Moza Banco, one of the country’s five main banks, which was intervened in 2016, managed to achieve profits of more than 11.2 million meticals (177,000 dollars) by June this year, reversing the losses recorded in the same period of 2023, as reported by Lusa.
According to the interim financial report for the first half of 2024, Moza Banco went from a loss of almost 55.6 million meticals in the first six months of 2023 to significant profits this year.
As of 30 June, the bank had total assets of 59.7 million meticals, which represents growth of 1.3% compared to 31 December 2023. At the same time, total liabilities increased by 2 per cent to 50.1 million meticals.
This year, the Bank of Mozambique classified Moza Banco as one of the two systemic financial institutions, according to the listing published in April.
Since 2016, Moza Banco has been led by the management company of the Banco de Moçambique workers’ pension fund, after Portugal’s Novo Banco, successor to Banco Espírito Santo, was one of the main shareholders with a 49 per cent stake.
In 2023, Moza Banco posted a positive net profit of 101.8 million meticals, a 13 per cent increase on 2022, and the number of customers grew by 12.4 per cent to a total of 242,565.
“The performance achieved reflects an increase in revenue generation, driven by an effective strategy of recovering overdue loans and continuous optimisation of operating and investment costs, resulting in a significant improvement in operating efficiency,” said João Figueiredo, chairman of the board of directors of Moza Banco, in the 2023 report and accounts.
“The performance achieved reflects an increase in revenue generation, driven by an effective overdue loan recovery strategy and continued optimisation of operating and investment costs, resulting in a significant improvement in operating efficiency”
“The growth seen is mainly due to the increase in turnover, combined with rigorous cost and investment management. This performance demonstrates the effectiveness of the strategies implemented, focussed on sustainability and strengthening the bank’s competitive position in the market,” added last year’s report.
This was the second consecutive year of profits for Moza Banco, following a positive net result of 90.1 million meticals in 2022, which reversed the losses accumulated since 2016, including a deficit of 1.3 million meticals in 2021.
In 2023, Moza Banco achieved a market share of 8.13% in loans to customers, with net values growing by less than 1% to 21.9 million meticals. In terms of deposits, the share was 6.50 per cent, with an increase of 22.46 per cent to more than 43.3 million meticals. The market share in assets was 6.53 per cent, with growth of 23.69 per cent to more than 58.9 million meticals.
On 31 December 2023, Moza Banco’s share capital was more than 7 million meticals, with Kuhanha – the Management Company of the Pension Fund for the workers of the central bank of Mozambique – holding 66% of the shares, followed by Arise B.V. with 30.7% and other shareholders.
At the end of 2023, the bank operated 63 business units across the country and employed 943 workers.
