Mozambique: Business leaders want to meet government about wave of kidnappings
in file CoM
The profits of Banco Internacional de Moçambique (BIM), a subsidiary of Portugal’s Banco Comercial Português (BCP), were last year up 8.2% on 2022, to 7.211 billion meticais (€105.3 million), according to the report and accounts, consulted on Monday by Lusa.
Millennium BIM, one of the three largest banks in the country, reported profits of 6,613 million meticais (€96.6 million) in the 2022 financial year and closed last year (2023) with 2,574 workers (+2.8 %), more than 1.9 million customers (up almost more than 100,000 in one year) and has 195 branches.
“Despite the challenging scenario, Millennium BIM remains solid and resilient, supported by good governance, sound and prudent risk management and strict compliance with regulatory standards,” reads the board of directors message in the report and accounts 2023.
The bank approved a management proposal to distribute 82.5% of 2023 profits in dividends to shareholders, led by BCP, equivalent to almost 5,949 million meticais (€86.9 million), investing the remainder in reserves.
Millennium BIM closed the year with total assets falling 0.66% to 190,385 million meticais (€2,781 million), while net credit to customers rose 3.29% to 44,208 million meticais (€645.7 million), customer resources (deposits) falling 3.76% to 146,447 million meticais (€2,139 million), and equity rising 6.83% to 36,885 million meticais (€538.8 million).
Of the total credit granted by Millennium BIM, just over 3% was in default at the end of 2023, compared to 7.85% in 2022.
Banking product increased by 1.4% in 2023, to 18,196 million meticais (€265.7 million) and the financial margin by 2.3%, equivalent to an additional 312 million meticais (€4.5 million), “influenced by the increase in the profitability of financial assets, although the increase in mandatory reserves [mandated by the Bank of Mozambique] has contributed to the reduction of the investment portfolio”, the report reads.
BIM began operations in October, 1995, as a result of a strategic partnership between Banco Comercial Português (Millennium BCP) and the Mozambican state.
By December 31, 2023, it had share capital of 4,500 million meticais (€65.7 million), the majority held by BCP Africa (Millennium BCP group), with a stake of 66.69%, followed by the State of Mozambique (17.12%), the Mozambican National Social Security Institute (4.95%) and Empresa Moçambicana de Seguros (4.15%), among others.
According to data from the central bank, 15 commercial banks and 12 micro-banks operate in Mozambique, as well as various credit cooperatives and savings and credit organizations.
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