Mozambique: Mozambican Banks Produce Profits of U.S.$205 Million

  • Posted on: 18 January 2023
  • Updated on: 18 January 2023
  • By: radmin

The Mozambican banking sector has recorded profits of around 13.1 billion meticais (US$205 million) with an increase of 1.1 billion meticais (28.88 per cent) from foreign exchange revaluation, as well as 0.9 billion (20.29 per cent) from financial operations and 4.4 billion meticais (15.95 per cent) 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 per cent, with the other sources of resources having maintained a residual weight", the document says, cited in the Maputo daily newspaper "Noticias" on 4 January.

Regarding the structure of deposits, 58.69 per cent correspond to demand deposits with the remainder equivalent to the term component (39.58 per cent) and other deposits (1.73 per cent).

"In relation to the same period of 2021, time deposit and other deposits recorded increases equivalent to 20.97 per cent and 51.49 per cent, while demand deposits decreased by 1.41 per cent", the Bulletin says.

Source: All Africa