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Banco BIG’s Profits in Mozambique Halved in H1

Banco BIG’s Profits in Mozambique Halved in H1

The profits of BIG Mozambique bank fell by half in the first half of this year, standing at 80.9 million meticais, compared to June 2022.

According to the financial statements made available this Monday, 31 July, by Banco de Investimento Global (BIG), a subsidiary of the Portuguese BIG, the net profit for the first half of 2022 had been more than 157.8 million meticais, which translates into a 48% drop compared to the performance in the same period this year.

Total assets of BIG Moçambique bank fell to 4.2 billion meticais on 30 June this year, compared to 4.4 billion meticais on 31 December 2022, while total liabilities fell slightly to 2.2 billion meticais, namely 2.1 billion meticais related to customer resources (deposits).

BIG Moçambique was incorporated in October 2014 and started banking in the country in March 2016.

On 30 June 2023, the institution’s share capital was 1.7 billion meticais, distributed over 1.7 million shares, 82.63% held by Banco de Investimentos Global SA (from Portugal), 11.14% by Empresa Moçambicana de Seguros, 2.93% by Hollard Moçambique Companhia de Seguros and 2.29% by the Sanlam Vida Open Pension Fund, among others.

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