Mozambique: Maputo hosts first Corporate Governance Congress
File photo: Moza Banco
Moza Banco, one of the five largest banks in Mozambique, recorded profits of more than 11.2 million meticais (€161,000) to June, recovering from losses in the same period of 2023.
According to the report of the interim financial statements for the first half of this year, Moza Banco recovered from losses of almost 55.6 million meticais (€795,000) in the first six months of 2023.
On June 30, Moza Banco recorded total assets of 59,782 million meticais (€855.7 million), an increase of 1.3% compared to December 31, 2023, while total liabilities rose 2% to 50,199 million meticais (€718.5 million).
This year, the Bank of Mozambique placed Moza Banco among the two financial institutions designated as “systemic”, according to a list released in April.
In 2016, Moza Banco was led by the management company of the pension fund for employees of the Bank of Mozambique, when it had the Portuguese Novo Banco, successor to Banco Espírito Santo, as one of the main shareholders (49%).
In 2023, Moza Banco reported a positive net profit of 101.8 million meticais (€1.5 million), up 13% compared to 2022, with the number of customers growing by 12.4% in one year, to 242,565.
“This performance reflects the increase in revenue generation, driven by the effective strategy of recovering overdue loans, and the ongoing strategy of optimizing operating and investment costs, demonstrating a significant improvement in operational efficiency,” reads the message from the chairman of the board of directors of Moza Banco, João Figueiredo, in the 2023 report and accounts.
“This growth comes fundamentally from the increase in business volume, combined with rigorous management of costs and investments. This performance reflects the effectiveness of the strategies implemented, geared towards sustainability and strengthening the bank’s competitive position in the market,” last year’s report and accounts reads.
This was the second consecutive year in which Moza Banco reported profits, after the positive net result of 90.1 million meticais (€1.3 million) in 2022, which then reversed the losses – which had been accumulating since 2016 – of 1,381 million meticais (€20.2 million) in the 2021 financial year.
Moza Banco ended 2023 with a market share of 8.13% in customer loans, which in net values grew by less than 1% to 21,934 million meticais (€321 million), of 6.50% in deposits, which increased by 22.46% to more than 43,347 million meticais (€635.4 million), and of 6.53% in assets, which grew by 23.69% to more than 58,971 million meticais (€864.5 million).
As of December 31, 2023, Moza Banco’s share capital amounted to more than 7,020 million meticais (€103 million), 66% of which was held by Kuhanha – Sociedade Gestora do Fundo de Pensões dos Funcionários do Banco Central de Moçambique, followed by Arise B.V. with 30.7%, among other shareholders.
At the end of 2023, the bank operated 63 business units throughout the country and had 943 employees.
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