iib Cabo Verde (iibCV) ended 2023 with a record profit of 6 million euros, 55% more than in 2022.
iib Cabo Verde (iibCV) is an international commercial bank, which is part of the iibGroup, and has been in Cape Verde since 2018.
The bank ended last year with a 12% increase in total assets (375 023 million euros), as well as an improvement in assets quality, with 0.41% of non-performing loans, below 1.03% recorded in 2022, a statement to APA on Monday says.
Financing through fixed income assets and loans increased by 26%, to 202.034 million euros.
The solvency ratio also improved, from 35.8% in 2022 to 49,2% in 2023.
The Return on Assets ratio (ROA) increased to 1.62%, while customer funds grew by 17%, reaching above 189 milion euros in 2023, it points out.
According to the statement, by the end of 2023, the Bank’s equity grew around 6 million euros to reach 26.9 million euros while the Adjusted Return on Equity ratio (ROE) was 29.92% (24.2% in 2022). The year was also marked by high efficiency, with a Cost-to-Income ratio above 28% (42% in 2022).
This is the third consecutive year that iibCV, 90% owned by iibGroup and 10% by Novo Banco, has achieved historic results.
“These results are the fruit of a solid strategy that five years ago transformed iibCV into a leading international bank in Cape Verde” Sohail Sultan IIBGroup chairman is quoted as saying in the statement.
”We will continue to consolidate our operation, focusing on innovative solutions for our customers and committed to promoting well-being and improving the quality of life of local communities. Our employees also deserve our thanks for their teamwork and dedication, which is now reflected in our bank’s best results ever”, adds Sultan,.