Mozambique’s Millennium bim bank raises capital three-fold to 4.5 billion meticals

29 March 2011

Maputo, Mozambique, 29 March – Mozambican Bank Millennium bim has increased its share capital from 1.5 billion meticals to 4.5 billion meticals (US$143.7 million), in a decision taken at the General Meeting to approve accounts for 2010, the bank said in a statement published in Maputo.

In the accounts approved by the General Meeting, net profit at the end of 2010 totalled 2.4 billion meticals, which represented growth of 20.1 percent against 2009.

Customer credit posted growth of 27 percent, totalling 34.9 billion meticals, the bank’s total assets rose to 55.8 billion meticals, which was a year on year rise of 13.3 percent.

At the end of 2010, Millennium bim had a network of 126 branches, the biggest in Mozambique, and is also the bank with the biggest number of customers – some 900,000 – representing growth of 22 percent against 2009.

Millennium bim is the biggest Mozambican bank, with the biggest distribution network and geographical penetration and is present in 54 districts, and is the only retail bank in 19 of those districts. (macauhub)