Portuguese-Mozambican universal bank Banco Nacional de Investimento (BNI) posted a loss of 109.3 million meticals (US$3.9 million) in 2011, explained by the fact that the bank had only been operating for seven months, the Mozambican press reported.
“All activities carried out in 2011 were related to setting up the bank and establishing conditions for it to be fully operational, and share capital was only subscribed in the final few days of 2011, thus the bank ended the year with a loss of 109 million meticals, based on the fact that the only revenues were from financial applications of limited own funds,” the 2011 Annual Report said.
According to the report the result was due to the cost of setting up the bank (44 million meticals), the limited amount of business it did (…), a sharp depreciation of the dollar against the metical, which led to accumulated exchange rate revaluation in the amount of 13 million meticals and the operational costs of hiring staff for the bank’s launch.
Of its set up costs BNI noted the cost of hiring staff, hiring companies to do building work and to supply furniture and decorate the bank’s new headquarters building, as well as all activities that are needed for the building to be ready in the second half of this year.
Banco Nacional de Investimento is a Mozambique-based limited liability company with share capital of 2.240 billion meticals (US$80 million), whose shareholders are Portuguese state financial group Caixa Geral de Depósitos (CGD), Mozambique’s National Treasury Directorate, and Banco Comercial de Investimento (BCI), a partnership between Portuguese financial groups CGD and BPI and Mozambique’s Insitec. (macauhub)