{"id":60646,"date":"2024-05-11T17:49:40","date_gmt":"2024-05-11T17:49:40","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/fnb-mozambique-profits-fell-75-in-2023"},"modified":"2024-05-11T18:37:05","modified_gmt":"2024-05-11T18:37:05","slug":"fnb-mozambique-profits-fell-75-in-2023","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/fnb-mozambique-profits-fell-75-in-2023","title":{"rendered":"FNB Mozambique profits fell 75% in 2023"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>FNB Mozambique, a bank owned by South Africa\u2019s FirstRand group, last year saw its net profits fall by 75% from the previous year\u2019s figure, to 49.3 million meticais (\u20ac717,000), according to the report and accounts consulted on Tuesday by Lusa, with the institution describing the results as \u201cacceptable.\u201d<\/p>\n

The bank\u2019s \u201cprofit reduction\u201d in 2023, the report says, was \u201cmotivated by the significant increase in regulatory mandatory reserves [minimum reserve requirements]\u201d, mandated by the Bank of Mozambique, as well as by \u201cthe increase in credit impairment resulting from the deterioration of the risk classification of the country, [interbank network] system migration costs aimed at complying with regulatory requirements, strategic projects and brand repositioning costs\u201d.<\/p>\n

\u201cThe bank\u2019s board of directors and management remain enthusiastic about the Mozambican market, and believe that the bank\u2019s evolution will guarantee sustainable profitability in the long term,\u201d the FNB Moc\u0327ambique management report for 2023 also comments.<\/p>\n

In 2022, FNB, which has just over 450 employees and 15 branches, had presented net results of 197.4 million meticais (\u20ac2.8 million).<\/p>\n

FNB Mozambique, 99.99% owned by FirstRand EMA Holdings, closed 2023 with total assets that grew to 25,116 million meticais (\u20ac365.3 million), including 5,746 million meticais (\u20ac83.5 million) in customer loans, while liabilities grew to 21,534 million meticais (\u20ac313.2 million), namely 20,804 million meticais (\u20ac302.6 million) in customer deposits.<\/p>\n

The bank\u2019s equity capital grew last year to 4,657 million meticais (\u20ac67.7 million).<\/p>\n

Data from the central bank indicate that 15 commercial banks and 12 micro-banks operate in Mozambique, as well as various credit cooperatives and savings and credit organizations, among others.<\/p>\n

For More News And Analysis About Mozambique<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mozambique. FNB Mozambique, a bank owned by South Africa\u2019s FirstRand group, last year saw its net profits fall by 75% from the previous year\u2019s figure, to 49.3 million meticais (\u20ac717,000), according to the report and accounts consulted on Tuesday by Lusa, with the institution describing the results as \u201cacceptable.\u201d The bank\u2019s \u201cprofit reduction\u201d […]<\/p>\n","protected":false},"author":84,"featured_media":60645,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,281,283],"class_list":["post-60646","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"\nFNB Mozambique profits fell 75% in 2023 - Mozambique<\/title>\n<meta name=\"description\" content=\"FNB Mozambique, a bank owned by South Africa\u2019s FirstRand group, last year saw its net profits fall by 75% from the previ ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/fnb-mozambique-profits-fell-75-in-2023\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FNB Mozambique profits fell 75% in 2023\" \/>\n<meta property=\"og:description\" content=\"FNB Mozambique, a bank owned by South Africa\u2019s FirstRand group, last year saw its net profits fall by 75% from the previ ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/fnb-mozambique-profits-fell-75-in-2023\" \/>\n<meta property=\"og:site_name\" content=\"Mozambique\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-11T17:49:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-11T18:37:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2024\/05\/sm_1715436172.723623.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1106\" \/>\n\t<meta property=\"og:image:height\" content=\"698\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/fnb-mozambique-profits-fell-75-in-2023#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/fnb-mozambique-profits-fell-75-in-2023\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"FNB Mozambique profits fell 75% in 2023\",\"datePublished\":\"2024-05-11T17:49:40+00:00\",\"dateModified\":\"2024-05-11T18:37:05+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/fnb-mozambique-profits-fell-75-in-2023\"},\"wordCount\":261,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/fnb-mozambique-profits-fell-75-in-2023#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2024\/05\/sm_1715436172.723623.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mozambique\",\"Mozambique\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/fnb-mozambique-profits-fell-75-in-2023#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/fnb-mozambique-profits-fell-75-in-2023\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/fnb-mozambique-profits-fell-75-in-2023\",\"name\":\"FNB Mozambique profits fell 75% in 2023 - 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