Africa-Press – Mozambique. Millennium bim concluded the 2024 financial year reaffirming its financial strength, evidenced by a solvency ratio of 36.7%, well above the regulatory minimum of 12%. This indicator reflects the robustness of the Bank’s equity and its capacity to withstand economic challenges while maintaining a strong and stable position in Mozambique’s banking sector.
Commercial activity dynamics
In 2024, the Bank continued to expand its customer base, achieving a 7% growth to reach 2.1 million clients. Digital customers grew by 8%, representing 44% of the total, confirming the success of the Bank’s digital transformation strategy.
Customer Funds grew by 7%, driven by an 18% increase in demand deposits, reflecting stronger customer engagement with the Bank.
Gross Customer Loans registered a 2% growth, boosted by a 22% increase in consumer loans. This growth resulted from the expanding customer base and the offer of attractive, segmented credit solutions focused on enhancing customer experience.
The Non-Performing Exposures (NPE) ratio has fixed in 5.1% in 2024, improving from 5.3% in 2023, reflecting the Bank’s continued improvement in asset quality.
Operational resilience in a challenging environment
In a year marked by macroeconomic and social challenges, Millennium bim demonstrated great operational resilience. Despite a significant drop in interest rates throughout the year, the financial margin grew by 1% year-on-year. Additionally, despite operational limitations during the fourth quarter resulting from a period of social tension, net fees and commissions increased by 1%, benefiting from higher customer transaction volumes.
Operating costs totalled 9.083 million Meticais, a 4.4% increase compared to the same period last year, reflecting investments in modernizing the branch network and a 6.7% increase in staff costs, in line with the Bank’s strategy of valuing and retaining human capital.
Net profit influenced by extraordinary factors
Millennium bim recorded a net profit of 3.309 million Meticais in 2024, compared to 7.211 million Meticais in the previous year. This variation was influenced by extraordinary factors, namely:
A significant credit exposure recovery in 2023, which led to the reversal of 2,6 billion Meticais in impairments, with a positive impact on that year’s result;
An increase, in 2024, of 2,1 billion Meticais in impairments for public debt, resulting from the downgrade in the rating of the State’s local currency bond issues.
Without the effect of these extraordinary factors, Millennium bim would have achieved a net profit in 2024 equivalent to that of the previous year, demonstrating the solidity of its operational performance.
Commitment to strength, innovation, and sustainable development
Millennium bim reaffirms its position as a driver of innovation and sustainable development in Mozambique, consolidating its role as a strategic partner for Families and Businesses. With a continuous commitment to modernization and financial inclusion, the Bank remains at the forefront of the sector, offering innovative solutions that drive economic growth and strengthen market confidence.
About Millennium bim
Millennium bim stands out for its consistent growth and innovation in the Mozambican banking sector, with a customer-focused strategy. The Bank has an extensive network of branches nationwide (195), including in rural areas (63), reinforcing its role in promoting financial inclusion. This solid physical presence, combined with excellent digital services, is reflected in the widespread use of Mobile and Internet Banking platforms by more than 70% of our customers. In line with the commitment to providing an innovative and efficient banking experience, Millennium bim introduced a new generation of branches equipped with advanced technology, offering customers full autonomy with services available 24 hours a day. Recognized as the country’s most awarded bank, it continues to feature among the 100 largest Banks in Africa and remains the top-ranked bank in Mozambique, reaffirming its leadership and commitment to excellence.
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