Nedbank Mozambique’s profit grew 19% in the first half of this year compared to the same period in 2022. The information was revealed this Tuesday, 8 August, during a press conference to present the financial results for the first six months of 2023, in which the institution recorded a net growth of 402 million meticais.
“It was a very challenging semester from the point of view of the macroeconomy, characterised by a very high rate environment, but we are still very satisfied with the results we generated in this first half of the year,” said the chairman of Nedbank’s Executive Committee, Joel Narciso Gonçalves Rodrigues.
Compared to the same period of 2022, net income grew more than 19% to around 402 million meticais, compared to 338 million meticais recorded in June 2022. “This represents practically three times the results generated in June 2021,” said President Gonçalves Rodrigues.
What enabled this growth? “Firstly, on the banking income side, we reached a new historic milestone – 1.7 billion meticais in revenue – with growth both on the net interest income side and in banking commissions, as well as in trading in our market room. On the balance sheet side, we saw a very solid growth in our deposit base with an increase of 14%, while protecting our credit portfolio”, he added.
Joel Rodrigues explained that the institution’s credit portfolio is quite healthy, as can be seen by the non-performing loan ratios, which is favourable when compared to the sector average in Mozambique. In addition to a low level of this segment, the financial institution also recorded a coverage ratio of more than 100%, which, in fact, shows that NedBank is one of the banks with a more solid balance sheet in the market.
“What contributed to all this was a proactive commercial team, which uncompromisingly defends the interests of our customers and also proactively makes sure that they have a balance sheet appropriate to their cash generation capacity. We believe that only with a very strong commercial network can we get to know our customers very well, and it will be possible to provide a service of excellence”, said Joel Rodrigues. “Nedbank Mozambique has always been on a very comfortable liquidity basis. Associated with this strong pillar, we also have a very strong capital base. Our capital ratios are 18.3%, above the 12% required from a regulatory point of view”, he added.
