Absa Bank Moçambique registers growth of 58.71TP3Q

Absa Bank Moçambique regista  um crescimento de 58.7%

Absa Bank Moçambique once again demonstrated a positive financial performance in 2023. It achieved annual net profits of 1.623 billion meticais, an increase of 58.7% over the previous year.

This performance was accompanied by a solid capital base and a robust liquidity position, allowing for increased shareholder remuneration and improved operational efficiency, according to a statement issued by the financial institution.

The bank also says that the performance was based on the continuous improvements implemented throughout 2023, investment in technology, in order to ensure the delivery of a more efficient, secure and excellent service to its Customers.

These efforts, says the bank, have resulted in a significant improvement in the efficiency ratio, from 61.8% to 59.1% in 2023, showing continuous improvement in the efficient management of resources.

As for the liquidity ratio, Absa says it stood at 33.9% and a solvency ratio of 20%, above the regulatory minimums of 25% and 13%, respectively.

The Bank's operating income grew significantly compared to the previous year, with an increase of 16.2%. This increase was driven by the growth in net interest income, which rose by 12%, and especially by the complementary margin, which saw exceptional growth of 30%.

Deposits grew by 5%, showing the confidence of customers who see Absa as the bank for their savings and investments.

The Bank's assets increased by 16.41TP3Q, an increase based on solid risk management, which allows Absa to remain committed to supporting its clients' increased activity and the growth of the country's economy.

Absa's financial performance in 2023 shows the stability and sustainability of the Bank's strategy, which allows it to strengthen its financial solidity and its relationship with its Clients year after year.

An impactful year for your employees

The Bank continued to invest in its people. It promoted their development by providing more than 33,000 hours of training. It continued to be an example of gender equality, having reached 50% of women in leadership. It continued to focus on work-life balance, adopting new tools for hybrid work efficiency.

Commitment to Sustainability

The Bank demonstrates its commitment to sustainable development in Mozambique by supporting the Maputo National Park, impacting around 180,000 families, training more than 18,000 young people with the Ready to Work program and benefiting 250 children through the Xiquitsi Project.

It also supports Mozambique Fashion Week (MFW) and the Ready for Art training platform for artists. It is firmly committed to financial literacy, reaching more than 7.4 million people. In addition, it has installed photovoltaic systems in its branches, significantly reducing its carbon footprint.

Share this article

Leave a Reply

Your email address will not be published.