"We have a 22.73 percent stake in BCP, and what we did was, looking at what is the reality of the bank and the macroeconomic framework of Angola and the challenges facing Angola, it was an understanding that we should do here a provision, which we made in Portugal ", said Miguel Maya at the press conference presenting the 2020 results of BCP (profit of 183 million euros).
The manager stressed that this provision "does not reflect any negative result from BMA", which recorded profits equivalent to 32.1 million euros, according to the accounting rules used.
However, the contribution of the operation in Angola, according to the results of the BCP released this Thursday, was -7.2 million euros, precisely due to the provision recorded in Portugal.
In the report sent by BCP to the Securities Market Commission (CMVM), it can be read that the bank's accounts include "impairments, in the amount of 16.6 million euros, for investment in participation in Banco Millennium Atlântico (including goodwill), aimed at addressing the risks inherent in the context in which the Angolan operation develops its activity ".
The contribution recorded by the Angolan operation was -7.2 million euros, lower than the positive 1.6 million euros recorded in 2019.
As for Mozambique, the executive chairman of BCP said that there was a "very good performance", with a contribution of 66.8 million euros (less than the 87.7 million in 2019), with "a franchise model" very correct, based on relationship banking, proximity and presence in all provinces and a beautiful relationship with customers ".
However, BCI's contribution was "naturally affected by the reduction in economic activity, which was significant in all geographies", with a "strong devaluation of the metical and also a relevant reduction in the level of interest rates".
BCP recorded profits of 183 million euros (ME) in 2020, a decrease of 39 percent, compared to 302 million in 2019, and recorded 841 million in impairment provisions, it was disclosed.
At the bank's earnings presentation press conference, executive president Miguel Maya said that "the year 2020 was extremely complex, full of ambiguities and uncertainties".
