Mozambique Banks’ Profits Surge by 6% to $356.7 Million

Mozambique’s top banks, two of which are led by two Portuguese-owned entities, saw profits rise by nearly 6 percent in 2023 to approximately 22,770 million meticais ($356.7 million). Banco Comercial e de Investimentos (BCI), headquartered in Mozambique and majority-owned by Caixa Geral de Depósitos, topped the profit charts with 8,181 million meticais $128 million, marking a 1.28 percent increase from 2022. Standard Bank Mozambique, a subsidiary of the South African group, followed with a 7.8 percent profit growth to $115.1 million, while Millennium BIM, led by the Portuguese group BCP, recorded an 8.2 percent profit increase to $112.3 million. Despite challenges like increased reserve requirements by the Bank of Mozambique, these banks collectively marked a 5.7 percent profit growth from the previous year.

BCI, with a share capital of 10 billion meticais $149.9 million, holds Caixa Participações 51 percent, part of Caixa Geral de Depósitos, as its largest shareholder. Millennium BIM, with a share capital of $68.8 million, is predominantly owned by BCP Africa 66.69 percent. Standard Bank Mozambique, established in 1967 with headquarters in Maputo, operates under Stanbic Africa Holdings Ltd, which holds 98.15 percent of its shares, with the remaining 1.85 percent owned by minority shareholders.