Turinvest
20/07/06 - CV Central Bank Profits Up 31% PDF Print E-mail
ImageThe Bank of Cape Verde recorded an increase in profits of 31 percent to US$ 1.2 million from January to May 2006 in a year-on-year comparison, the archipelago’s central bank has announced.  The latest financial statement from the bank shows that receipts increased by 20 percent over the same period to US$ 5.1 million, with costs and losses of US$ 3.9 million.
Boosted revenues were largely due to interest charges and associated profits which rose 31 percent, compensating for a drop in earnings from bonds (6 percent) and profits from financial operations (8 percent).

The central bank also had increased extraordinary profits to the order of US$ 162,000.

The main contributors to increased costs were increased interest rates and increased losses in financial operations (37 percent) and in fees and bank charges (56 percent).

At the close of May, the share capital of the Bank of Cape Verde was US$ 341 million, some 11 percent more than in the same period in 2005.

Overseas assets were the main contributor to this growth in the form of “currency adjustments”.

In the period in question, Cape Verde’s central bank issued bonds worth US$ 8.4 million.
 
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