The wave of good results continues at Nedbank Moçambique. The financial institution "fattened" 19%, to 402 million Meticais compared to the 338 million Meticais recorded in June 2022.

The CEO of Nedbank Moçambique, Joel Rodrigues, speaks of a trend of continuity in the bank's recent results.

And it's important to note that "this represents almost three times the results generated in June 2021. So we're continuing to grow from an already solid base of results."

On the deposits side, the head of Nedbank Moçambique said that the bank had achieved "very solid growth, around 14% and, at the same time, "protecting our credit portfolio, which is also stabilized and, above all, healthy".

This performance was possible thanks to a very proactive sales team. "We believe that only with a very strong sales network that knows our customers very well can we provide quality service," said Joel Rodrigues during the presentation of the bank's financial results.

In addition, the bank's accounts for the first half of 2023 reveal that the institution is increasingly strong and solid, with a capital ratio of 18.3% above the 12% regularly required by the Bank of Mozambique.

Similarly, in terms of liquidity, Nedbank says it is well positioned, despite the recent increase in mandatory deposit reserves by the Central Bank.

"This hasn't caused us any great inconvenience, but naturally, in terms of profitability, we're still digesting the effect of this monetary policy measure, which we understand," said Joel Rodrigues.

Returning to the credit portfolio, and looking specifically at the figures, the bank says that it currently has 12.5 billion Meticais and around 40,000 customers.

However, when it comes to granting credit, it is the private sector that has received the most attention from the bank, especially small and medium-sized enterprises.

"Our credit exposure to civil servants I would say is immaterial. In other words, it's less than 5%. It's a new area, it's naturally a segment we want to have some presence in, but it's not our focus. Our focus and our essence is to serve the Mozambican business community, to serve our clients," said Rodrigues.

The bank's positive results also extended to the level of non-performing loans. This is around 6%, all covered at 100% by the company's financial strength.