Profits of Cape Verde’s BCA bank fall 3 percent in 2005

10 August 2006

Praia, Cape Verde, 10 Aug – The profits of the Banco Comercial do Atlântico, Cape Verde’s biggest bank, fell 3.3 percent last year, affected by the drop in the banking product, indicates the annual report and accounts released Thursday in the capital Praia.

Last year’s result of 205 million Cape Verdean escudos (US$2.4 million) respresents just over half the 408.5 million escudos (US$4.76 million) netted in 2003.

The banking product dropped 6.4 percent last year to 1.798 million escudos (US$20.93 million), mainly due to a 7.5 percent lower financial margin, the report and accounts indicate.

Operational cash flow fell by 9.9 percent to 693.9 million escudos (US$8.08 million).

BCA’s net situation improved by nearly 70 million escudos (US$820,000) to 1.820 billion escudos (US$21.2 million), with credits increasing to 16.375 billion escudos (US$190.6 million) and deposits to 42.549 billion escudos (US$495.3 million).

The ratio of net result over own capital dropped from 11.9 percent in 2004 to 11.5 percent in 2005.

The number of BCA branches held at 23 last year, while the number of employees rose to 398.

BCA is controled by Portugal’s Caixa Geral de Depósitos group, which holds 52.5 percent of its share capital.

The Garantia insurance company holds a 12.5 percent stake, the Cape Verdean state 10 percent and the workers 3.0 percent. The remaining capital is spread among other shareholders and on the capital market. (macauhub)