Mozambique: United Bank for Africa profits grow 37.9% to €13.7 million in 2024

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Mozambique: United Bank for Africa profits grow 37.9% to €13.7 million in 2024

1:23 CAT | 02 Jun 2025

FILE - For illustration purposes only. [File photo: UBA Moçambique]

United Bank for Africa (UBA) profits in Mozambique rose 37.9% in 2024, to 969.2 million meticais (€13.7 million), according to the report and accounts consulted by Lusa today.

“This performance was driven by the expansion of banking products, leveraged by the increase in the securities portfolio, reflecting the growth in customer deposits and an efficient resource allocation strategy,” the document reads, with UBA having already recorded net profits of 702.8 million meticais (€9.9 million) in 2023, an increase of 62% compared to the previous year.

With this performance, the management of the UBA branch in Mozambique decided to distribute 377 million meticais (5.3 million euros) as dividends to shareholders, applying the remainder to reserves and retained earnings.

The total number of UBA customers in Mozambique increased from 20,296 to 23,006 in the space of a year, while the number of employees grew to 131, across five business units.

“The results and financial ratios achieved demonstrate the bank’s adoption of prudent operating criteria in liquidity management when granting credit to customers, in diversifying the deposit portfolio and in the investment made throughout the year in infrastructures,” the document reads.

UBA is one of the largest pan-African banks and its Mozambique branch closed 2024 with total assets increasing by 63.9%, to 15,062 million meticais (€132.4 million) and customer deposits growing by 121%, to 10,451 million meticais (€147 million), while liabilities grew to 11,017 million meticais (€154.9 million).

Total credit to customers fell by more than 3% in 2024, to 1,959 million meticais (€27.5 million).

Data from the central bank indicate that 15 commercial banks and 12 micro-banks operate in Mozambique, in addition to credit cooperatives and savings and credit organizations, among others.

Source: Lusa