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Moza Bank’s Profits Increase 13% to 101.8M Meticals

Moza Bank’s Profits Increase 13% to 101.8M Meticals

Moza Banco’s profits grew by 13% in 2023, to 101.8 million meticals, the second year in a row that the organisation has recorded positive accounts. According to the report and accounts, the number of customers also rose in the period in question, to 242,500.

Quoted in the document, the institution’s chairmans, João Figueiredo, emphasised that the positive results stem fundamentally from the increase in turnover, combined with rigorous cost and investment management. “This performance reflects the effectiveness of the strategies implemented, geared towards sustainability and strengthening the bank’s competitive position in the market.”

“These results are allied to the increase in revenue generation, driven by the effective strategy of recovering overdue loans, and the ongoing strategy of optimising operating and investment costs, showing a significant improvement in operating efficiency,” he said.

Figueiredo emphasised that “this is the second consecutive year that Moza Banco has made a profit, following the positive net profit of 90.1 million metical in 2022, which reversed the losses that had been accumulating since 2016”.

As of 31 December 2023, Moza Banco’s share capital amounted to more than 7 billion meticals, 66% of which was held by Kuhanha – Sociedade Gestora do Fundo de Pensões dos Trabalhadores do Banco Central de Moçambique, followed by Arise B.V. with 30.7%, among other shareholders.

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