Thursday 29 June 2017

Mozambique’s biggest bank posts $75 million in profit

Mozambique’s biggest bank posts $75 million in profit
(APA 03/31/17)
Mozambique’s biggest bank posts $75 million in profit

Mozambique’s largest commercial bank, the Millennium-BIM says it has posted $75 million in profit in the 2016 financial year.
A statement from the bank to APA on Thursday claims the bank’s credit portfolio grew by 19.7 percent, reaching 84.4 billion meticais.

The financing of companies during the year under review was 68.4 billion meticais, an increase of 25.6 percent on the 2015 figure, it reveals.

During the year, the bank paid the Mozambican state about 3.7 billion meticais in tax.

A general meeting of the bank’s shareholders, held in Maputo on Wednesday, approved the annual report and accounts, which showed that Millennium-BIM increased its deposits in 2016 by 9.7 percent, reaching a total of 97.8 billion meticais.

According to the bank’s statement, solvency ratio remains 18.8 percent, much higher than the eight percent demanded by the Bank of Mozambique.

The bank declares it now has about 1.6 million clients, served by around 2,500 bank workers and remains the largest bank in Mozambique and occupying 56th position in the ranking of the 100 largest banks in Africa.

Mozambican bank Millennium BIM, which has an average 30 percent share of the Mozambican market, is 67-percent owned by Millennium BCP.

The Mozambican government has a 30 percent stake in it.

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