Mozambique: Millennium BIM profits increase 3.2% to €47.9 million in H1

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Mozambique: Millennium BIM profits increase 3.2% to €47.9 million in H1

4:24 CAT | 31 Jul 2023

File photo: Carta de Moçambique

The consolidated profits of BIM Moçambique, managed by Portuguese group BCP, increased 3.2% in the first half, compared to June 2022, to 3,364 million meticais (47.9 million euros), according to financial statements consulted today by Lusa.

Millennium BIM (Banco Internacional de Moçambique), one of the largest banks in the country, posted consolidated profits of 3,258 million meticais (€46.4 million) in the first half of 2022, according to the institution.

The bank’s total assets fell to 182,377 million meticais (€2,598 million) by June 30 last, against 192,429 million meticais (€2,742 million) in December 2022, while total liabilities decreased in the same period to 148,654 million meticais (€2,118 million), including 139,909 million meticais (€1,994 million) in customer deposits.

BIM started operating in October 1995, the result of a strategic partnership between Banco Comercial Português (Millennium BCP) and the Mozambican state.

As of June 30, the bank had a share capital of 4,500 million meticais (€64.1 million), the majority held by BCP Africa (Millennium BCP group), with a 66.69% stake, followed by (among others) the Mozambican state (17.12%), the Mozambican National Institute of Social Security (4.95%) and the Mozambican Insurance Company (4.15%).

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

Source: Lusa