Banco Internacional de Moçambique (Millennium bim), one of the country's leading financial institutions, recorded a profit of 3.3 billion meticais in the 2024 financial year, compared to the 7.2 billion achieved the previous year, which means a drop of almost 50%.

According to the document released by the bank and to which the MZNews had access to, this result was influenced by several factors, including the significant recovery of a credit exposure in 2023, which led to the reversal of 2.6 billion meticais in impairments, with a positive impact on the result for the year, as well as the increase, in 2024, of 2.1 billion meticais in impairment costs for public debt, as a result of the downward revision of the rating of state issues in national currency.

"Without the effect of these extraordinary factors, Millennium bim would have achieved in 2024 a net profit equivalent to that of the previous year, demonstrating the solidity of its operating performance," the note reads.

Even so, Millennium bim's management highlighted the bank's resilience and solidity, even in the face of a challenging economic scenario, attributing this success to effective management, rigorous governance and strict compliance with regulatory standards.

In the same financial year, the bank reported a solvency ratio of 36.7%, well above the regulatory minimum of 12%. This indicator, according to Millennium bim, "reflects the robustness of the Bank's equity and its ability to withstand economic challenges, maintaining a strong and stable position in the Mozambican banking sector".

In addition, in the period under review, the continued expansion of its customer base saw growth of 7%, reaching 2.1 million. Digital customers grew by 8%, accounting for 44% of the total, confirming the success of the digital transformation strategy. Meanwhile, customer resources grew by 7%, driven by a 18% increase in demand deposits, reflecting an increase in customer attachment to the bank.

O Millennium bim a few days ago, the Bank of Mozambique (BdM) ranked Millennium third among the three domestic institutions of systemic importance in the country with 175 points. This ranking, published annually, underlines Millennium's crucial role in the Mozambican financial system, reflecting not only its financial strength, but also its significant contribution to the stability of the national banking system.

(Photo DR)