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Mozambique’s Banco Comercial e de Investimentos (BCI), almost doubled its net profit last year from the previous year to 5.2 billion meticals (€74 million)
Mozambique’s Banco Comercial e de Investimentos (BCI), almost doubled its net profit last year from the previous year to 5.2 billion meticals (€74 million).
Last year, even under difficult circumstances, BCI posted very significant growth in its net profit (+95%) accompanied by an improvement in its balance sheet. This was achieved through better quality of assets and maintenance of a solid capital structure. In 2020, the drop in net profit was to the extent of 22%, due mainly to the impact of the pandemic.
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The better results in 2021 were due to an increase in operating income (+23.74%), sustained by simultaneous growth in net interest income (+23.48%) and in non-interest income (+24.37%). It was coupled with a “strategy of adequate control of operating costs. At the end of 2021, the bank had a solvency ratio of 23.12%, that is, almost double the regulatory minimum of 12%.
The BCI describes the macroeconomic environment as not very favourable. However, the level of credit to the economy grew by 2.66 percent and total deposits grew by 2.16 percent. The bank has over 2 million customers, making it the biggest financial institution operating in the Mozambican market. BCI has 210 physical outlets, 539 automatic teller machines (a market share of 33%), and 14,883 point-of-sale machines (41% of the market total).
