United Bank for Africa (UBA) recorded profits of 969.2 million meticais (approximately $15 million) in Mozambique in 2024, representing a 37.9% increase compared to the 702.8 million meticais (around $10.9 million) reported the previous year.
“This performance was driven by the expansion of banking product revenue, leveraged by an increase in the securities portfolio, reflecting growth in customer deposits and an efficient resource allocation strategy,” states a bank document cited by Lusa.
According to the statement, based on this performance, UBA decided to distribute 377 million meticais ($5.8 million) in dividends to shareholders, allocating the remainder to reserves. During the reporting period, the bank’s total customer base also grew from 20,000 to 23,000, while the number of employees increased to 131 across its five business units in the country.
“The results and financial ratios achieved demonstrate the bank’s prudent approach to liquidity management, lending, deposit portfolio diversification, and investments made throughout the year in infrastructure,” the document reads.
UBA is one of the largest pan-African banks, and its Mozambique branch ended 2024 with a 63.9% increase in total assets, reaching 15 billion meticais. Customer deposits rose by 121% to 10.4 billion meticais, while liabilities grew to 11 billion meticais.
Data from the central bank indicate that Mozambique currently has 15 commercial banks and 12 microbanks, in addition to credit cooperatives and savings and credit organizations.
Source: Diário Económico
