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Profits of Mozambique’s Three Largest Banks Up 4.2% in H1 to 10.6B Meticals, Standard Bank Leads

Profits of Mozambique’s Three Largest Banks Up 4.2% in H1 to 10.6B Meticals, Standard Bank Leads

The profits of Banco Comercial e de Investimento (BCI), Millennium bim and Standard Bank Moçambique, the three largest Mozambican banks, stood at 10.6 billion meticais in the first half of this year, compared to 10.2 billion in the same period in 2022, representing growth of 4.2%.

According to the data compiled today, Thursday (17), by Lusa from the financial statements for the period from January 1 to June 30 of those banks, which represent around 70% of the country’s banking market, the three together added up profits equivalent to 58.5 million per day.

Standard Bank Moçambique (of the South African group Standard Bank) led the way in terms of profits in the first half of the year, with a net profit for the year of more than 3.8 billion meticais, corresponding to 17.3%, followed by BCI, with 3.4 billion meticais and Millennium bim, with almost 3.3 billion meticais.

Meanwhile, the volume of deposits held by Mozambique’s three largest banks fell by 4.1% between December 31 and June 30, to around 265.7 billion meticais, while total assets grew slightly, by almost 1%, to more than 362.3 billion meticais and liabilities increased by 2.5%, to 304.3 billion meticais.

The Bank of Mozambique (BdM) announced in April that these three banks remain systemically important credit institutions, as was the assessment made in 2022.

The result of the assessment, which the central bank must publish annually by the end of April, states that in the ratio that measures importance to the sector, labeled D-SIB, BCI tops the list with 253 points, followed by Millennium bim with 238 and Standard Bank with 131.


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