Angolan bank Banco de Fomento Angola contributed 74.6% to profits made by Portugal’s Banco BPI in the first half of the year, according to the consolidated results announced on Tuesday by the bank.
In the first six months of the year BPI posted profit of 106 million euros, a 39% rise year on year, with Banco de Fomento Angola, in which BPI holds a 50.1% stake, contributed 79.1 million euros, an increase of 18% over the same period of 2015.
Profits from overseas operations were 81.4 million euros, mainly from the Angolan market, where for every hundred euros of consolidated net income 75 euros originated in Angola.
The BCI, which operates in Mozambique and is 30% owned by BPI, “delivered” 3.3 million euros, down 95% compared to the first half of 2015.
BPI’s net interest income, the difference between interest paid and interest received, stood at 360 million euros, an increase of 8.8% compared to the period between January and June 2015.
Provisions made by BPI to cover impairment losses on loans granted fell by 46% to 47.3 million euros and the loan portfolio decreased 1.4% to 24 billion euros in the first half of 2016.