Banco Internacional de Moçambique
Following its 2001 merger with Banco Comerical de Moçambique, Banco Internacional de Moçambique became Mozambique’s largest banking group in terms of assets, branch network and diversity of products and services. This dominance is an advantage in seizing the opportunity presented by the country’s double-digit economic growth and ongoing moves to reform the financial sector. But with the arrival of foreign banking institutions in the market, size alone is no insulation from competition.
Reporting a 57% increase in net profits to 201.6bn meticais ($8.2m) in 2004, Banco Internacional de Moçambique has been anything but idle. Amid rapid economic development, the bank has been quick to respond to changes in customer needs, investing in technology such as telephone and internet banking while innovating the product mix.
The judges also noted the bank’s steps to improve governance and internal control, a move backed up by ongoing training of its staff to cope with the rapid changes in the country’s financial system.
A strong increase in Tier One capital in 2004, allied with improving performance measures such as the falling cost-to-income ratio, down to 78% in 2004 from 88%, and NPL ratio, down from 17.5% to 9.4%, suggests a strong platform for growth.
