Banco de Fomento Angola boosts accounts of Portuguese bank BPI in 2014

30 January 2015

Banco de Fomento Angola in 2014 contributed profit of 116.9 million euros to the accounts of Portuguese bank BPI, which posted a consolidated loss of 161.6 million euros, the bank’s chief executive said.

Fernando Ulrich said the bank’s international activity contributed a profit of 126.1 million euros, almost entirely from Angola, where the BPI Bank controls 50.1 percent of Banco de Fomento Angola.

Overall, in 2014 the bank ended the year with a loss of 161.6 million euros, as a result of activities in Portugal which incorporated 264.3 million euros related to non-recurring costs and losses.

The chief executive of the bank said that without this impact, BPI would have lost 23 million euros in Portugal.

During the presentation of the annual accounts, Ulrich chose to highlight the BPI’s exit from state assistance (the first and so far the only bank to do so), three years ahead of schedule. (macauhub/AO/PT)