Mozambique’s largest bank

Mozambique’s largest commercial bank, the Millennium-BIM (International Bank of Mozambique) has announced net profits of about five billion meticais (75 million US dollars, at current exchange rates) in the 2016 financial year.

A general meeting of the bank’s shareholders, held in Maputo on Wednesday, approved the annual report and accounts, which showed that Millennium-BIM increased its deposits in 2016 by 9.7 per cent, reaching a total of 97.8 billion meticais.

The bank’s credit portfolio grew by 19.7 per cent, and reached 84.4 billion meticais. Financing of companies during the year was 68.4 billion meticais, an increase of 25.6 per cent on the 2015 figure. During the year, the bank paid the Mozambican state about 3.7 billion meticais in tax.A statement issued by Millennium-BIM on Thursday declared that the bank’s solvency ratio remains 18.8 per cent – much higher than the eight per cent demanded by the Bank of Mozambique.The bank declared that it now has about 1.6 million clients, served by around 2,500 bank workers. It remains the largest bank in Mozambique and occupies the 56th position in the ranking of the 100 largest banks in Africa.