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Millennium Bim Profits Rise 8.2% in 2023 to 7.2B Meticals

Millennium Bim Profits Rise 8.2% in 2023 to 7.2B Meticals

In the 2023 financial year, Banco Internacional de Moçambique (Millennium bim), one of the country’s leading financial institutions, recorded an 8.2% increase in its consolidated profits compared to the previous year, reaching a total of 7.2 billion meticals, as reported this Monday, 29 April, by Lusa.

According to the news agency, which quotes bim’s accounts report, this performance represents an improvement on the 6.6 billion meticals recorded in 2022. The bank ended the year with a staff of 2574, an increase of 2.8 per cent, serving more than 1.9 million customers, which reflects a significant increase of around 100,000 new customers in a single year, and operated through 195 branches.

Millennium bim’s board of directors emphasised the bank’s resilience and solidity, even in the face of a challenging economic scenario, attributing this success to effective management, rigorous governance and strict compliance with regulatory standards. In the annual report, it was proposed that 82.5% of the year’s profits be distributed in the form of dividends to shareholders, who are led by the BCP group, totalling almost 5.9 billion meticals.

In terms of operating indicators, Millennium bim saw a slight reduction of 0.66 per cent in total assets, to 190.3 billion meticals, while net credit to customers grew by 3.29 per cent to 44.2 billion meticals. Although customer funds (deposits) fell by 3.76 per cent to 146.4 billion meticals, the bank’s equity increased by 6.83 per cent to 36.8 billion meticals.

It also saw an improvement in credit quality, with the percentage of non-performing loans falling from 7.85 per cent in 2022 to more than 3 per cent in 2023. Operating income grew by 1.4 per cent to 18.1 billion meticals and net interest income increased by 2.3 per cent, thanks to the higher profitability of financial assets, despite pressure from the increase in mandatory reserves determined by the Bank of Mozambique.

Millennium bim was recently classified by the Bank of Mozambique in second position among the three domestic institutions of systemic importance in the country. This ranking, published annually, emphasises Millennium’s crucial role in the Mozambican financial system, reflecting not only its financial strength but also its significant contribution to the stability of the national banking system.

The bank was established in October 1995 as the result of a strategic partnership between Banco Comercial Português (Millennium BCP) and the Mozambican state. As of 31 December 2023, the bank had a share capital of 65.7 million euros, approximately 4.5 billion meticals, with the majority held by BCP Africa (Millennium BCP group) with a 66.69% stake, followed by the State of Mozambique and other entities.

The banking structure in Mozambique includes 15 commercial banks and 12 micro-banks, as well as credit cooperatives and savings and credit organisations, showing a dynamic and diversified financial sector.


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