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Banco Comercial do Atlântico de Cabo Verde Announces Record Profit in 2023
Banco Comercial do Atlântico (BCA), one of the largest in Cape Verde and that Caixa Geral de Depósitos (CGD) decided to sell this year, achieved record profits in 2023.
© Lusa
Economia Cabo Verde
"Net income recorded a significant growth of 7.3% compared to 2022, reaching a new record high of 1.929 billion escudos (17.4 million euros)", reads the report and accounts consulted today by Lusa.
The evolution of the results benefited from the 2.3% growth in banking income, thanks to the "good performance of the financial margin, which grew by 8.7%", and also to the "relief in the recording of impairments", reads the message from the chairmen of the board of directors, Manuela Ferreira, and the executive committee, Francisco Santos Silva.
Inflationary pressures hindered an even more expressive performance, because operating costs increased by 8%, "annulling the impact of the growth in banking income on operating results" and "causing a slight worsening of the cost-to-income ratio from 49.4% to 52.2%".
The year 2023 helped to strengthen the robustness of BCA, reads the report, with the solvency ratio increasing to 29% (it was 26.5% in 2021 and 28.2% in 2022).
Non-performing loans showed a very significant decrease, of almost 18%, as a result of restructuring and resolution "of some older processes": the non-performing loan ratio was reduced from 7.7% in 2022 to 6.2% in 2023.
At the same time, "the normal loan portfolio grew by 4.5%, with emphasis on the private and individual business segments, which represented the highest growth in the normal loan portfolio recorded in the last 10 years".
Customer deposits increased by 1.4%, "denoting a slowdown in the growth rate compared to 2022, but continuing to contribute to strengthening BCA's very favorable liquidity situation".
The management proposed the distribution of 75% of the profit to the shareholders, taking the rest to reserves.
The Cape Verdean financial system has eight commercial banks and CGD announced in March that it will sell its majority stake in BCA to Coris Holdings of Burkina Faso.
The completion of the change does not yet have a date, depending on several Cape Verdean legal formalities that are underway.
The sale will be made for 70.5 million euros and "if the global price is confirmed, it should generate capital gains in the order of 15.79 million euros", added CGD.
Read Also: Banco de Cabo Verde revises growth upwards to 5% (Portuguese version)
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