Maputo, Mozambique, 12 March – Mozambican bank, Banco Internacional de Moçambique (Millennium BIM), which is majority owned by Portugal’s Millenium BCP, in 2006 posted profit of 32 million euros, the bank said in Maputo Friday.

According to Portuguese news agency Lusa, which cited the bank’s Annual Report and Accounts, the bank’s net profit for 2006 saw a rise of 237 percent against 2005.

The annual report said that the bank’s innovative financial service and products, a strong return on investment in cards and electronic banking, as well as moderate growth of operating costs also contributed

Loans offered in 2006 rose 22 percent to a total of 294 million euros, driven by an increase in consumer credit and housing loans.

Commenting on this performance, the chairman of Millennium BIM, Mário Machungo, said that the “vitality shown is based on a solid platform built year after year, in which difficulties were overcome and the basis was launched for the sustainable growth we have seen.” (macauhub)