Standard Bank Moçambique, a banking company headquartered in Maputo, has reported a notable 7.8 percent increase in profits in 2023, reaching a record 107.5 million euros ($115 million). Despite challenges, such as a decrease in interest-bearing assets, the bank's total revenue grew by 5 percent, amounting to $298.4 million. The bank attributed this success to its strategic effectiveness and business resilience, emphasizing a focus on asset quality amidst a restrictive monetary policy. Standard Bank Moçambique, established in 1967, operates under the ownership of Stanbic Africa Holdings Ltd, which is a subsidiary of Standard Bank Group, based in South Africa.
In line with its financial performance, Standard Bank Moçambique proposed a dividend distribution of $98 million to shareholders for the 2023 fiscal year. The bank's efforts to reform loans and recover non-performing assets yielded positive results, with non-performing loans decreasing from $41 million in 2022 to $40 million in 2023. Despite a 15.8 percent decline in net loan portfolio due to loan repayments from large corporate clients, the bank maintained a robust balance sheet and witnessed an increase in return on equity to 21.1 percent. With total assets reaching $3 billion, Standard Bank Moçambique underscores its commitment to sustainable growth and financial stability in Mozambique's banking sector.