Standard Bank Mozambique recorded a net profit of 3.9 billion meticals (60.5 million dollars) in the first six months of this year, representing an increase of 3 per cent compared to the profit of 3.8 billion meticals recorded in the same period of 2023, according to Further Africa.
According to a report released by the institution, by 30 June the bank had total assets of 168.8 billion meticals, while liabilities grew by 9.7% to 135 billion meticals.
“Standard Bank is one of the three banks considered systemic by the BoM (Bank of Mozambique), with an average score of 182 points,” said the document.
In 2023, the bank’s profits increased by 7.8 per cent, reaching a “record” of 7.3 billion meticals, a financial performance driven by the “effectiveness” of the strategy and the “resilience of the business”.
“Our total revenue grew by 5 per cent, from 18.2 billion meticals in 2022 to 19.1 billion meticals last year,” revealed Standard Bank’s general manager, Bernardo Aparício, at the time.
Aparício explained that the bank’s “proportion of interest-bearing assets” “fell dramatically” last year, from 84 per cent to 68 per cent, “following the adjustment of the mandatory reserves coefficient”, which was increased in 2023 by decision of the central bank.
“Our balance sheet remains strong and very liquid.Given last year’s restrictive monetary policy, the sector as a whole had weak growth in terms of assets.In this context, we remain focussed”
“Our balance sheet remains strong and very liquid. Given last year’s restrictive monetary policy, the sector as a whole experienced weak growth in terms of assets. In this context, we remain focussed,” he said.
The director pointed out that Standard Bank ended the year with 2,364 employees, recalling that the bank’s net loan portfolio fell by 15.8 per cent due to the “repayment” of loans from some “large corporate clients”.
“Return on equity grew from 20.6 per cent in 2022 to 21.1 per cent last year, the result of greater efficiency, and net interest income rose from 8.8 per cent to 9.8 per cent, despite the transformation rate falling from 36.5 per cent to 32.5 per cent. The bank’s total volume of loans and advances to customers fell in 2023 to 34.3 billion meticals,” he emphasised.
The bank ended 2023 with total assets of 158.9 billion meticals, while equity increased to 35.8 billion meticals and liabilities grew to 123.1 billion meticals.
“Standard Bank Moçambique is a private bank founded in 1967 and based in Maputo.
Its parent company and majority shareholder is Stanbic Africa Holdings Limited, an investment bank incorporated in the United Kingdom, which holds a stake equivalent to 98.15 per cent of the share capital and is wholly owned by the Standard Bank Group. The remaining 1.85 per cent of the capital of the Mozambique branch is held by minority shareholders.”
