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Banco BiG Reveals Profits Above €4M

Banco BiG Reveals Profits Above €4M

Data from the annual report and accounts consulted this Friday, 3 May, by Lusa, indicate that the profit of Banco de Investimento Global (BiG) was once again above four million euros (274.2 million meticals), although it fell slightly compared to the previous year.

‘BiG’s performance in 2023 was influenced by the context of the restrictive monetary policy adopted by the Bank of Mozambique, namely the increase in mandatory reserve coefficients, as well as the maintenance of key rates at high levels,’ reads the document shared by the Bank.

‘In this context, and following a downgrade of the rating for the country’s liabilities in local currency, BiG maintained cautious balance sheet management, which translated into a gradual reduction of its banking portfolio, in parallel with maintaining a comfortable liquidity situation throughout the year, namely in investments with the central bank and other short-term securities.’

According to the report, this performance represents a slight drop in profits of 0.5 per cent, compared to the 275.9 million meticals (4.05 million euros) recorded in 2022.

In commercial terms, the client services activity in savings and investment management showed growth in the number of intermediation operations for clients, as well as in the amount of assets under custody.’

BiG Moçambique was set up in 2016 and its capital is mainly held (82.6 per cent) by Banco de Investimento Global, headquartered in Lisbon. It also has stakes in Empresa Moçambicana de Seguros (11.1 per cent) and the insurance companies Hollard Moçambique (2.9 per cent) and FPTM (2.2 per cent), among others.

In 2023, BiG Moçambique’s net interest income fell to 348.2 million meticals (5.1 million euros) and banking income grew to 567.8 million meticals (8.3 million euros), while total assets increased to 4.8 billion meticals (71 million euros).

Customer funds (deposits) fell sharply in 2023, to almost 422.3 million meticals (6.2 million euros), compared to 1.9 billion meticals the previous year, and total liabilities grew to 2.5 billion meticals (28.5 million euros).

According to data from the central bank, 15 commercial banks and 12 microbanks operate in Mozambique, as well as credit cooperatives and savings and credit organisations, among others.

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