Mozambican banking sector reports positive results in 2016

Mozambican bank Banco Único reported a net profit of 440 million meticais (US$6.16 million) in 2016, according to a report published in Mozambican weekly newspaper Savana.

“We have achieved a historic and meaningful milestone, with a net result that is 3.7 times higher than in 2015,” said the Chairman of the Board of Directors, Abdul Osman, adding that “Banco Único is increasingly a benchmark in the market, and is now the fifth largest bank in Mozambique.”

South African bank Nedbank, which had a 38.3% stake in Banco Único, started out with 50% plus one share of the bank, according to the documents – which is equivalent to 1.3 billion meticais of subscribed capital.

Gevisar SGPS, a partnership between Portugal’s Visabeira and Corticeira Amorim, which also had a 38.3% stake, reduced it in 2016 to 30.2% – the subscribed capital now stands at 798 million meticais.

Banco Terra Moçambique also achieved positive results in 2016, amounting to 12 million meticais (US$168,000), “representing growth of about 120% compared to 2015,” said the statement sent to Macauhub.

Banco Terra Moçambique’s shareholders, according to its website, are Rabobank, a banking cooperative in the Netherlands, Norfund – Norwegian Investment Fund for Developing Countries, Montepio Holding, which is part of Montepio Geral – Associação Mutualista Portuguesa and Gapi, a Mozambican development finance institution.

Source: Macauhub

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