Mozambique: BCI posts profit of 570 million meticals in 2008

3 April 2009

Maputo, Mozambique, 3 April – Mozambican bank, Banco Comercial de Investimentos (BCI), which is 51 percent-owned by Portugal’s Caixa Geral de Depósitos (CGD), posted a profit of some 570 million meticals in 2008, the bank said Thursday in Maputo.

BCI’s profit in 2008 represent year on year growth of 19 percent as compared to profit achieved in 2007, according to the balance sheet presented by the chairman of the bank’s executive commission, Ibrahimo Ibrahimo.

The bank’s net assets rose 26.41 percent to 23.797 billion meticals. Credit to customers rose 53.63 percent to over 12.844 billion meticals.

As a result of last year’s performance, BCI now has a market share of customer credit of 30.92 percent, as compared to 29 percent in 2007, and 24.23 percent in terms of deposits.

Profit posted in 2008 made it possible for BCI to increase its solvency ratio from 8 percent in 2007 to 16 percent in 2008.

With the 2008 results, BCI is firmly ranked as Mozambique’s second financial institution, right behind Banco Internacional de Moçambique (BIM), which is majority-owned by Portugal’s Millennium Bcp. (macauhub)