The Bank of Mozambique has removed its resident inspector from Standard Bank due to improvements in risk culture and governance. Despite this change, the bank will remain under regular supervision. Recent financial results show a 9.5% profit increase for Mozambique’s top banks, highlighting sector strength and resilience.
The Bank of Mozambique has removed its resident inspector from Standard Bank, attributing this change to the substantial improvements the bank has made in its risk culture, governance, and internal controls. This decision follows effective cooperation between Standard Bank and its shareholder, signifying progress in institutional standards of governance.
Despite the removal of the resident inspector, Standard Bank will continue to be monitored under the same regulatory framework as other banks in Mozambique. The central bank confirmed that this supervision is part of normal procedures conducted across the banking sector.
On October 14, 2024, the Bank of Mozambique initially appointed Cláudio Júlio Mangue as the resident inspector at Standard Bank to ensure ongoing and impartial oversight of credit institutions and to uphold customer interests alongside systemic financial stability.
In addition to Standard Bank, the Bank of Mozambique has previously appointed resident inspectors for several other banks such as Banco Comercial e de Investimentos (BCI) and Millennium – Banco Internacional de Moçambique (BIM). In 2024, these banks, alongside Standard Bank, continue to be classified as systemic by the central bank.
Recent financial data indicates that the profits of Mozambique’s five largest banks increased by 9.5% in the first half of 2024, surpassing 12.43 billion meticais (around €179 million), with Standard Bank leading in profitability. This reflects a significant rise from net profits of 11.36 billion meticais (€162.8 million) during the same period in 2023.
The reported profits encompass several banks, including Standard Bank, BCI, Millennium BIM, Moza Banco, and Absa. This financial performance highlights the ongoing growth and resilience of the banking sector in Mozambique.
The Bank of Mozambique’s decision to remove its resident inspector from Standard Bank underscores the progress made by the bank in enhancing its internal governance. Standard Bank will still be subject to routine oversight. The profitability of the banking sector reflects the financial strength of the institutions amid increasing regulatory scrutiny.
Original Source: clubofmozambique.com
