Sunday, May 26, 2024

BCI recorded 3.8% growth in turnover

Banco Comercial e de Investimento (BCI) released its results for the 2023 financial year, highlighting that the balance sheet performance was strongly influenced by the increase in the Mandatory Reserves coefficients in national and foreign currency. Despite these challenges, BCI achieved a positive financial performance, with an increase in deposits and equity, resulting in overall asset growth of 3.8%.

The gross Customer Loans portfolio also saw growth, especially in Consumer Loans, driven by the initiatives of the 2021 to 2024 Strategic Plan. However, investment loans were affected by high interest rates.

In Liabilities, there was an increase, mainly in Customer Deposits in local currency. The increase in Loans and Deposits led to an increase in the commercial gap and an increase in BCI’s Transformation Ratio.

The growth in customer funds was impacted by deposits in local currency increasing and deposits in foreign currency decreasing. Despite the challenges, BCI remains the market leader in Mozambique, with a market share of 25.4% in deposits and 25.8% in loans to customers.

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