Mozambique: Absa Bank pays out €7.3M in dividends

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Mozambique: Absa Bank pays out €7.3M in dividends

1:46 CAT | 17 Aug 2023

File photo: Absa Bank Moçambique

South Africa’s Absa Bank Moçambique, one of the largest in the country, announced on Wednesday that it will pay out 511 million meticais (€7.3 million) in dividends to shareholders from 1 September for the 2022 financial year.

According to public information released by the bank, this is a gross payment of 9.23 meticais (€0.13) for each of the 55,380,000 shares that make up the Mozambican bank’s share capital, as previously determined at the general meeting.

The bank closed the 2022 financial year with profits of more than 1.022 billion meticais (€14.6 million), an increase of 61.4 per cent compared to 2021, according to the report and accounts consulted by Lusa.

Absa Bank Moçambique’s share capital is 98.68% owned by the South African group Absa, with the remaining 1.32% controlled by minority shareholders, such as current employees and others.

South Africa’s Absa is one of Africa’s largest financial services groups, with around 38,000 employees, a presence in 12 African countries and a listing on the Johannesburg Stock Exchange.

The group includes 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.

In Mozambique, Absa Bank employed a total of 663 people at the end of 2022 and closed the year with a 10% share of the country’s total banking customers and 8.4% of deposits.

Absa Bank Moçambique’ sprofits more than doubled in the first half of the year, to 779.6 million meticais (€11.2 million), according to financial statements previously reported by Lusa.

In the same document, the bank recalls that it had a net profit in the same period (1st January to 30th June) of 2022 of 370.4 million meticais (€5.3 million), so its performance in the first half of this year represents year-on-year growth of more than 110%.

On 30 June, Absa Bank Moçambique had total assets of over 81.81 billion meticais (€1.174 billion), compared to just over 66 billion meticais (€948.4 million) on 31 December 2022.

Total liabilities closed the first half of this year at 71.896 billion meticais (€1.032 billion) – namely 56.7 billion meticais (€813.8 million) in customer deposits – compared to 57.065 billion meticais (€819 million) at the end of 2022.

Source: Lusa