"Regarding BFA [Banco de Fomento Angola] and BCI [Banco Comercial e de Investimentos, de Moçambique], they were not immune to a more difficult year, and here in these two cases there is the exchange devaluation of the currencies themselves," said João Pedro Oliveira e Costa to journalists in the presentation of BPI's annual results (profits of 104.8 million euros).
The manager added that the exchange rates "further helped the fall - I would say that almost half of this fall is justified by the devaluation of both the kwanza and the metical, against the euro, which clearly had a significant impact" on the bank's results.
According to the figures released this Thursday by the bank, BFA contributed 30.2 million euros to BPI's consolidated results in 2020, after 78.9 million euros in 2019.
BCI de Moçambique recorded a contribution of 8.4 million euros last year, lower than the 18.7 million euros recorded in 2019.
João Pedro Oliveira e Costa also mentioned, regarding BFA (which is registered by BPI as a financial participation), that "if the opportunity arises, clearly" there is the intention to reduce the position. "Right now there is nothing concrete on the table," he said.
BPI recorded profits of 104.8 million euros in 2020, a 68 percent drop from the 327.9 million euros recorded in 2019, the bank said.
According to a statement issued, the bank recorded "151 million euros and net credit impairments, including unallocated impairments of 97 million to prevent potential impacts of the pandemic".
At the bank's earnings presentation press conference, the chief executive said that the "large part" of the results is explained by impairments and also by the sharp decline in contributions from BFA in Angola and BCI in Mozambique.
