Ver Angola

Banking and Insurance

Profits of Angolan bank BAI Cabo Verde grew 75.8 percent in 2023

The profits of the Angolan bank BAI Cabo Verde grew 75.8 percent in 2023 to 101.9 million escudos (close to one million dollars), according to the report and accounts consulted by Lusa.


The growth in net income compared to 2022 reflects “the efforts in terms of organizational structure, with the creation of new units, to prepare the bank for sustainability in terms of results”, reads the joint message from the chairman of the Board of Directors, Carlos Chaves, and the president of the Executive Committee, Jorge Almeida.

The 2023 performance is based on a 10.6 percent growth in net banking product, in a year in which the bank also increased its credit portfolios (28.3 percent), deposits (13.2 percent) and the number of customers (12.9 percent).

At the same time, bank BAI Cabo Verde raised its solvency ratio by 0.3 percentage points to 18.33 percent.

Around a third (30 percent) of the profits will be distributed as dividends, the majority (52 percent) will be transferred to free reserves, with 10 percent remaining as a legal reserve and 8 percent as dividend stabilization reserves.

With a share capital of around two billion escudos, BAI Cabo Verde bank's main shareholder is Banco Angolano de Investimentos (81.6 percent) and also has a stake in Sonangol Cabo Verde (9.2 percent). ).

It is one of eight banks licensed to operate in the Cape Verdean archipelago.

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