The Nedbank group again achieved a positive financial performance in 2023, despite the challenging macroeconomic environment.

This year, net profits increased by 11% to 15.7 million rand, according to figures released yesterday in Maputo by the financial institution.

The good economic performance was driven by a robust operating result, which grew by 15%, and prudent cost management, explains Terence Sibyl, Chief Executive Officer of the Nedbank Group.

Turning to the domestic market, Joel Rodrigues, CEO of Nedbank Mozambique, declined to reveal financial figures, but stressed the great contribution that the Mozambique subsidiary had made to achieving continental results.

"With regard to Nedbank Mozambique, unfortunately I can't yet share financial metrics because the board meeting hasn't taken place yet, but what I can share is that it was a very positive year for the bank and I think that 2023 will be another year of celebration, both internally and externally," he said.

Regarding the increase in mandatory reserves last year by the central bank, Joel Rodrigues said that the bank has always preferred to have more than enough liquidity to manage its balance sheet. "We found it very easy to accommodate these increases that happened last year," he explained.