9 mths to Year to Quarter to Quarter to 9 mths to otraeYot shtm 9ot shtm 931-Mar-10 31-Mar-09 31-Mar-10 31-Mar-10 31-Mar-09 31-Mar-10

Rs'000 Rs'000 Rs'000 Rs'000 Rs'000 Rs'000Interest income 2,283,003 2,470,800 6,971,831 7,944,980 10,348,263 2,071,954 2,226,997 6,321,820 7,272,467 9,416,773 Interest expense (1,034,212) (1,218,158) (3,141,084) (4,244,960) (5,312,066) (942,559) (1,106,114) (2,830,218) (3,935,055) (4,866,761)

197,842,1emocni tseretni teN 1,252,642 3,830,747 3,700,020 5,036,197 1,129,395 1,120,883 3,491,602 3,337,412 4,550,012

Fee and commission income 538,344 444,695 1,497,266 1,347,033 1,871,185 431,903 346,240 1,181,653 1,079,190 1,428,753 Fee and commission expense (64,983) (74,128) (212,304) (190,202) (286,257) (64,071) (58,460) (177,535) (166,255) (233,984)

163,374emocni noissimmoc dna eef teN 370,567 1,284,962 1,156,831 1,584,928 367,832 287,780 1,004,118 912,935 1,194,769

Other income 358,897 347,343 824,852 1,195,379 1,634,844 250,526 353,405 626,047 987,373 1,376,153 940,180,2emocni gnitarepO 1,970,552 5,940,561 6,052,230 8,255,969 1,747,753 1,762,068 5,121,767 5,237,720 7,120,934

Non-interest expense (970,401) (860,625) (2,890,442) (2,614,321) (3,478,745) (802,126) (706,162) (2,398,424) (2,190,251) (2,831,663) 846,011,1snoisivorp erofeb tiforp gnitarepO 1,109,927 3,050,119 3,437,909 4,777,224 945,627 1,055,906 2,723,343 3,047,469 4,289,271

Allowance for credit impairment (27,357) (86,373) (214,141) (295,810) (371,226) (34,208) (80,811) (167,449) (289,506) (361,115) Operating profit 1,083,291 1,023,554 2,835,978 3,142,099 4,405,998 911,419 975,095 2,555,894 2,757,963 3,928,156 Share of profit of associates 67,558 132,886 280,724 405,413 527,937 - - - - -Profit before tax 1,150,849 1,156,440 3,116,702 3,547,512 4,933,935 911,419 975,095 2,555,894 2,757,963 3,928,156 Income tax expense (198,667) (184,837) (469,563) (631,075) (887,976) (146,458) (136,828) (396,633) (480,128) (675,676)

281,259doirep eht rof tiforP 971,603 2,647,139 2,916,437 4,045,959 764,961 838,267 2,159,261 2,277,835 3,252,480

Profit for the period attributable to :- Ordinary equity holders of the parent 940,283 958,935 2,626,859 2,857,764 3,964,002 764,961 838,267 2,159,261 2,277,835 3,252,480 Non-controlling interests 11,899 12,668 20,280 58,673 81,957 - - - - -

952,182 971,603 2,647,139 2,916,437 4,045,959 764,961 838,267 2,159,261 2,277,835 3,252,480

Statements of Comprehensive Income

281,259doirep eht rof tiforP 971,603 2,647,139 2,916,437 4,045,959 764,961 838,267 2,159,261 2,277,835 3,252,480

Other comprehensive (expense)/income:Exchange differences on translating foreign operations (88,543) (22,730) (183,092) (112,553) (87,213) - - - - -Transfer on disposal of available-for-sale investments (448) (90) (2,742) (61,010) (49,834) - - - (49,834) (49,834)Net fair value (loss)/gain on available-for-sale investments (114,080) (111,125) 55,641 (446,945) (413,303) 9,749 26,965 90,990 (54,943) (50,278) Share of other comprehensive expense of associates (140,582) (79,803) (182,962) (307,022) (36,194) - - - - -

)356,343(doirep eht rof emocni/)esnepxe( evisneherpmoc rehtO (213,748) (313,155) (927,530) (586,544) 9,749 26,965 90,990 (104,777) (100,112) 925,806doirep eht rof emocni evisneherpmoc latoT 757,855 2,333,984 1,988,907 3,459,415 774,710 865,232 2,250,251 2,173,058 3,152,368

Total comprehensive income attributable to :- Ordinary equity holders of the parent 620,687 779,035 2,299,385 2,098,546 3,476,556 774,710 865,232 2,250,251 2,173,058 3,152,368 Non-controlling interests (12,158) (21,180) 34,599 (109,639) (17,141) - - - - -

608,529 757,855 2,333,984 1,988,907 3,459,415 774,710 865,232 2,250,251 2,173,058 3,152,368 Basic and diluted earnings per share for profit attributable to the ordinary equity holders of the parent (Rs) 3.96 4.04 11.07 12.05 16.71 Basic weighted average number of shares (thousands) 237,341 237,257 237,290 237,250 237,252 Diluted weighted average number of shares (thousands) 237,401 237,305 237,341 237,286 237,291

BANKGROUP

31-Mar-09 30-Jun-0931-Mar-09 30-Jun-09Rs'000 Rs'000Rs'000 Rs'000

Income Statements

Interest incomeInterest expenseNet interest income

Fee and commission incomeFee and commission expenseNet fee and commission income

Other incomeOperating incomeNon-interest expenseOperating profit before impairmentAllowance for credit impairmentAllowance of available-for-sale investmentsOperating profitShare of profit of associatesProfit before taxIncome tax expenseProfit for the period

Profit for the period attributable to :- Ordinary equity holders of the parent Non-controlling interests

Statements of Comprehensive Income

Profit for the period

Other comprehensive (expense)/income:Exchange differences on translating foreign operationsReclassification adjustmentsNet fair value gain/(loss) on available-for-sale investmentsShare of other comprehensive income/(expense) of associates

doirep eht rof )esnepxe(/emocni evisneherpmoc rehtOTotal comprehensive income for the period

Total comprehensive income attributable to :- Ordinary equity holders of the parent Non-controlling interests

Basic and diluted earnings per share for profit attributable to the ordinary equity holders of the parent (Rs)Basic weighted average number of shares (thousands)Diluted weighted average number of shares (thousands)

3 mths to 3 mths to Year to 3 mths to 3 mths to Year to3 mths to 3 mths to Year to 3 mths to 3 mths to Year to30-Sep-10 30-Sep-09 30-Jun-10 30-Sep-10 01-nuJ-0390-peS-03

Rs'000 Rs'000 Rs'000 Rs'000 000'sR000'sR

2,507,093 2,352,637 9,326,639 2,275,001 2,129,538 8,460,748(1,112,083) (1,049,418) (4,181,663) (1,016,332) (936,418) (3,773,649)1,395,010 1,303,219 5,144,976 1,258,669 1,193,120 4,687,099

556,399 433,187 2,008,208 448,881 347,019 1,578,795(72,039) (59,475) (311,412) (55,363) (51,435) (240,378)484,360 373,712 1,696,796 393,518 295,584 1,338,417

335,461 146,380 1,151,887 260,702 170,449 959,4422,214,831 1,823,311 7,993,659 1,912,889 1,659,153 6,984,958

(1,010,905) (947,081) (3,714,144) (850,207) (789,587) (3,088,533)1,203,926 876,230 4,279,515 1,062,682 869,566 3,896,425

(68,624) (94,396) (272,180) (68,220) (71,866) (219,852)- - (190,140) - - -

1,135,302 781,834 3,817,195 994,462 797,700 3,676,57311,931 139,655 294,842 - - -

1,147,233 921,489 4,112,037 994,462 797,700 3,676,573(192,067) (119,150) (691,918) (153,966) (128,264) (572,197)955,166 802,339 3,420,119 840,496 669,436 3,104,376

945,774 791,155 3,413,254 840,496 669,436 3,104,3769,392 11,184 6,865 - - -

955,166 802,339 3,420,119 840,496 669,436 3,104,376

955,166 802,339 3,420,119 840,496 669,436 3,104,376

(76,984) (46,738) (156,843) - - -- - 87,303 - - -

45,858 94,723 (52,197) 6,908 20,653 34,390140,747 78,424 (303,961) - - -

126,901 126,409 (425,698) 6,908 20,653 34,3901,064,787 928,748 2,994,421 847,404 690,089 3,138,766

1,047,957 867,816 2,974,604 847,404 690,089 3,138,76616,830 60,932 19,817 - - -

1,064,787 928,748 2,994,421 847,404 690,089 3,138,766

3.98 3.33 14.38237,352 237,257 237,305237,416 237,303 237,359

KNABPUORG


Statements of Changes in Equity

ytiuqEstseretnIevreseRevreseRevreseRsgninraEserahSmuimerPlatipaC gniknaBReserve

GROUP

At 1st July 2008 2,503,756 39,290 (376,477) 8,955,759 1,803,064 330,112 2,512,102 578,750 16,346,356 1,648,034 17,994,390 -doirep eht rof )esnepxe(/emocni evisneherpmoc latoT - - 2,857,764 (736,339) (22,879) - - 2,098,546 (109,639) 1,988,907

ni stseretni gnillortnoc-non fo noitubirtnoCyraidisbus wen - - - - - - - - - 20,000 20,000

-yraidisbus fo gnidloherahs ni esaercnI - - (5,933) - - - - (5,933) (51,257) (57,190) sdnediviD - - - (533,827) - - - - (533,827) (28,962) (562,789)

-evreser gniknab lareneg ot refsnarT - - (7,386) - - - 7,386 - - - evreser yrotutats ot refsnarT - - - (50,000) - - 50,000 - - - -

-desicrexe snoitpo erahs eeyolpmE 1,952 620 - - - - - 2,572 - 2,572 At 31st March 2009 2,503,756 41,242 (375,857) 11,216,377 1,066,725 307,233 2,562,102 586,136 17,907,714 1,478,176 19,385,890

At 1st July 2008 2,503,756 39,290 (376,477) 8,955,759 1,803,064 330,112 2,512,102 578,750 16,346,356 1,648,034 17,994,390 -raey eht rof )esnepxe(/emocni evisneherpmoc latoT - - 3,964,002 (562,950) 75,504 - - 3,476,556 (17,141) 3,459,415 -yraidisbus ni gnidloherahs ni esaercnI - - (5,933) - - - - (5,933) (51,257) (57,190)

ni stseretni gnillortnoc-non fo noitubirtnoCnew subsidiary - - - - - - - - - 20,000 20,000

sdnediviD - - - (1,245,597) - - - - (1,245,597) (41,708) (1,287,305) -evreser gniknab lareneg ot refsnarT - - (12,634) - - - 12,634 - - -

evreser yrotutats ot refsnarT - - - (43,712) - - 43,712 - - - - -desicrexe snoitpo erahs eeyolpmE 1,952 620 - - - - - 2,572 - 2,572

At 30th June 2009 2,503,756 41,242 (375,857) 11,611,885 1,240,114 405,616 2,555,814 591,384 18,573,954 1,557,928 20,131,882 -doirep eht rof )esnepxe(/emocni evisneherpmoc latoT - - 2,626,859 109,912 (437,386) - - 2,299,385 34,599 2,333,984

Dividends - - - (533,827) - - - - (533,827) (15,353) (549,180) -evreser gniknab lareneg ot refsnarT - - (1,445) - - - 1,445 - - - -desicrexe snoitpo erahs eeyolpmE 9,972 2,649 - - - - - 12,621 - 12,621

At 31st March 2010 2,503,756 51,214 (373,208) 13,703,472 1,350,026 (31,770) 2,555,814 592,829 20,352,133 1,577,174 21,929,307

BANK

At 1st July 2008 2,503,756 39,290 (376,477) 5,837,778 302,149 - 2,503,756 533,580 11,343,832 - 11,343,832 -doirep eht rof )esnepxe(/emocni evisneherpmoc latoT - - 2,277,835 (104,777) - - - 2,173,058 - 2,173,058

Dividends - - - (533,827) - - - - (533,827) - (533,827) Transfer to statutory reserve - - - (50,000) - - 50,000 - - - -

-desicrexe snoitpo erahs eeyolpmE 1,952 620 - - - - - 2,572 - 2,572 At 31st March 2009 2,503,756 41,242 (375,857) 7,531,786 197,372 - 2,553,756 533,580 12,985,635 - 12,985,635

At 1st July 2008 2,503,756 39,290 (376,477) 5,837,778 302,149 - 2,503,756 533,580 11,343,832 - 11,343,832 -raey eht rof )esnepxe(/emocni evisneherpmoc latoT - - 3,252,480 (100,112) - - - 3,152,368 - 3,152,368

Dividends - - - (1,245,597) - - - - (1,245,597) - (1,245,597) Transfer to statutory reserve - - - (41,242) - - 41,242 - - - -

-desicrexe snoitpo erahs eeyolpmE 1,952 620 - - - - - 2,572 - 2,572 At 30th June 2009 2,503,756 41,242 (375,857) 7,803,419 202,037 - 2,544,998 533,580 13,253,175 - 13,253,175

-doirep eht rof emocni evisneherpmoc latoT - - 2,159,261 90,990 - - - 2,250,251 - 2,250,251 Dividends - - - (533,827) - - - - (533,827) - (533,827)

-desicrexe snoitpo erahs eeyolpmE 9,972 2,649 - - - - - 12,621 - 12,621 At 31st March 2010 2,503,756 51,214 (373,208) 9,428,853 293,027 - 2,544,998 533,580 14,982,220 - 14,982,220

Attributable to ordinary equity holders of the parent

Rs'000 Rs'000 Rs'000 Rs'000 Rs'000 Rs'000 Rs'000 Rs'000 Rs'000 Rs'000 Rs'000

Statements of Changes in Equity

ytiuqEstseretnIgniknaBevreseRevreseRevreseRsgninraEserahSmuimerPlatipaCReserve

GROUP

657,305,29002 yluJ ts1 tA 41,242 (375,857) 11,611,885 1,240,114 405,616 2,555,814 591,384 18,573,954 1,557,928 20,131,882-doirep eht rof emocni evisneherpmoc latoT - - 791,155 177,201 (100,540) - - 867,816 60,932 928,748-sdnediviD - - - - - - - - (13,160) (13,160)-evreser gniknab lareneg morf refsnarT - - 1,764 - - - (1,764) - - -

657,305,29002 rebmetpeS ht03 tA 41,242 (375,857) 12,404,804 1,417,315 305,076 2,555,814 589,620 19,441,770 1,605,700 21,047,470

657,305,29002 yluJ ts1 tA 41,242 (375,857) 11,611,885 1,240,114 405,616 2,555,814 591,384 18,573,954 1,557,928 20,131,882-raey eht rof emocni evisneherpmoc latoT - - 3,413,254 87,298 (525,948) - - 2,974,604 19,817 2,994,421

Increase in effective shareholding of associate - - - 4,075 - - - - 4,075 3,005 7,080-sdnediviD - - (1,245,874) - - - - (1,245,874) (23,708) (1,269,582)

Share of transfer on disposal of property, plant &

Attributable to ordinary equity holders of the parent

Share of transfer on disposal of property, plant &-etaicossa yb tnempiuqe - - 10,014 (10,014) - - - - - --evreser gniknab lareneg ot refsnarT - - (7,674) - - - 7,674 - - --evreser yrotutats ot refsnarT - - (11,356) - - 11,356 - - - --desicrexe snoitpo erahs eeyolpmE 9,972 2,649 - - - - - 12,621 - 12,621

657,305,20102 enuJ ht03 tA 51,214 (373,208) 13,774,324 1,317,398 (120,332) 2,567,170 599,058 20,319,380 1,557,042 21,876,422-doirep eht rof emocni evisneherpmoc latoT - - 945,774 59,641 42,542 - - 1,047,957 16,830 1,064,787

Increase in effective shareholding of associate - - - 4,814 - - - - 4,814 3,550 8,364-sdnediviD - - - - - - - - (4,387) (4,387)

Share of transfer on disposal of property, plant &-etaicossa yb tnempiuqe - - 1,990 (1,990) - - - - - --evreser gniknab lareneg ot refsnarT - - (2,052) - - - 2,052 - - --desicrexe snoitpo erahs eeyolpmE 457 135 - - - - - 592 - 592

657,305,20102 rebmetpeS ht03 tA 51,671 (373,073) 14,724,850 1,375,049 (77,790) 2,567,170 601,110 21,372,743 1,573,035 22,945,778

BANK

657,305,29002 yluJ ts1 tA 41,242 (375,857) 7,803,419 202,037 - 2,544,998 533,580 13,253,175 - 13,253,175-doirep eht rof emocni evisneherpmoc latoT - - 669,436 20,653 - - - 690,089 - 690,089

657,305,29002 rebmetpeS ht03 tA 41,242 (375,857) 8,472,855 222,690 - 2,544,998 533,580 13,943,264 - 13,943,264

657,305,29002 yluJ ts1 tA 41,242 (375,857) 7,803,419 202,037 - 2,544,998 533,580 13,253,175 - 13,253,175-raey eht rof emocni evisneherpmoc latoT - - 3,104,376 34,390 - - - 3,138,766 - 3,138,766-sdnediviD - - (1,245,874) - - - - (1,245,874) - (1,245,874)-evreser yrotutats ot refsnarT - - (9,972) - - 9,972 - - - --desicrexe snoitpo erahs eeyolpmE 9,972 2,649 - - - - - 12,621 - 12,621

At 30th June 2010 2 503 756 51 214 (373 208) 9 651 949 236 427 2 554 970 533 580 15 158 688 15 158 688At 30th June 2010 2,503,756 51,214 (373,208) 9,651,949 236,427 - 2,554,970 533,580 15,158,688 - 15,158,688-doirep eht rof emocni evisneherpmoc latoT - - 840,496 6,908 - - - 847,404 - 847,404-desicrexe snoitpo erahs eeyolpmE 457 135 - - - - - 592 - 592

657,305,20102 rebmetpeS ht03 tA 51,671 (373,073) 10,492,445 243,335 - 2,554,970 533,580 16,006,684 - 16,006,684


Statements of Cash Flows

9 mths to 9 mths to31-Mar-10 31-Mar-10

Rs'000 Rs'000seitivitca gnidart morf swolf hsac teN 2,734,683 2,955,235 4,922,669 2,479,480 2,390,903 4,341,160

Net cash flows from other operating activities (962,622) 3,653,724 4,930,372 (1,424,860) 3,769,381 5,008,301 setaicossa morf deviecer sdnediviD 52,247 56,758 56,758 - - -

diap sdnediviD (1,245,597) (1,221,808) (1,221,808) (1,245,597) (1,221,808) (1,221,808) ni stseretni gnillortnoc-non ot diap sdnediviD

subsidiaries (15,353) (28,962) (41,708) - - - Income tax paid (888,448) (421,022) (574,675) (794,323) (320,130) (407,653) Net cash flows from operating activities (325,090) 4,993,925 8,071,608 (985,300) 4,618,346 7,720,000 Investing activities (1,150,485) (909,929) (1,375,694) (1,234,798) (706,625) (1,341,230) Net cash flows before financing (1,475,575) 4,083,996 6,695,914 (2,220,098) 3,911,721 6,378,770 Contribution of non-controlling interests in new subsidiary - 20,000 20,000 - - - Employee share options exercised 11,693 2,393 2,393 11,693 2,393 2,393

yraidisbus yb naol detanidrobus fo dnufeR - - - 155,500 77,691 77,691 Capital element of finance lease rental payments - - - - (554) (554) (Decrease)/increase in cash and cash equivalents (1,463,882) 4,106,389 6,718,307 (2,052,905) 3,991,251 6,458,300 Cash and cash equivalents brought forward 19,659,542 13,235,381 13,235,381 19,146,672 12,688,372 12,688,372 Effect of foreign exchange rate changes (78,869) (432,588) (294,146) - - - Cash and cash equivalents carried forward 18,116,791 16,909,182 19,659,542 17,093,767 16,679,623 19,146,672

KNABPUORG

31-Mar-09 30-Jun-09 31-Mar-09 30-Jun-09Rs'000Rs'000Rs'000Rs'000

Year toot shtm 9 Year toot shtm 9

Statements of Cash Flows

Net cash flows from trading activitiesNet cash flows from other operating activitiesDividends received from associatesDividends paidDividends paid to non-controlling interests in subsidiariesIncome tax paidNet cash flows from operating activitiesInvesting activitiesNet cash flows before financingEmployee share options exercisedGrant/refund of subordinated loan to associate/subsidiaryDecrease in cash and cash equivalentsNet cash and cash equivalents brought forwardEffect of foreign exchange rate changesNet cash and cash equivalents carried forward

3 mths to 3 mths to Year to 3 mths to30-Sep-10 30-Sep-09 30-Jun-10 30-Sep-10

Rs'000 Rs'000 Rs'000 Rs'000

(857,767) 766,022 5,539,269 (685,649) 1,222,275 4,923,545(1,519,936) (119,655) (3,099,688) (1,457,948) (732,747) (3,220,770)

20,669 34,203 52,247 - - -(712,047) (711,770) (1,245,597) (712,047) (711,770) (1,245,597)

(6,292) (13,160) (21,803) - - -(29,560) (25,936) (1,160,491) - (9,685) (917,173)

(3,104,933) (70,296) 63,937 (2,855,644) (231,927) (459,995)(588,828) (372,525) (1,832,923) (486,442) (531,465) (1,958,319)

(3,693,761) (442,821) (1,768,986) (3,342,086) (763,392) (2,418,314)592 - 11,693 592 - 11,693

(2,000) - (1,620) (2,000) 155,500 153,880(3,695,169) (442,821) (1,758,913) (3,343,494) (607,892) (2,252,741)13,830,136 15,636,677 15,636,677 12,871,066 15,123,807 15,123,807

KNABPUORG

(147,788) 239,695 (47,628) - - -9,987,179 15,433,551 13,830,136 9,527,572 14,515,915 12,871,066


COMMENTS ON RESULTS TO 31ST MARCH 2010.

1. Comparatives have been restated to ensure comparability for income tax expense to reflect the doubling of the special levy on Banks following a change in Legislation in July 2009.

2. RESULTSThe MCB Group profits for the nine months ended 31st March were Rs 2,627 million, down 8.1% on the corresponding period in 2009, while those of the Bank decreased by 5.2% to Rs 2,159 million.

In spite of a slowdown in balance sheet growth, in the wake of the global financial crisis, with its knock-on effects on investment projects, net interest income was up by 3.5% while net fee and commission income increased by 11.1% from last year. However, other income dropped by more than 30% to Rs 825 million due to the substantial decrease in profits arising from holdings and dealings in foreign currencies, which were affected throughout the period by the strengthening of the Mauritian rupee in a very illiquid market.

Performance of our overseas subsidiaries was also affected by adverse local conditions. Our Seychelles subsidiary, despite improved results in the last quarter, contributed Rs 67 million less to Group profits compared to last year. The political uncertainty prevailing in Madagascar adversely affected the subsidiary’s contribution to Group profits which went down by 32% to Rs 52 million. Furthermore, share of profits from associates decreased by 31% to Rs 281 million for the period, due essentially to a drop in the profitability of BFCOI in Reunion and of the Promotion and Development Group.

Loan quality continued to improve, with the ratio of non performing loans falling to 4.2% at 31st March, 2010 from 4.9% nine months earlier.

3. PROSPECTSThe slow pace of economic recovery in our main export markets together with the ongoing euro weakness and fiscal consolidation could seriously impair the performance of export sectors. Against this background and based on current trends, fourth quarter results are not expected to be materially different from those of 2009. Consequently, we expect our full year results to fall short of the performance realised last year.

The unaudited interim financial statements have been prepared using the same accounting policies as those adopted in the financial statements for the year ended 30th June 2009 and comply with IAS34.

By order of the Board

14th May 2010.

Copies of the unaudited interim financial statements can be obtained free of charge upon request at the registered office of the Company, 9-15, Sir William Newton Street, Port-Louis.

The statement of direct and indirect interests of officers of the Company required under rule 8(2)(m) of the Securities (Disclosure Obligations of Reporting Issuers) Rules 2007 is available upon request, free of charge, at the registered office of the Company.

This communiqué is issued pursuant to Listing Rule 12.20 and Securities Act 2005.The Board of Directors of The Mauritius Commercial Bank Limited accepts full responsibility for the accuracy of the information contained in this communiqué.

COMMENTS ON RESULTS TO 30TH SEPTEMBER 2010

1. ResultsGroup attributable profits recovered from last year’s decline to rise by 19.5%, reaching Rs 945.8 million for the quarter to September 2010. Results for the Bank were up by 25.5% on 2009.

Net interest income increased by 7% in spite of lower income from securities in a market characterised by typically low yields on Treasury Bills, while fee and commission income was up by 29.6%, fuelled by revenue linked to regional trade financing, loan facilities and bank guarantees. Furthermore, there was a recovery in profits from foreign exchange operations which, last year, had been affected by adverse market conditions.

The share of profits from associated companies decreased by 91%, caused by a major drop in contribution from BFCOI, as a result of additional provisioning in the wake of tough economic conditions.

Operating expenses were well contained, growing by around 7% for the Group and there was a further improvement in asset quality, with credit impairment allowances pursuing their declining trend and the net non-performing loan ratio improving to 1.6% at 30th September 2010, from 1.9% in June 2010.

2. OutlookWhilst there are indications of a relative pick-up in some areas of economic activity, the operating environment of the MCB Group is likely to remain delicate for some time yet, given country-specific vulnerabilities and uncertainties characterising the main export markets of Mauritius Nonetheless the MCB is well poised to register a rebound in results Based on current estimates Group results for

COMMENTS ON RESULTS TO 30TH SEPTEMBER 2010

1. ResultsGroup attributable profits recovered from last year’s decline to rise by 19.5%, reaching Rs 945.8 million for the quarter to September 2010. Results for the Bank were up by 25.5% on 2009.

Net interest income increased by 7% in spite of lower income from securities in a market characterised by typically low yields on Treasury Bills, while fee and commission income was up by 29.6%, fuelled by revenue linked to regional trade financing, loan facilities and bank guarantees. Furthermore, there was a recovery in profits from foreign exchange operations which, last year, had been affected by adverse market conditions.

The share of profits from associated companies decreased by 91%, caused by a major drop in contribution from BFCOI, as a result of additional provisioning in the wake of tough economic conditions.

Operating expenses were well contained, growing by around 7% for the Group and there was a further improvement in asset quality, with credit impairment allowances pursuing their declining trend and the net non-performing loan ratio improving to 1.6% at 30th September 2010, from 1.9% in June 2010.

2. OutlookWhilst there are indications of a relative pick-up in some areas of economic activity, the operating environment of the MCB Group is likely to remain delicate for some time yet, given country-specific vulnerabilities and uncertainties characterising the main export markets of Mauritius. Nonetheless, the MCB is well poised to register a rebound in results. Based on current estimates, Group results for the first half year of 2010/11 should be better than last year’s performance for the corresponding period.

3. Dividend declaration The Board of Directors has declared an interim dividend of Rs 2.50 per share for the year to 30th June 2011.

By order of the Board

12th November 2010

The unaudited interim financial statements have been prepared using the same accounting policies as those adopted in the financial statements for the year ended 30th June 2010 and comply with IAS34.

Copies of the unaudited interim financial statements can be obtained free of charge upon request at the registered office of the Company, 9-15, Sir William Newton Street, Port-Louis.

The statement of direct and indirect interests of officers of the Company required under rule 8(2)(m) of the Securities (Disclosure Obligations of Reporting Issuers) Rules 2007 is available upon request, free of charge, at the registered office of the Company.

This communiqué is issued pursuant to Listing Rule 12.20 and Securities Act 2005.This communiqué is issued pursuant to Listing Rule 12.20 and Securities Act 2005.The Board of Directors of The Mauritius Commercial Bank Limited accepts full responsibility for the accuracy of the information contained in this communiqué.


the mauritius commercial bank limited unaudited interim

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