Profits of Mozambique’s Millennium BIM bank to triple this year

20 September 2006

Maputo, Mozambique, 20 Sept – Profits of Millennium BIM, controlled by Portugal’s BCP financial group, are forecast to show a threefold increase this year to reach a value of euros 33 million, mainly due to increasing clients and branches, a company source has said.

BIM chairman Joao Figueiredo said yearly profits at the close of August reached euros 26 million, compared to euros 11 million for the whole of 2005.

Figueiredo told reporters in Maputo the bank boosted its number of customers from 2005 to 2006 by 22 percent to 372,000. BIM’s debit card issue rose 26 percent to 300,000 in the same period.

The bank has installed more ATMs and now has 190 nationwide, he added, and BIM is in the process of creating special welcome areas in its branches for the wealthiest 2 percent of its clients, who account for nearly 50 percent of business.

BIM plans to open 13 new banks by the end of 2007 to raise its number of branches across Mozambique to 89.

Portugal’s BCP group holds a 66 percent stake in BIM, but is seeking to reduce its holding to 51 percent, noted Figueiredo.

The Mozambican state’s 23 shareholding in BIM will be reduced to 11 percent through share transfer to bank employees. (macauhub)