Mozambique’s Banco de Desenvolvimento e Comércio posts profit for first time in 2005

5 July 2006

Maputo, Mozambique, 05 July – Mozambican bank, Banco de Desenvolvimento e Comércio, whose main shareholder is Portuguese bank Montepio Geral, posted a net profit for the first time in 2005, since it was set up five years ago, the company said.

According to the bank’s annual report, net profit for 2005 totaled 27.529 billion meticais (US$1.03 million).

Cash flow for the year was also positive and increased over seven-fold in relation to 2004, reaching 54.324 million meticais (US$2.02 million).

Net assets totaled 952,734, million meticais (US$35.6 million), or 44.1 percent more than the total for 2004.

Set up in 2001, in Maputo, the BDC specializes in providing loans for agriculture and construction.

The Montepio Geral Group owns 42 percent of the capital of the Mozambican bank, while Mozambican investors own a further 34 percent and the remaining 24 percent is owned by Portuguese private investors. (macauhub)