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Portuguese BiG Bank in Mozambique with profits of 4 million in 2023
The profits of BiG Moçambique, from the Portuguese Global Investment Bank (BiG), fell to 274.2 million meticais (four million euros) in 2023, according to the report and accounts consulted today by Lusa.
© Lusa
Economia BIG
"BiG's performance in 2023 was influenced by the context of restrictive monetary policy adopted by the Bank of Mozambique, namely the increase in mandatory reserve coefficients (...), as well as the maintenance of high interest rates", the document reads.
"In this context, and following a downgrade of the country's responsibilities in local currency, BiG maintained a cautious management of the balance sheet, which resulted in a gradual reduction of its banking portfolio, in parallel with the maintenance of a comfortable liquidity situation throughout the year, namely in applications with the Central Bank and other short-term securities", it adds.
According to the report, this performance represents a drop in profits of just over 0.5%, compared to the 275.9 million meticais (4.05 million euros) recorded in 2022.
In commercial terms, "the activity of customer services in the management of savings and investments showed growth, with an increase in the number of intermediation operations for customers, as well as in the amount of assets under custody", the report also notes.
BiG Mozambique was established in 2016 and its capital is mostly held (82.6%) by Banco de Investimento Global, S.A., headquartered in Lisbon, also counting, among others, with participations from 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 meticais (5.1 million euros) and banking income grew to 567.8 million meticais (8.3 million euros), while total assets grew to 4,843 million meticais (71 million euros).
Customer resources (deposits) fell sharply in 2023, to almost 422.3 million meticais (6.2 million euros), compared to 1,944 million meticais in the previous year, and total liabilities grew to 2,570 million meticais (28.5 million euros).
According to data from the central bank, 15 commercial banks and 12 microbanks operate in Mozambique, in addition to credit cooperatives and savings and credit organizations, among others.
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