Rédaction Africa Links 24 with ANGONOTÍCIAS
Published on 2024-03-01 01:29:15
The Savings and Credit Bank (BPC) recorded a positive net result of 105.8 billion Kz in 2023, after several years with accounts in the “red”, according to the balance sheet of the fourth quarter of last year.
The results of 2023 compare with those of 2022, in which the largest public bank recorded losses of 120.4 billion Kz. At a time when the 2023 report and accounts are not yet available, the values now disclosed are in the fourth quarter balance sheet of 2023, which is a mere balance exercise without detail, which does not reveal what is behind this return to profits.
However, Expansão knows that the basis for this return to profits is the fact that the bank completed in 2022 the inscription of impairments on the balance sheets related to nonperforming loans valued at about 1 trillion Kz (which the bank deferred over three financial years since 2019), as well as the margins obtained mainly from credit interest (such as payroll advances), which within the institution is considered “very good quality” credit.
In addition to this, the commissions achieved with the investment in increasing the circulation of TPAs and the number of ATMs of the banking institution, as well as the gains from the exchange position. With this result, the public bank now becomes part of the top 3 banks with the highest profits, alongside BAI and BFA, in the first and second positions respectively, leaving behind Standad Bank Angola.
With a recapitalization and restructuring plan (PRR) that ended at the end of last year, it will have cost taxpayers about 1.5 trillion Kz.
The BPC restructuring program aimed for a return to profits in 2021 in the amount of 131.7 billion Kz, but recorded losses of 83.1 billion Kz, and also predicted a positive net result of 166.9 billion Kz in 2022, diverging from the actual losses of 120.5 billion Kz reached. For 2023, the program expected profits in the amount of 177.9 billion Kz, above the actual 105 billion achieved.
However, Expansão knows that the BPC will only comment on the restructuring program after the General Assembly. Currently, the bank, chaired by Cláudio Pinheiro, has assets valued at nearly 2.0 trillion Kz, showing a 2% growth last year compared to 2022, placing it fifth in the ranking of banks with the most assets.
Securities and securities are worth 898.3 billion KZ and represent about 45% of assets, when in 2019, when the first steps were taken to restructure the bank, it was worth half the value (454.1 billion Kz).
As for the credit stock, which represents 18% of assets, it more than doubled, from 180.1 billion in 2022 to 364.2 billion last year, placing it in fifth place among banks with the most credit, still far from the first position it used to hold until nonperforming loans began to disrupt the accounts of what was once the largest Angolan bank.
Regarding deposits, they are valued at 1.2 trillion Kz, 27 million less compared to the deposits recorded in 2022, placing it in sixth position in the ranking.
Read the original article (Portuguese) on Angonoticias
