Mozambique’s Moza Banco posts US$1.2 million in first-half profits

3 November 2009

Maputo, Mozambique, 2 Nov – Moza Banco has posted profits of 32.5 million meticais, around US$1.2 million, according to the this year’s first half accounts.

The report also highlights the return on equity (ROE) of 7.5 percent, which is a very positive figure, given that this is the bank’s first year of activity, and the 38.2 percent solvency ratio, well above the minimum considering what the Banco de Moçambique and the Basilea II agreement demand, a source close to the bank has told Macauhub.

Inaete Merali, Moza Banco’s managing director, said that these results were due to the exponential increase in the financial margin and exchange rate trade, highlighting the coverage of over 120 percent of deposits in relation to credit given.

Moza Banco was set up in 2008 in the context of the Mozambican economy’s maturity and it is believed that these levels of growth could power a new dynamism in Mozambique’s financial market, since the supply of high quality financial services has increased and therefore the areas less interesting to the banking sector will reduce. (macauhub)