Mozambique: BCI bank sees 2022 profits skyrocket 55% to €113.3M

Login

Register

http://www.clubofmozambique.com/

Mozambique: BCI bank sees 2022 profits skyrocket 55% to €113.3M

6:10 CAT | 14 Jul 2023

File photo: O País

The profits of Banco Comercial e de Investimentos (BCI), the largest in Mozambique and led by Portuguese state-owned Caixa Geral de Depósitos bank, soared 55% in 2022, to 113.3 million euros, according to the report and accounts, consulted by Lusa on Thursday.

In the message contained in the document, BCI’s management states that despite the “adverse scenario”, the bank maintained “market leadership”, reaching almost 2.2 million customers, “after investing in improving service, consolidating activity and generating value for customers, society, the country and shareholders”.

It also emphasises that BCI, with 2,712 employees and 211 branches across the country, “remains the largest bank operating in the Mozambican financial system”, in terms of business volume (credit and deposits) and assets.

“In 2022, its market share stood at 24.25% in credit, 25.41% in deposits and 23.68% in assets,” it said.

According to the report and accounts, at the end of 2022, BCI presented a net profit for the year of 8,078 million meticais (113.3 million euros), an increase of 55.25% compared to profits of 5,203 million meticais (72.9 million euros) in 2021 and which also compares with 2,671 million meticais (37.4 million euros) in 2020.

The 2022 performance is justified in the document with “positive and negative extraordinary effects”, referring to last year and previous years.
BCI has a share capital of 10 billion meticais (140 million euros), in a shareholder structure led (51%) by Caixa Participações, of the Caixa Geral de Depósitos (CGD) group, also counting on the Portuguese bank BPI (35.67%), also directly by CGD (10.51%), among others.

The board decided to apply 30% of the 2022 profits in legal reserves, equivalent to more than 2,423 million meticais (€34 million), distributing the remaining 70%, more than 5,654 million meticais (€79.3 million), in dividends to shareholders.

BCI’s total assets increased by 8% in 2022 to 202.7 billion meticais (2.844 billion euros), loans to customers fell by 6.29% to 70.718 billion meticais (992 million euros), and customer resources (deposits) increased by 8.38% to 158.848 billion meticais (2.229 billion euros), while the ratio of non-performing loans (over total) increased by 0.22 percentage points to 14.43%.

“In the employee ratio, we remain firm in our commitment to Mozambican staff, in the order of 99.4%, whose proportion, in senior management positions, reaches 94%, which signals BCI’s commitment to the development and enhancement of local human capital, materialising in practice its brand image as a bank with a markedly Mozambican culture”, concludes the management message in the document.

Source: Lusa