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Apr 24, 2024

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Moza Banco marks second consecutive year of positive growth

In a testament to its sustained growth trajectory, Moza Banco has announced positive results for the second consecutive year. The affirmation came during the Ordinary General Meeting of Shareholders convened on April 16, 2024, where the Management Report and Financial Statements for the 2023 fiscal year were greenlit.

Despite navigating a challenging economic landscape marked by global economic fluctuations and tightening monetary policies, Moza Banco’s 2023 Financial Statements have bolstered market confidence, solidifying its position as a key player. Amidst its fifteenth-anniversary celebrations, the bank remained steadfast in its commitment to empowering families and businesses, extending loans totaling approximately 5.2 billion meticais.

The institution’s resilience and adaptability shone through, evidenced by a 22.5% surge in customer deposits, reflecting a deposit portfolio increase of 7.8 billion meticais. Chairman of the Board of Directors, João Figueiredo, reported a notable 24% growth in assets, reaching 11.3 billion meticais, with operating profits soaring by 39%, an upswing of 634 million meticais compared to the previous year. Strategic initiatives aimed at enhancing operational efficiency bore fruit, as evidenced by a reduction in the cost-to-income ratio to 66.8%, down from 74.3% in 2022. These measures contributed to a net profit of 102 million meticais, marking a 13% increase from 2022.

Moza Banco’s commitment to prudential standards remained unwavering, with robust solvency and liquidity ratios exceeding regulatory requirements. Noteworthy was the decrease in non-performing loans ratio to 11.2%, attributed to reinforced risk management and loan recovery policies. Aligned with its strategic plan, the bank underwent a strategic capital increase of 1.2 billion meticais, fortifying its balance sheet and signaling confidence in future growth prospects, as affirmed by the Board Chairman.

Embracing digital transformation, Moza Banco introduced innovative initiatives such as Moza Connect and the 3D Secure security system, setting new benchmarks in customer connectivity and security. Recognized for its commitment to its workforce and the community, Moza Banco was honored as one of the best institutions to work for in Mozambique for the second consecutive year and received the esteemed Local Content Bank Award.

For more information on Moza Banco visit www.mozabanco.co.mz

 

 

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