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FNB Mozambique Profits Drop 44.7% To 22.7M Meticals In H1

FNB Mozambique Profits Drop 44.7% To 22.7M Meticals In H1

The consolidated profits of First National Bank (FNB) Mozambique, of the South African group FirstRand, fell by 44.7% in the first half, compared to June 2022, according to the financial statements consulted this Monday (31) by Lusa.

FNB posted consolidated profits of 41.1 million meticais during the first half of 2022 and, in the same period this year, the figure fell to 22.7 million meticals.

“The increase in mandatory reserves and the increase in the country’s risk profile had a negative impact on the reported results and, therefore, FNB Mozambique foresees a difficult business environment in the medium term,” the bank said in the interim financial statements report released on Monday.

Meanwhile, despite the negative consolidated profits, the bank’s total assets rose from 19.6 million meticais to almost 24.9 million meticais in the period under review, and liabilities also increased from 16.9 million meticais to 21.9 million, with 20.9 million meticais referring to deposits and current accounts.

FNB has been operating in Mozambique since 2007 and is owned by FirstRand, which is Africa’s largest financial group by market capitalisation and one of the largest institutions listed on the Johannesburg Stock Exchange, operating in 11 African countries, in addition to England, the United Arab Emirates, India and China.


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