{"id":60567,"date":"2023-12-24T15:29:39","date_gmt":"2023-12-24T15:29:39","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/bank-bic-in-n62-million-loss"},"modified":"2023-12-24T15:33:11","modified_gmt":"2023-12-24T15:33:11","slug":"bank-bic-in-n62-million-loss","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/bank-bic-in-n62-million-loss","title":{"rendered":"Bank BIC in N$62 million loss"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>BANK Bic has recorded yet another loss of N$62 million for the year ended December 2022.<\/b><\/p>\n

Since operations started in 2016, Bank BIC Namibia has accumulated losses of N$62 million.<\/p>\n

According to the consolidated financial results report released yesterday, the bank has been making losses since last year.<\/p>\n

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.<\/p>\n

The directors have, however, said the bank still has enough resources to continue operations.<\/p>\n

\u201cIn performing the assessment of the group\u2019s 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,\u201d noted the report.<\/p>\n

The group spent N$1,1 million (capital expenditure) to buy, maintain or improve its buildings, vehicles and equipment.<\/p>\n

Bank BIC is the biggest bank in Angola, with 250 branches.<\/p>\n

In Namibia, the bank has five branches, with two located in Windhoek and one each at Walvis Bay, Rundu and Ongwediva.<\/p>\n

Notably, the group has a positive net worth with total assets of N$561 million and liabilities totaling N$432 million.<\/p>\n

Despite the huge accumulated loss, the bank has managed to grow the loan book.<\/p>\n

The bank earned interest income of N$26,22 million and non-interest income of N$5,4 million in 2022.<\/p>\n

Staff costs made up the majority of the company\u2019s expenses in 2022, at N$34,6 million.<\/p>\n

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.<\/p>\n

For More News And Analysis About Namibia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Namibia. 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 […]<\/p>\n","protected":false},"author":84,"featured_media":60565,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,236,233],"class_list":["post-60567","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nBank BIC in N$62 million loss - Namibia<\/title>\n<meta name=\"description\" content=\"BANK Bic has recorded yet another loss of N$62 million for the year ended December 2022. 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