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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.
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