Mozambique’s Moza Banco expects profits of US$2 million in 2009

17 September 2009

Maputo, Mozambique, 17 Sept – Mozambican bank Moza Banco, a financial institution with capital from Macau, operating in Mozambique since June of last year, expects to post profit of US$2 million in 2009, according to a statement from the bank.

The statement said, however, that this result could only be reached, “if the conditions of the financial market are maintained, if the current level of provisions does not change and if the shareholders support the attraction of new customers and business.” ”

Between December 2008 and February of this year, Moza Banco posted profits of US$700,000, but due to expenses due to starting new projects, the 2008 financial year posted an operating profit of around US$1 million.

In order to deal with its expansion plan for 2009 the bank is analyzing the possibility of increasing its capital to US$20 million.

When Moza Banco opened in Maputo it had starting capital of US$10 million, but in December of 2008 that was increased to US$15 million.

The bank’s main shareholders are Moçambique Capitais, which has a 51 percent share and Geocapital, a company owned by Stanley Ho and Jorge Ferro Ribeiro, with 49 percent.

Moçambique Capitais also owns 51 percent of Moza Capital, a financial institution which will be opened Thursday in the presence of the governor of the Bank of Mozambique, Ernesto Gove. (macauhub)