Ver Angola

Banking and Insurance

Angolan BAI saw profits in Cape Verde increase 384 percent in 2021

The profits of Banco Angolano de Investimentos (BAI) Cabo Verde, also owned by the oil company Sonangol, increased by 384 percent in 2021, to 1.3 million euros, according to data in the report and accounts, consulted by Lusa.


In the document, the board of directors recognizes that the "economic performance was positive" and that the growth in net income, together with the capital increase of six million euros, "was relevant to increasing the bank's financial strength, increasing the equity position and determining an increase in the solvency ratio from 14.22 to 23.74 percent".

BAI Cabo Verde thus recorded a net profit of more than 150.2 million escudos (1.3 million euros) in 2021, compared to 31 million escudos (280 thousand euros) in 2020 and 124.7 million of escudos (1.1 million euros) in 2019.

The board of directors decided to distribute 35 percent of 2021 profits as dividends to shareholders, investing the remainder in reserves, mandatory (10 percent), dividend stabilization (8 percent) and free (47 percent), according to the document.

At the end of 2020, BAI Cabo Verde was 83.85 percent owned by BAI (Angola), with oil company Sonangol Cabo Verde having a 13.45 percent share and Sociedade de Investimentos SOGEI a 2.69 percent stake. Percent.

After the capital increase at the end of 2021, with the cash inflow of 661.5 million escudos (six million euros), BAI Angola reinforced its position, to a share of 88.96 percent, while Sonangol Cape Verde and SOGEI, maintaining the same number of shares, saw their respective positions fall to 9.20 percent and 1.84 percent.

The management refers in the message in the report and accounts that in 2021, "despite the adverse scenario", BAI Cabo Verde "maintained the growth dynamics with the customer portfolio growing from 36,002 to 40,335, having continued with the expansion of the commercial network ".

"The growth strategy was also based on intense commercial activity, which resulted in an increase in the loan portfolio by 7.6% and stabilization of deposits with growth of 1.7 percent", underlines the administration.

In general terms of commercial banks operating in the Cape Verde market, in 2021 BAI presented growth in terms of share in assets, from 8.59 to 8.75 percent, exceeding 24,882 million escudos (225.1 million euros), in deposits, from 6.17 to 6.29 percent, to 14,443 million escudos (130.6 million euros), and in loans, from 13.79 percent to 14.24 percent, to 17,368 million escudos (157.1 million euros), including public debt securities.

According to the report and accounts, the indicators referring to credit quality "show an improvement", with the ratio of non-performing loans (more than 90 days) to total credit falling by 1.32 percentage points, to 5, 86 percent.

With 133 employees, BAI Cabo Verde’s banking income increased to almost 906 million escudos (8.2 million euros) at the end of 2021.

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