Mozambican Banks Record Profits Of US$ 205 MIllion

Mozambican Banks Record Profits Of US$ 205 MIllion

Maputo, 4 Jan (AIM) – The Mozambican banking sector has recorded profits of around 13.1 billion meticais (about 205 million dollars, at the current exchange rate), influenced by an increase of 1.1 billion meticais (28.88 %) in results from foreign exchange revaluation, as well as 0.9 billion (20.29 %) from financial operations and 4.4 billion meticais (15.95%) in net interest income.

The data, which appear in the Financial Stability Bulletin for June 2022, made public recently by the Mozambican Central Bank, represent an increase of 2.2 billion meticais when compared to the same period in 2021.

“Structurally, deposits continued to be the main and most profitable source of funding for the banking sector, with a weight of 98.02 percent, with the other sources of resources having maintained a residual weight”, the document says, cited in Wednesday’s issue of the Maputo daily “Notícias”.

Regarding the structure of deposits, 58.69% correspond to demand deposits and the remainder is equivalent to the term component (39.58%) and other deposits (1.73 percent).

“In relation to the same period of 2021, time deposit and other deposits recorded increases equivalent to 20.97 percent and 51.49 percent, while demand deposits decreased by 1.41”, the Bulletin says.
(AIM)
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