Bank BIC in N$62 million loss

BANK Bic has recorded yet another loss of N$62 million for the year ended December 2022.

Since operations started in 2016, Bank BIC Namibia has accumulated losses of N$62 million.

According to the consolidated financial results report released yesterday, the bank has been making losses since last year.

The Bank of Namibia awarded Bank BIC a licence in 2016, which saw income from operations growing from N$12,8 million in 2016 to N$20,9 million in 2017, however, four years later this amount has gone down to N$17,9 million.

The directors have, however, said the bank still has enough resources to continue operations.

“In performing the assessment of the group’s ability to continue as a going concern, there is no reason to doubt that the bank has access to adequate resources to continue in operational existence for the foreseeable future,” noted the report.

The group spent N$1,1 million (capital expenditure) to buy, maintain or improve its buildings, vehicles and equipment.
Bank BIC is the biggest bank in Angola, with 250 branches.

In Namibia, the bank has five branches, with two located in Windhoek and one each at Walvis Bay, Rundu and Ongwediva.

Notably, the group has a positive net worth with total assets of N$561 million and liabilities totaling N$432 million.
Despite the huge accumulated loss, the bank has managed to grow the loan book.

The bank earned interest income of N$26,22 million and non-interest income of N$5,4 million in 2022.
Staff costs made up the majority of the company’s expenses in 2022, at N$34,6 million.

The company set aside reserves of N$399 million in 2022, which is the same as the year before, to meet short-term and emergency funding needs.