Barclays Mozambique registers profit after years of losses

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Barclays Mozambique registers profit after years of losses

1:27 CAT | 12 Apr 2016

Barclays Mozambique made a profit of 307.6 million meticais in 2015, its second in five years, bank management announced last week in Maputo.

The bank’s battle began in 2012 when it accumulated losses of 732 million meticais. It managed to reduce the figure to 603 million in 2013 and in 2014 registered its lowest loss – 16 million meticais – in the last five years.

The last time the bank achieved positive result was five years ago, in 2010, when its profit before tax were 53 million meticais. The bank says its main objective is to build a profitable business over the longer term.

Contributing to its best result in five years, the bank last year earned more than 1.5 billion meticais in interest, more than four times the interest it paid to its customers.