Portugal’s BPI bank makes more profit in Mozambique and less in Angola from January to September

31 October 2011

Lisbon, Portugal, 31 Oct – Portuguese bank Banco Português de Investimento (BPI) ended the first nine months of 2011 with profit of 101.5 million euros, which was a year on year drop of 20.8 percent, the bank said in a regulatory filing with Portuguese regulator CMVM.

According to the bank, profit from business in Portugal fell to half in the first nine months of the year to 32.8 million euros and the third quarter was enlightening in terms of the contraction in the bank’s business in Portugal – between July and September BPI posted profit of just 1 million euros, as compared to 20 million euros in the third quarter of last year.

In the international market, the drop in business was not so sharp, as it fell 6.1 percent to 68.7 million euros, o64.3 million of which were provided by Angolan bank, Banco Fomento Angola..

In Mozambique, where BPI has a 30 percent stake in the BCI bank, BPI posted profit of 5.1 million euros, which was an increase of 18.9 percent against the same period of 2010.

In Angola, the Portuguese bank said, the distribution network grew by 5.8 percent as five new branches, an investment centre and two business centres were opened in the last year, and at the end of the period the bank was made up of 127 branches, six investment centres and 14 business centres, which accounted for a market share of around 20 percent in terms of branches.

At the end of September BCI had 1,626 employees, which represented an annual rise of 25 percent and a distribution network of 110 branches, or 31 more branches than in the previous year. (macauhub)