Mozambique: BCI Foemnto bank posts net profit of 433 million meticais in 2007

30 April 2008

Maputo, Mozambique, 30 April – Mozambican bank, BCI Fomento in 2007 posted net profit of 433 million meticais, which was a 64.7 percent fall against the previous year, according to the company’s Annual Report and Accounts published in Maputo.

The assets of the bank, which is part-owned by Portuguese bank Caixa Geral de Depósitos, saw growth from 13.78 billion meticais in 2006 to 18.85 billion meticais in 2007.

BCI Fomento, the second-biggest bank in Mozambique (after Millennium BIM, of Portuguese group Millennium BCP), in 2007 had a market share of 23.3 percent by assets and 28.66 percent of the credit market.

BCI Fomento noted that this rise was due to the expansion of the Mozambican economy and the commercial dynamics of the bank.

At the end of 2007, BCI Fomento had 90,238 customers, which was a 7 percent rise on the number it had in December of the previous year.