Rédaction Africa Links 24 with ANGONOTÍCIAS
Published on 2024-03-02 16:17:23
The Savings and Credit Bank (BPC) recorded a positive net result of 105.8 billion Kz in 2023, after several years of being in the “red,” according to the balance sheet for the fourth quarter of last year. The results for 2023 are compared to those of 2022, when the largest public bank recorded losses of 120.4 billion Kz.
At a time when the 2023 annual report and accounts are not yet available, the values now being reported are included in the fourth quarter 2023 balance sheet, which is a mere balance exercise without detail, not revealing what is behind this return to profits.
However, it is known that the basis for this return to profit is due to the fact that the bank completed the registration of impairments related to non-performing loans in the balance sheets estimated at around 1 trillion Kz (which the bank deferred over three financial years since 2019), but also the margins obtained mainly from credit interest (such as salary advances), which within the institution is considered “very good quality” credit.
In addition to this are the fees obtained from the investment in increasing the circulation of POS machines and the number of ATMs in the banking institution, as well as gains from the exchange rate position. With this result, the public bank now ranks among the top 3 in terms of the largest profits in banking, alongside BAI and BFA in first and second positions, respectively, leaving behind Standard Bank Angola.
Having gone through a recapitalization and restructuring plan (PRR) that ended at the end of last year, when recapitalized it will have cost taxpayers about 1.5 trillion Kz.
The BPC restructuring program aimed to return to profit in 2021 in the amount of 131.7 billion Kz, but recorded losses of 83.1 billion Kz, and also forecast a positive net result of 166.9 billion Kz in 2022, which differs from the actual losses of 120.5 billion Kz achieved. For 2023, the program expected profits in the order of 177.9 billion Kz, above the 105 billion actually achieved.
However, it is known that the BPC will only comment on the restructuring program after the General Assembly. Currently, the bank, led by Cláudio Pinheiro (CEO), has assets valued at almost 2.0 trillion Kz, registering a growth of 2% last year compared to 2022, placing it in fifth place in the ranking of banks with the most assets. Securities and securities are worth 898.3 billion Kz, representing 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 more credit, still far from the first position it used to hold until non-performing loans began to disrupt the accounts of what was also the largest Angolan bank.
Regarding deposits, they are valued at 1.2 trillion Kz, 27 million less compared to deposits recorded in 2022, placing it in sixth position in the ranking.
Read the original article (Portuguese) on Angonoticias
