Ver Angola

Banking and Insurance

BAI profits increase 40 percent in the first half

The net income of Banco Angolano de Investimentos (BAI) increased 41 percent in the first half of 2022 to 40 billion kwanzas, compared to the same period last year, according to the financial institution's report.

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The results were influenced by the 15 percent growth in net interest income and the 92 percent reduction in impairment costs, according to the report, which will be presented this Friday at a press conference.

In addition to the Angolan financial sector, BAI has holdings in other Portuguese-speaking countries, namely Portugal, Cape Verde and São Tomé e Príncipe, where there was also an increase in net income, except in Cape Verde.

BAI Europa saw net income for the first half rise to 552 thousand euros, corresponding to an increase of 91 thousand euros compared to the same period last year, influenced by the growth in income from banking activity of 1.4 million euros.

In the case of BAI Cabo Verde, net income amounted to 195 thousand euros, compared to 364 thousand euros in the same period, representing a reduction of 46 percent essentially determined by the growth of structural costs and the worsening of impairments of other financial assets net of reversals and recoveries in 136 thousand euros.

The net income of Banco Internacional de São Tomé e Príncipe was 1,733 million euros, representing an increase of 597 thousand euros, compared to the same period of the previous year.

In June, BAI became the first company listed on the Angolan Debt and Securities Exchange (BODIVA), selling 10 percent of its capital, which was reflected in a 3 percent reduction in the stock of deposits, to 2.449 billion kwanzas, compared to December 2021, essentially due to the reduction in deposits in foreign currency (-32 percent), despite the 35 percent increase in deposits in national currency resulting, among others, from the Public Offer for Sale ( OPV).

In the first six months of 2022, there was also a 9 percent reduction in net credit to customers to 323 billion kwanzas.

According to BAI, this is justified by the reduction in the loan portfolio in national currency by 25 percent, mainly due to the write-off of credit related to the real estate development sector after the recovery actions through its reimbursement and reduction of the foreign currency loan portfolio by 27 percent.

At the end of June 2022, BAI had 1896 employees and 133 branches.

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