Absa Bank Moçambique reports record profits of over €26 million in 2024

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Absa Bank Moçambique reports record profits of over €26 million in 2024

1:28 CAT | 04 Apr 2025

File photo: Absa Bank Moçambique

The profits of Absa Bank Mozambique, one of the largest five banks in the country, grew 14.1% in 2024 to 1,852 million meticais (€26.2 million), its “best result ever”, the institution announced today.

According to the financial statements presented by Absa Bank Mozambique, this performance contrasts with the net profit of around 1,620 million meticais (€22.9 million) in 2023, also a record.

Absa highlights that in 2024 it has assumed “the leadership in market share growth in deposits, consolidating its position as one of the main players in the national banking sector”.

With a growth of 25.2%, customer deposits reached 69,111 million meticais (€980 million) in 2024, while net loans to customers increased by 9.6%, to 28,319 million meticais (€401 million).

“In 2024, we achieved the best result ever in the bank’s history. We significantly strengthened our deposit base, expanded the credit portfolio and maintained a solid performance in all financial indicators,” said CEO Pedro Carvalho, quoted in information on the bank’s financial performance.

According to the Bank of Mozambique, the country’s central bank, Absa, one of 15 banks operating in the country, is on the list of three financial institutions with between 200,000 and one million customers, along with Standard Bank and Moza Banco.

Absa’s banking product reached 8,579 million meticais last year, an increase of 10.1%, while total assets grew by 14.3%, to 87,945 million meticais.

The bank’s non-performing loan ratio fell from 7.9% of the total in 2023 to 5.3% in 2024, while the credit loss ratio fell from 3.0% to 2.7%, according to Absa figures.

“This performance is the result of disciplined management, proximity to our customers and, above all, the commitment and professionalism of our teams. Special mention should be made of the continuous effort to simplify processes, digitalise services and provide excellent customer service, pillars that support our ambition to lead with purpose,” the Pedro Carvalho quote continues.

Absa is one of the largest financial services groups in Africa, with around 38,000 employees, and is present in 12 African countries, and is listed on the Johannesburg Stock Exchange.

Absa Bank Mozambique is majority-owned by the South African group Absa. The group has operations in Botswana, Ghana, Kenya, Mauritius, Mozambique, Seychelles, South Africa, Tanzania, Uganda and Zambia, as well as offices in Namibia and Nigeria, and an international presence in London and New York.

A total of 15 banks, 14 micro-banks, four credit unions, 13 savings and loan organisations and 2,304 microcredit operators operate in Mozambique, according to historic data from the central bank.

Source: Lusa