Cape Verde’s bank assets up 12%, deposits up 20%, in 2013

6 August 2014

In 2013 the assets of commercial banks operating in Cape Verde rose 12 percent and deposits 20 percent, indicates the financial stability report released on Tuesday in Praia by the Bank of Cape Verde (BCV).

The Cape Verdean central bank notes in the document that the bank’s intermediation activity in 2013 was affected by an external context that was “still unfavourable, though with signs of some recovery of economic activity.”

“The banking sector’s results and profitability posted increases justified largely by the application of extraordinary measures, specifically to the system of retirement pensions and to reduce imparity due to the transfer of buildings in lieu of payment,” the text continues.

The BCV is the supervisory authority for the Cape Verdean financial system. It assured that the financial system’s solvency grew in 2013 compared to 2012 and that indicators point to an overall improvement of the liquidity situation and financing conditions.

The Bank of Cape Verde also affirmed that the insurance sector, despite its slight impact on the national economy, showed “very comfortable profitability and solvency indicators” and that market capitalisation rose significantly in the securities market, essentially driven by government securities. (macauhub/CV)