Profits of Absa Bank Mozambique grow 14.1% in 2024 to record €26 million

Login

Register

http://www.clubofmozambique.com/

Profits of Absa Bank Mozambique grow 14.1% in 2024 to record €26 million

1:32 CAT | 13 Jun 2025

File photo: Diário Econômico

The profits of Absa Bank Mozambique, one of the five largest in the country, grew 14.1% in 2024, to a new record of 1,852 million meticais (€26 million), according to the bank’s report and accounts.

According to the document, to which the Lusa had access today, this performance compares with the net results of more than 1,622 million meticais (€22.7 million) in 2023, which growth of 58.7% compared to the previous year.

At the end of 2024, Absa’s market share in customer loans in Mozambique rose by 0.8% to 10.3% of the total, with a net amount that increased by 9.6% to 28,318 million meticais (€397.7 million).

In deposits, the market share, also according to the 2024 report and accounts, grew by 0.6% to 9.3%, totalling 69,110 million meticais (€970.5 million), growth of 25.2% in one year.

Absa closed 2024 with 5.3% of total loans in default (7.9% in 2023), saw its banking product increase by 10.1% to 8,570 million meticais (€120.2 million), and had 48 service locations and 709 employees.

“Despite the challenges posed by the macroeconomic situation and the dynamics of the operational context, we have once again demonstrated the robustness of our structure, the effectiveness of our risk management and our ability to adapt (…). The performance recorded in 2024 reinforces our confidence that we are on the right track to achieve our medium and long-term strategic objectives,, reads the message from the chairman of the board of directors of Absa, Victor Gomes, in the report and accounts.

The bank’s total assets grew in 2024 to 87,944 million meticais (€1,234 million), while liabilities increased to 76,326 million meticais (€1,071 million), the solvency ratio stood at 19.9% and the efficiency ratio at 60.1%.

In 2023, Absa paid 504.5 million meticais (€7 million) in dividends to shareholders, a figure that rises to 803 million meticais (€11.2 million) this year.

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

Absa Group Limited is one of the largest financial services groups in Africa, with around 38,000 employees. It is present in 12 African countries, and is listed 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, as well as an international presence in London and New York.

Source: Lusa