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Nedbank Mozambique Reports 4.3% Growth in Net Profit to 706M Meticals

Nedbank Mozambique Reports 4.3% Growth in Net Profit to 706M Meticals

Nedbank Moçambique revealed in an official statement that its net profits reached 706 million meticals in 2023, representing growth of 4.3 per cent compared to the 677 million meticals recorded the previous year.

According to the statement, banking income totalled 3.3 billion meticals, marking an increase of 5.5 percent, the result of efficient balance sheet management and a customer-centric strategy. The bank also recorded growth of 11.3 per cent in its deposit portfolio and maintained an efficiency ratio (CTI) of 59 per cent, despite the inflationary context. Return on equity (ROE) was 14.3 per cent and the solvency ratio remained strong at 22.3 per cent, well above the regulatory minimum of 12 per cent.

The NPL (Non-Performing Loans) ratio was highlighted as one of the most favourable in the sector, standing at 7.3%, with loan impairment coverage of 99%. Transactional activity on digital channels grew by 21.3%, highlighting continued investment in digitalisation and innovation.

In recognition of its efforts, Nedbank Mozambique received six international awards in 2023, celebrating its commitment to innovation and digital, as well as customer preference in Trade Finance. The bank achieved first place in the Net Promoter Score (NPS) among Mozambican banks, demonstrating high customer satisfaction.

The Business Lounge by Nedbank has established itself as a reference space for customers, promoting various actions and initiatives that highlight Mozambican culture and strengthen networking.

Context and Performance
The statement emphasises that 2023 was a challenging year, marked by global economic uncertainty due to the war in Ukraine and the Israeli-Palestinian conflict, as well as the increase in mandatory reserves in Mozambique. However, Nedbank Mozambique showed resilience and maintained its sustainable growth strategy, supported by effective asset and liability management and the strength of its balance sheet.

The bank also highlighted its social responsibility initiatives, including the restoration of Gorongosa National Park and support for the Fernando Leite Couto Foundation, reinforcing its commitment to sustainability and social development.

Outlook for 2024
For the coming year, Nedbank Mozambique reaffirms its commitment to using its financial expertise to benefit its clients and contribute to a more prosperous and promising future.

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