Banking on insolvency

Good afternoon. Disappointing financial results at Moza Banco and Millennium Bim, two of Mozambique’s biggest and most important banks, will add to the gloomy picture for the public finances. Moza Banco last week reported a net loss of about $1.4m in metical equivalent for 2024, while Bim reported that net profit last year declined to just under $52m, less than half of the $112.6m profit in 2023.

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Behind the insurgent attacks on the Niassa Special Reserve

Intelligence reports suggest that around 100 insurgents are now stationed in the mountains in Niassa province, after 40-50 attacked a hunting camp last month

Zitamar NewsFernando Lima

From the Zitamar Live Blog:

Zitamar Mozambique Live Blog

💥 Islamic State (IS) has provided evidence, for the first time, that insurgents it supports have killed Rwandan troops in Mozambique. The terrorist group has released photos following an attack on a Rwandan army patrol on 3rd May in the village of Notwe, in the Mocímboa da Praia district of Cabo Delgado. According to an IS statement, insurgents used machine guns, killed three soldiers, wounded two others and seized two rifles. IS released images showing at least one body dressed in a Rwanda Defence Force (RDF) uniform alongside the captured rifles, marking the first time insurgents have provided photographic evidence of RDF casualties in their claims. Previous IS statements, while they claimed Rwandan troops had been killed, did not include visual confirmation. Local sources also reported that IS fighters kidnapped five children during the raid and looted various goods from the village.

Telegram

These results demonstrate the extent of the economic damage done by the election-related protests in the second half of last year. The banking industry had until then outperformed some other industries in Mozambique, but it has not been immune from the general slowdown in economic activity caused by the demonstrations and violence. BCI, another major Mozambican bank, which has yet to report results, is rumoured to have also seen a fall, although Standard Bank is thought to have grown profits last year.