At the end of 2024, Absa’s market share in Mozambique for client loans increased by 0.8 percentage points, reaching 10.3% of the total, with net loan amounts rising by 9.6% to 28.318 billion meticais (€397.7 million).
The profits of South Africa’s Absa Bank Mozambique, one of the five largest banks in the country, grew by 14.1% in 2024, reaching a new record of 1.852 billion meticais (€26 million), according to its annual financial report.
According to the document, this result compares to net profits of over 1.622 billion meticais (€22.7 million) in 2023, which had already increased 58.7% compared to the previous year.
In terms of deposits, Absa’s market share grew by 0.6 percentage points to 9.3%, totaling 69.110 billion meticais (€970.5 million), an increase of 25.2% in volume over the year.
Absa closed 2024 with 5.3% of total loans classified as non-performing (down from 7.9% in 2023). The bank’s operating income rose 10.1%, reaching 8.570 billion meticais (€120.2 million). Absa operated with 48 service locations and 709 employees.
“Despite the challenges posed by the macroeconomic environment and operational context, we have once again demonstrated the strength of our structure, the effectiveness of our risk management, and our adaptability (…). The performance recorded in 2024 strengthens our confidence that we are on the right track to achieve our medium- and long-term strategic objectives,” reads the message from Absa’s Chairman, Victor Gomes, in the annual report.
According to Lusa, the bank’s total assets grew in 2024 to 87.944 billion meticais (€1.234 billion), while liabilities increased to 76.326 billion meticais (€1.071 billion). The solvency ratio stood at 19.9%, and the efficiency ratio at 60.1%.
Source: Forbes África Lusófona
