Mozambican bank Millennium bim, majority-owned by the BCP group, posted a 40.5 percent rise in net profit in 2021, according to a report and accounts consulted today by Lusa.
The result rose from 5.3 to 7.4 billion meticals (110 million euros) due to “favorable evolution of net interest income, net commissions and capital gain from the sale of 70% stake in the capital of Seguradora Internacional de Moçambique” to Fidelidade, the document said.
The bank also highlights the “reduction of credit impairment from 2.4 billion meticais (35.8 million euros) to 300 million meticais (4.5 million euros).
“This reduction reflects the prudence that the bank had in 2020 in the face of a more complex economic context, which essentially consisted of penalizing profitability and strengthening the robustness of the balance sheet,” the report says.
In other indicators, the institution maintains “comfortable levels of solvency, settling at 44.8% in 2021 compared to 43.9% in the previous year,” i.e. more than three times above the regulatory minimum.
The bank also points out that mobile access platforms were again “a channel of choice for customers” with an increase in subscriptions of 36% to 267% within the range of applications available.
Millennium bim has 1.8 million customers, 199 branches and 2,500 employees, and is the main of the three systemic banks in the Mozambican financial system (according to the latest update from the central bank), followed by BCI (from CGD and BPI), which in 2021 almost doubled its net income.
Standard Bank, the system’s third structural bank recorded a 9.8% drop in net income.
The Mozambican economy grew 2.16% in 2021, after a contraction of 1.28% in 2020.019.