Banco BIG profits in Mozambique halved in H1

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Banco BIG profits in Mozambique halved in H1

6:49 CAT | 31 Jul 2023

File photo: Eco/ Lusa

Banco BIG Mozambique’s profits fell nearly 50% in the first half of this year, compared to June 2022, to 80.9 million meticais (€1.1 million), according to financial statements consulted today by Lusa.

According to data from Banco de Investimento Global (BIG), a subsidiary of the Portuguese Banco BIG, net income for the first half of 2022 was just over 157.8 million meticais (€2.2 million), meaning a drop of 48% for the same period of this year.

BIG Moçambique’s total assets fell to 4,279 million meticais (€61 million) by June 30, against 4,452 million meticais (€63.4 million) on December 31, 2022, while total liabilities decreased slightly to 2,228 million meticais (€31.7 million), including 2,143 million meticais (€30.5 million) in customer deposits.

BIG Moçambique bank was incorporated in October 2014 and started banking activity in the country in March 2016.

As of June 30, 2023, the share capital of BIG Moçambique was 1,700 million meticais (€24.2 million), distributed among 1,700,000 shares, of which 82.63% is held by Banco de Investimentos Global SA (from Portugal), 11.14% by Empresa Moçambicana de Seguros, 2.93% by Hollard Moçambique Companhia de Seguros and 2.29% by the Sanlam Vida Open Pension Fund, among others.

According to the central bank, the Bank of Mozambique, there are 15 commercial banks and 12 micro-banks in Mozambique, in addition to various other small credit cooperatives and savings organisations.

Source: Lusa