Banks in Mozambique have been "real money-making machines". And without much margin for error, it can be said that it has been one of the most profitable businesses, despite the adverse scenarios that the economy has gone through time and time again.
This is what this sector has been demonstrating through the reports and accounts presented in recent days.
After last week's publication of Nedbank's positive results, with quite remarkable growth, this week it was Absa Bank's turn to call the press to show the institution's financial performance for the first half of 2023.
Absa bank saw its profits rise 110% to 779.6 million Meticais compared to 370.4 million Meticais in the same period of 2022.
In terms of capital assets, the results are equally encouraging. As of June 30, the financial institution had a total of 81,810 million Meticais, compared to 66,077 million Meticais in the same period last year.
Total liabilities closed the first half of this year at 71,896 million meticais, including 56,700 million meticais in customer deposits, which compares with 57,065 million meticais at the end of 2022.
In Mozambique, Absa Bank employed a total of 663 people at the end of 2022 and closed the year with a 10% share of total banking customers in the country and 8.4% of deposits.
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