The profits of Absa Bank Mozambique, one of the country’s five largest banks, more than doubled in the first half of 2024, reaching 1.7 million meticals (26.7 million dollars). This figure surpasses the total profit recorded for the whole of the previous year, according to a statement from the institution.
According to Absa Bank Moçambique’s financial statements up to 30 June, the growth in profits was 120% compared to the same period in 2023, when the bank recorded a net profit of 779.6 million meticals.
Absa Bank Moçambique’s share capital is 98.68 per cent controlled by the South African group Absa, while the remaining 1.32 per cent is held by minority shareholders, including employees and other investors.
The Bank of Mozambique classified Absa as one of the two systemic financial institutions in April this year, emphasising its importance to the country’s financial system.
“At the close of the first half of the year, Absa Bank Moçambique had total assets of 73.2 million meticals, a reduction of 4.7 per cent compared to the same period last year.Total liabilities also fell by 6.8 per cent to 62 million meticals”
At the end of the first half, Absa Bank Moçambique had total assets of 73.2 million meticals, a reduction of 4.7 per cent compared to the same period last year. Total liabilities also fell by 6.8 per cent to 62 million meticals.
In 2023, the bank’s profits had already grown by 58.7 per cent, reaching 1.6 million meticals, according to its report and accounts, which read: “our economy has demonstrated a good capacity for recovery almost across the board, and Absa has once again stood out for the sustainability and viability of its business model and for its ability to manage risks in challenging contexts, leading to solid annual results,” said Luísa Diogo, then chairman of the board of directors, in the message contained in the document.
In previous years, Absa in Mozambique recorded positive net results of 1 billion meticals in 2022 and 633.8 million meticals in 2021.
According to the information, Absa is one of the largest financial services groups in Africa, employing around 38,000 people, with a presence in 12 African countries. The group is listed on the Johannesburg Stock Exchange and has operations in Botswana, Ghana, Kenya, Mauritius, Mozambique, Seychelles, South Africa, Tanzania, Uganda and Zambia, as well as offices in Namibia and Nigeria and an international presence in London and New York.
