Profits of BiG Mozambique, owned by the Portuguese Global Investment Bank (BiG), fell to 274.2 million meticais (four million euros) in 2023, according to the report and accounts seen by Lusa this Friday.
“BiG’s results in 2023 were influenced by the context of the restrictive monetary policy adopted by the Bank of Mozambique, namely the increase in reserve ratios (…) as well as the maintenance of key rates at high levels,” it said. document.
“In this context, and following the downgrade of the country’s local currency liabilities, BiG maintained prudent balance sheet management, which led to a gradual reduction in its banking portfolio, while maintaining a comfortable liquidity situation throughout the year. especially in investments in securities and other short-term securities,” he adds.
This result represents a drop in profits of just over 0.5% compared to the 275.9 million meticais (€4.05 million) recorded in 2022, according to the report.
On the commercial side, “customer savings and investment management activities have grown, with an increase in the number of intermediary transactions for clients, as well as the volume of assets under custody,” the report also notes.
BiG Moçambique was created in 2016 and its capital is majority owned (82.6%) by Banco de Investimento Global, SA, headquartered in Lisbon, whose shares are owned, among others, by Empresa Moçambicana de Seguros (11.1% ) and insurers Hollard Moçambique (2.9%) and FPTM (2.2%).
In 2023, BiG Mozambique’s financial margin fell to 348.2 million metichai (5.1 million euros), while banking revenues rose to 567.8 million metichai (8.3 million euros) and total assets rose to 4843 million metichai (71 million euros).
Customer resources (deposits) fell sharply in 2023 to almost 422.3 million metics (6.2 million euros) compared to 1.944 million metics in the previous year, while total liabilities increased to 2.570 million metics (28.5 million euros) .
According to the central bank, there are 15 commercial banks and 12 microbanks in Mozambique, as well as credit cooperatives, savings and credit institutions and others.
PVZH // SB
Lusa/The End
Author: Lusa
Source: CM Jornal
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