Press Release


Millennium bim increases its Share Capital from 1,5 to 4,5 thousand million meticais

Millennium bim’s General Shareholders Meeting on March 24, 2011, decided to increase Share Capital by incorporating reserves, from 1.500.000.000,00 meticais to 4.500.000.000,00 meticais, demonstrating Shareholders trust on the Bank and on the mozambican economy.

With the Share Capital increase, reinforcing the strength and stability, Millennium bim is the only mozambican Bank listed on the 10th largest companies in the country, regarding Shareholders’ Equity. On the other hand, Millennium bim has, among the national companies operating in a free competition economic sector, the largest Shareholders’ Equity.

In line with the branch expansion strategy, Millennium bim reached 126 outlets in 2010 having the largest distribution network nationwide. The Bank is also noted for its largest number of Customers, close to 900 thousand, representing an increase of 22% compared to the previous year.

Millennium bim is thus the largest financial institution in the mozambican market in terms of dimension and geographical coverage. Millennium bim is present in 54 districts, being the only one in 19 of them, demonstrating its strong commitment on giving access to banking services for the  mozambican population.

In the accounts approved by the general meeting, net income reached, by the end of 2010, 2,4 thousand million meticais, equivalent to 52,8 million euros, representing a growth of 20,1% compared to 2009 (1,4% in euros, influenced by the metical depreciation). The Interest margin increased 34,7% (13,8% in euros) and the net operating revenue by 31,4% (11,0% in euros).

Return on Equity (ROE) was 32%, compared to 35,5% in 2009.

Total assets amounted 55.812 million meticais (about 1.288,8 million euros), representing a growth of 13,3% (7,1% in euros), compared to 2009. Loans and advances to Customers increased by 27% (20% in euros), reaching 34.982 million meticais (about 807,8 million euros) reflecting the Bank’s clear commitment to the development of mozambican economy. Deposits from Customers increased 14,5% (8,1% in euros) compared to 2009 reaching 42.906 million meticais (990,8 million euros). Past due loans ratio as a percentage on total loans increased slightly on 1,1%, with a provision coverage of de 481%.  The cost to income improved from 41,2 % in 2009 to 40,6% in 2010.

Millennium bim is the mozambican Bank with more awards and distinctions received in 2010 as a result of the recognition, from various economic and social entities, of the institution and its financial results; namely, the  “Best Corporate Social Responsability Program” and “Best Bank in Mozambique”, by Emeafinance publication under the African Banking Achievement Awards 2010;  “Best Brand on Banking”, by the multinational GFK; “Best bank in Mozambique”, by Global Finance and a distinction as “one of the 5 Best National Banks in África”, by IC Publications.

Overall, the main strategies for 2010 have been achieved with regards to improving efficiency ratios, quality of services and innovation, expanding Bank’s business base and maximizing its profitability.