Standard Bank Mozambique posted net profit of US$44.5 million in 2014, an increase of 27 percent over 2013, said the commercial bank in a statement sent to Macauhub in Maputo.
Registering growth of 12 percent in the value of assets, to US$1.389 billion, Standard Bank increased its loan portfolio by 21 percent, reaching US$645.4 million, a reduction of impairments (40 percent) the loss ratio of which stood at 0.84 percent.
With an increase of 17 percent in equity (US$224.2 million), the bank saw customer deposits expand 8 percent, to US$1.082 billion, and the bank’s expenses increased 17 percent compared to 2013, “a reflection of the level of investments” carried out “to strengthen its competitive position” and its human resources.
Headquartered in Johannesburg, South Africa, Standard Bank Group in 2014 marked its 120th anniversary of operations in Mozambique, a market where 19 commercial banks currently operate. (macauhub/MZ)