The profits of First National Bank (FNB) Mozambique, part of the South African group FirstRand, fell by 44.7% in the first half, compared to June 2022.

According to the financial statements, FNB posted consolidated profits of 41.1 million meticais during the first half of 2022 and, in the same period this year, the figure fell to 22.7 million meticais.

Meanwhile, according to Lusa, despite the negative consolidated profits, the bank's total assets rose from 19.6 million meticais to almost 24.9 million meticais in the period under review and its liabilities also increased, rising from 16.9 million meticais to 21.9 million meticais, with 20.9 million meticais relating to deposits and current accounts.

FNB has been operating in Mozambique since 2007 and is owned by FirstRand, which is Africa's largest financial group by market capitalization and one of the largest institutions listed on the Johannesburg Stock Exchange, operating in 11 African countries, as well as England, the United Arab Emirates, India and China.

According to data from the central bank, Mozambique has 15 commercial banks and 12 micro-banks, as well as credit cooperatives and savings and credit organizations, among others.