DESENVOLVIMENTO REVIEW
Maputo, Março 11th, 2020 Number 5 English
BANCO NACIONAL DE INVESTIMENTO (BNI) A Harmful Development Bank to Financial Stability in Mozambique
Abstract
The establishment of the Banco National de Investimento (BNI), the Mozambican development bank, in 2010, was regarded as a lower-cost alternative source of funding for development, espe- cially with regard to economic and social Infrastructures. The present Devenvolvimento Review (ResR) shows that, in addition to the failure of being a development catalyst, BNI has been a des- tabilising institution of the Mozambican banking system due to poor capital management, high operating costs, high rates of non-performing loans and low profitability of its banking assets.
1. Context
he Banco Nacional de Investimento (BNI) was cio-economic infrastructure with a direct impact on re- established on June 15, 2010, with a share ca- ducing poverty and improving the population’s living Tpital of USD 500 million (Government of Mo- conditions. However, 10 years after the creation of zambique - 49.5%, Government of Portugal - 49.5% this institution, infrastructure remains one of the main and Banco Comercial de Investimento - BCI - 1%)1. factors that penalise the business environment in Mo- BNI was created as a development bank dedicated to zambique, poverty has stagnated2 and Mozambicans’ long-term investments in Mozambique, including so- quality of life has been decreasing year after year3.
1 As of 2012, the Mozambican state became the sole shareholder through the State Participation Management Institute (IGEPE). 2 According to data from the Ministry of Economy and Finance (MEF, 2016), despite the reduction in the percentage of poor people, between 9/9 and 2014/15, the number of Mozambicans living in absolute poverty 11,136,448 11,826,280. 3 Data from the United Nations Development Program (UNDP 2019), Mozambique is the 10th poorest economy in the world, with a human development index worse than countries like Guinea Bissau, Equatorial Guinea, Democratic Republic of Congo and East Timor. In fact, BNI is an unknown institution for most of 2019, BNI brokered financing for the Mozambique Mozambicans, and definitely has moved away from Electricity public company (EDM) valued at USD 80 its role of an investment bank for catalysing econo- million, granted with state guarantees by the African mic development. Contrary, BNI has been focusing Development Bank. However, it remains unknown on “hunting” financial commissions by providing how much BNI has earned in commissions. financial assistance services to government institu- tions searching for loans in the international financial This Desenvolvimento Review (DesR) shows that, markets. BNI’s role and payments received during in addition to not fulfilling its role as a development various consultancies provides clear examples of bank, BNI creates instability in the Mozambican fi- this. According to the 2017 Independent Audit re- nancial system due to its poor financial performan- port (Kroll, 2017) that analyses the illegal loans ce. This is based on assessment against prudential, contracted by ProIndicus SA, EMATUM SA and Mo- economic-financial indicators, and the standards es- çambique Asset Management SA, BNI and Ernst & tablished by the Bank of Mozambique (BM), as the Young (EY) were involved in the restructure of the supervisory authority of the Mozambican financial EMATUM debt. For this service, contracted by the system. Following this introduction, this DesR then Ministry of Economy and Finance (MEF), the “con- analyses some risks of instability in the Mozambican sortium” received USD 17,317,264, but Kroll made financial system generated by BNI, and finally, the it clear that they did not obtain additional informa- last section outlines the main conclusions of this pa- tion about the services provided by BNI and EY. In per.
2. The risk of instability in the mozambican financial system generated by the banco nacional de investimentos (BNI)
This section has four subsections, each t analysing the four criteria used by the Bank of Mozambique (BM) to monitor the stability of the Mozambican financial system. These are: (i) capital (leverage ratio), (ii) asset quality (ratio of non-performing loans), (iii) management (operating cost) and (iv) results (return on assets). These indicators suggest there is harmful financial management at BNI that defrauds public funds and destabilises the Mozambican financial system along the same lines that culminated in the famous political, economic and financial scandal of the already bankrupt Popular Development Bank (BPD)4
2.1. BNI is the banking institution in the Mozambican financial system that makes the most use of debt financing, currently having a debt ratio of 28.1 percentage points above the market average
Graph 1 shows the leverage ratio of the Mozam- tability. In this sense, with a leverage ratio of 54.28% bican banking system during the period between 1 (the market average is 26.21%), BNI is the banking October and 31 December 2019. The leverage ratio institution in the Mozambican financial system with measures the degree to which a company uses debt the greatest risk of insolvency, thus being on the ver- financing. This index is also called the debt ratio. The ge of generating distortions and turbulence to the more debt financing the bank uses, the greater the financial system, similar to those recently created financial leverage, which means more interest pay- by the bankrupt “Nosso Banco” and “Moza Banco” ments and, consequently, negatively affecting profi- (two banks dominated by Mozambican capitals).
4 Hanlon, Joseph. (2002). Bank corruption becomes site of struggle in Mozambique. Review of African Political Economy. 91. 10.1080/03056240208704584.
2 Desenvolvimento Review I www.cddmoz.org Graph 1: Leverage Ratio (%) of the Mozambican Banking System: October 1 to December 31, Graph 1: Leverage Ratio (%) of the Mozambican Banking System: October 1 to December 31, 2019 2019Graph 1: Leverage Ratio (%) of the Mozambican Banking System: October 1 to December 31, 2019 52,9 54,28 54,03 52,9 54,03 54,28 41,03 37,51 36,94 41,03 37,51 36,94 market average: 26.21% 29,48
25 market average: 26.21% 29,48 23,12 21,65 21,4 21 25 18,51 18,42 23,12 16,51 16,31 21,65 21,4 21 14,86 14,81 18,51 18,42 11,7 11,23 16,51 16,31 9,81 14,86 14,81 11,7 11,23 9,81
Source: Banco de Moçambique (2019) Source: Banco de Moçambique (2019) NotSourcees: ABC: Banco – African de Moçambique Banking Corporation; (2019 )Banco Mais – Banco Moçambicano de Apoio; Bayport – Bayport Servicos Financeiros; BIM – Banco Internacional de Notes: ABC – African Banking Corporation; Banco Mais – Banco Moçambicano de Apoio; Bayport – Bayport Servicos Financeiros; BIM – Banco Moçambique; BIG – Banco Internacional Global; BAU – Banco Único; BOM – Opportunity Bank; BBM – Barclays Bank Moçambique; BCI – Banco Comercial e de Notes: ABCInternacional – African Banking de Moçambique; Corporation; Banco BIG – MaisBanco – Banco Internacional Moçambicano Global; de Apoio;BAU – BayportBanco Único;– Bayport BOM Servicos – Opportunity Financeiros; Bank; BIM – BBM Banco – InternacionalBarclays Bank de Investimentos;Moçambique;Moçambique; BIGBNI – Banco BCI NacionalInternacional – Banco de Investimento; Comercial Global; BAU e CBM –de Banco Investimentos; – Capital Único; Bank; BOM CPC BNI – Opportunity – –Cooperativa Banco Nacional Bank; de Poupança BBM de – Investimento;Barclays e Crédito; Bank Ecobank Moçambique; CBM – – Ecobank Capital BCI Moçambique; Bank;– Banco CPC Comercial – FNB Coope – FNBe de- Moçambique;Investimentos;rativa GAPI BNI de ––Poupança Banco Gapi SociedadeNacional e Crédito; de de Investimento; Investimento; Ecobank CBM– Letshego Ecobank – Capital – Moçambique;Banco Bank; Letshego;CPC – Cooperativa FNB Moza – FNBBanco de PoupançaMoçambique; – Moza eBanco; Crédito; GAPI SGM Ecobank – BancoGapi – Ecobank SociedadeSocieté Moçambique;Générale de Investimento; Moçambique; FNB – FNB SOCREMOMoçambique;Letshego – Socremo GAPI – Banco GapiBanco Sociedadede Letshego; Microfinan de Investimento;çasMoza; SB Banco – Standard Letshego– Moza Bank; Banco;– UBA Banco – UnitedSGM Letshego; – Bank Banco Moza for AfricaSocieté Banco Moçambique. –Générale Moza Banco; Moçambique; SGM – Banco SOCREMO Societé Générale – Socremo Moçambique; Banco SOCREMOde – SocremoMicrofinanças; Banco de SBMicrofinan – Standardças; SBBank; – Standard UBA – Bank;United UBA Bank – United for AfricaBank forMoçambique. Africa Moçambique. 2.2. BNI “déjà vu”, the famous case of non-performing loans from the Banco Popular de 2.2. DesenvolvimentoBNI “déjà vu”, the (BPD). famous case of non-performing loans from the Banco Popular de 2.2. BNIDesenvolvimento “déjà vu”, the (BPD). famous case of non-performing loans from the Banco Popular de TheDesenvolvimento scandal of non-performing (BPD). loans in Banco Popular de Desenvolvimento (BPD), the former The scandal of non-performing loans in Banco Popular de Desenvolvimento (BPD), the former Mozambican development bank, is certainly one of the most media cases that Mozambique Mozambican development bank, is certainly one of the most media cases that Mozambique hasThe experienced scandal of innon-performing the last 30 years. loans It hasin Banco captured public public attention, attention, not not only only due due to to its its negative ef- Popularhas experienced de Desenvolvimento in the last 30 (BPD),years. Itthe has former captured fects public on theattention, stability not of onlythe nationaldue to its financial sys- negative effects on the stability of the national financial system but also, due to the related Mozambicannegative effects development on the stability bank, of isthe certainly national one financial tem system but also, but duealso, to due the to related the related violent murder ofviolent the mostmurder media of the cases then CEO,that SibaMozambique Siba Macuacuá, has inof August the then 2001. CEO, Siba Siba Macuacuá, in August experiencedviolent murder in ofthe the last then 30 CEO, years. Siba It Sibahas capturedMacuacuá, in2001. August 2001. Graph 2: Defaulting Ratio (%) of the Mozambican Banking System: 1 October to 31 December Graph 2: Defaulting Ratio (%) of the Mozambican Banking System: 1 October to 31 December Graph2019 2: Defaulting Ratio (%) of the Mozambican Banking System: 1 October to 31 December 2019
2019 2 7 , 7 2 3 7 , 7 7 3 1 , 8 6 7 2 9 1 , , 5 4 8 6 0 2 2 9 , , 2 5 4 1 2 0 2 , 2 7 4 2 8 4 , 1 , 2 3 6 2 7 6 4 0 1 8 7 1 , 4 , , 3 4 3 , 6 6 1 0 2 1 7 1 , market average: 11.61% 1 3 4 2 , 8 1 6 2 , 5 8 market average: 11.61% 1 , 8 8 1 2 , 7 8 3 5 6 5 6 6 , , 5 8 5 2 0 , , 2 7 5 8 8 , 1 3 , , 7 4 , 6 8 3 4 5 , 3 5 6 6 6 , 3 3 5 2 , 2 , 0 , 2 7 5 , 3 1 , 1 4 , 6 8 4 , 3 6 0 3 3 , 2 , 1 1 0
Source: Banco de Moçambique (2019) NotSourcees: ABC: Banco – African de Banking Moçambique Corporation; (20 Banco19) Mais – Banco Moçambicano de Apoio; Bayport – Bayport Servicos Financeiros; BIM – Banco Internacional de Source: Banco de Moçambique (2019) Moçambique;Notes: ABC – BIGAfrican – Banco Banking Internacional Corporation; Global; Banco BAU Mais – Banco – Banco Único; Moçambicano BOM – Opportunity de Apoio; Bank;Bayport BBM – Bayport– Barclays Servicos Bank Financeiros;Moçambique; BIM BCI – – Banco Banco Internacional Comercial e dede Notes: ABC – African Banking Corporation; Banco Mais – Banco Moçambicano de Apoio; Bayport – Bayport Servicos Financeiros; BIM – Banco Investimentos;Moçambique; BIGBNI – Banco NacionalInternacional de Investimento; Global; BAU CBM – Banco – Capital Único; Bank; BOM CPC – Opportunity – Cooperativa Bank; de Poupança BBM – Barclays e Crédito; Bank Ecobank Moçambique; – Ecobank BCI Moçambique; – Banco Comercial FNB – FNBe de Internacional de Moçambique; BIG – Banco Internacional Global; BAU – Banco Único; BOM – Opportunity Bank; BBM – Barclays Bank Moçambique;Investimentos; GAPI BNI –– Banco Gapi SociedadeNacional de de Investimento; Investimento; CBM Letshego – Capital – Banco Bank; Letshego;CPC – Cooperativa Moza Banco de Poupança – Moza eBanco; Crédito; SGM Ecobank – Banco – Ecobank Societé Moçambique;Générale Moçambique; FNB – FNB Moçambique; BCI – Banco Comercial e de Investimentos; BNI – Banco Nacional de Investimento; CBM – Capital Bank; CPC – Coope- SOCREMOMoçambique; – Socremo GAPI – Banco Gapi Sociedadede Microfinanças; de Investimento; SB – Standard Letshego Bank; – UBA Banco – United Letshego; Bank Moza for Africa Banco Moçambique. – Moza Banco; SGM – Banco Societé Générale Moçambique; rativa de Poupança e Crédito; Ecobank – Ecobank Moçambique; FNB – FNB Moçambique; GAPI – Gapi Sociedade de Investimento; SOCREMO – Socremo Banco de Microfinanças; SB – Standard Bank; UBA – United Bank for Africa Moçambique. Letshego – Banco Letshego; Moza Banco – Moza Banco; SGM – Banco Societé Générale Moçambique; SOCREMO – Socremo Banco de Microfinanças; SB – Standard Bank; UBA – United Bank for Africa Moçambique.
Desenvolvimento Review I www.cddmoz.org 3 In that time, the bank was already called Banco Austral following its privatisation (Mozambican StateIn that held time, only the 40 bank% of thewas bank's already share called capital). Banco Macuacuá cuá died died when when he was he waspreparing preparing to disclose to the list Austral following its privatisation (Mozambican State of defaulting debtors, mostly individuals linked to disclose the list of defaulting debtors, mostly individuals linked to the country's political and held only 40 % of the bank’s share capital). Macua- the country’s political and business elite. business elite.
BNI s adm st at ve costs a oduct at o s the th d a est the 2.3. BNI’s administrative costs/banking product ratio (72.31%) is the third-largest in the Mozambican o am ca financialf a c a s stem system. One of the prudential and economic indicators used by BM to monitor the stability of the One of the prudential and economic indicators market. One of the tools used to evaluate this indi- usedMozambican by BM to financial monitor systemthe stability is the of operational the Mozam -efficcatoriency is theof institutions operating costs, operating which, in in the turn, are mea- bicanMozambican financial financial system market. is the Oneoperational of the tools efficiency used tosured evaluate using this the indicator administrative is the operatingcost/banking product ofcosts, institutions which, operatingin turn, are in measured the Mozambican using the financial administrative ratio. cost/banking product ratio.
GraphGraph 3: 3: Operating Operating Cost Cost the theMozambican Mozambican Banking Banking System: System:October 1October to December 1 to 31,December 2019 31, 2019 2 3 , 1 3 2 7 2 , 0 1 1 2 5 1 8 2 2 1 , 9 7 3 , 0 7 0 , 8 0 , , , 4 , 2 7 1 0 9 9 4 3 7 7 7 7 7 4 market 7 average: 65.45% 7 6 3 6 1 6 6 7 , , 5 , 4 , 5 9 0 0 7 5 2 5 1 8 0 , 5 5 , 4 , 4 5 5 5 3 , 2 2 3 , 3 5 3 9 2 1
Source: Banco de Moçambique (2019) Source: Notes: B Banco – f ca de Moçambique Ba o o at o (2019) Ba co a s – Ba co o am ca o de o o Ba o t – Ba o t e v cos a ce os BI – Ba co I te ac o a de Notes: o am ue ABC – BI African – Ba co Banking I te ac o a Corporation; o a BancoB – Ba coMais – co Banco B Moçambicano – o tu t de Ba Apoio; BB Bayport – Ba c a s – Bayport Ba o am ue Servicos Financeiros; B I – Ba co BIM ome c a – Banco e de Internacional de Moçambique; BIG – Banco Internacional Global; BAU – Banco Único; BOM – Opportunity Bank; BBM – Barclays Bank I vest me tos BNI – Ba co Nac o a de I vest me to B – a ta Ba – oo e at va de ou a a e éd to co a – co a o am ue NB – NB Moçambique; BCI – Banco Comercial e de Investimentos; BNI – Banco Nacional de Investimento; CBM – Capital Bank; CPC – Coope- o am ue I – a oc edade de I vest me to etshe o – Ba co etshe o o a Ba co – o a Ba co – Ba co oc eté é é a e o am ue rativa de Poupança e Crédito; Ecobank – Ecobank Moçambique; FNB – FNB Moçambique; GAPI – Gapi Sociedade de Investimento; – oc emo Ba co de c of a as B – ta da d Ba B – ted Ba fo f ca o am ue Letshego – Banco Letshego; Moza Banco – Moza Banco; SGM – Banco Societé Générale Moçambique; SOCREMO – Socremo Banco de Microfinanças; SB – Standard Bank; UBA – United Bank for Africa Moçambique. In this context, operational efficiency implies minimising this ratio. However, BNI has the third- highestIn this relativecontext, operating operational cost efficiency (72.31%) of implies the Mozambican mi- zambican banking banking system, system, performing performing better better only nimisingonly against this bancoratio. ABCHowever, (110.21%) BNI andhas Letshegothe third-hi bank- against(32.09%). banco ABC (110.21%) and Letshego bank ghest relative operating cost (72.31%) of the Mo- (32.09%). BNI s assets etu s o h ch s e ce ta e o ts e o the ave a e of the o am ca a ma et 2.4. BNI’s assets return is only 0.21% which is 3.2 percentage points below the average of the ProfitabilityMozambican ratios banking are used market. to determine how efficiently the company is using its assets. It reveals aspects of the economic situation and relates the results to the activity it generates, or Profitability ratios are used to determine how effi- better monitor the stability of the Mozambican finan- cientlythe results the company to the invested is using itscapital assets. and It reveals possible aspec activities- cial (Silva,system, 2013). BM has There chosen are the several return basic on assets (ROA). tsmeasures of the economic to assess situation bank profitability.and relates the To results better to monitor ROA isthe typically stability used of tothe assess Mozambican the efficiency of the thefinancial activity system, it generates, BM has or chosen the results the retuto thern investedon assets (ROA).bank’s ROAmanagement. is typically Graph used to4 comparesassess the the ROAs of capitalefficiency and ofpossible the bank's activities management. (Silva, 2013). GraphThere are4 comparesthe 21 banking the ROAs institutions of the in the21 Mozambicanbanking financial several basic measures to assess bank profitability. To system between October 1 and December 31, 2019. institutions in the Mozambican financial system between October 1 and December 31, 2019.
4 Desenvolvimento Review I www.cddmoz.org Graph 4: Return on assets, ROA (%) of the Mozambican Banking System (%): October 1 to Graph 4: Return on assets, ROA (%) of the Mozambican Banking System (%): October 1 to December 31, 2019 December 31, 2019 21,98 9,2 7,52 7,33 market average: 3.39% 4,55 4,49 4,47 4,4 3,25 2,46 1,84 1,6 1,4 1 0,32 0,21 0,21 0,02 0,99 1,19 - - 2,15 -
Source: Banco de Moçambique (2019) Source:Notes: Banco – de Moçambique (2019) – – – Notes: ABC – African Banking Corporation; – Banco Mais – Banco Moçambicano – de Apoio; – Bayport – Bayport Servicos – Financeiros; BIM – Banco Internacional de Moçambique; BIG – Banco Internacional Global; BAU – Banco Único; BOM – Opportunity Bank; BBM – Barclays Bank – Moçambique; BCI – Banco Comercial – e de Investimentos; BNI – Banco – Nacional de Investimento; – CBM – Capital Bank; CPC – Coope- – rativa de Poupança e– Crédito; Ecobank – Ecobank – Moçambique; FNB – FNB Moçambique; – GAPI – Gapi Sociedade de – Investimento; – Letshego – Banco Letshego; Moza Banco – Moza – Banco; SGM – Banco Societé Générale – Moçambique; SOCREMO – – Socremo Banco de Microfinanças; SB – Standard Bank; UBA – United Bank for Africa Moçambique.
According to the graph 4, BNI has the fifth-lowest profitability in the market (0.21%), only According to the graph 4, BNI has the fifth-lowest (0.02%). Curiously, the Cooperativa de Poupança e slightly better in small banks such as Moza Banco (-2.12%), United Bank for Africa (- 1.19%), profitability in the market (0.21%), only slightly bet- Crédito (Savings and Credit Cooperative), a banking terAfrican in small Banking banks Corporation such as Moza (- 0.99%)Banco (-2.12%),and Societé Uni -Généraleinstitution Mozambique belonging (0.02%). to BM staff,Curiously, has the highest tedthe BankCooperativa for Africa de (- Poupança 1.19%), African e Crédito Banking (Savings Corpo and- Cprofitabilityredit Cooperative), ratio (21.98%)a banking that institution is 3.2 percentage rationbelonging (-0.99%) to BM and staff, Societé has the Générale highest profitabilityMozambique ratio points (21.98%) higher that than is 3.2 the percentage market average points (3.39%). higher than the market average (3.39%).
3.3. ConclusionsCONCLUSIONS
ThisThis Desenvolvimen - analysed some prudential and economic indicatorsand of the(iv) Bancoit has low profita- toNacional Review de analysed Investimento some (BNI) “In regarding fact, BNI the Bankis an of unknownMozambique's standardsbility. of financialThese indicators su- prudentialmonitoring and supervisioneconomic duringinstitution the period for between most ofOctober and Decemberggest 2019. that; This as happened indicators of the Banco with the bankrupt BPD, Nacionalpaper showed de Investimentothat BNI harms Mozambicans,the Mozambican financial and definitely market due to has its poorBNI operational is striding towards in- (BNI)and financialregarding performance, the Bank whichmoved generates away distortionsfrom its rolein the of stabilityan ofsolvency the system. and currently, it is ofSpecifically, Mozambique’s (i) BNI standards is mostly financedinvestment by debt, (ii) bank it has onefor ofcatalysing the highest market one ratios of ofthe non main- drivers of ofperforming financial loans;monitoring (iii) it and has higheconomic operating development. costs and (iv) it has low profitability.instability These in the Mozam- supervision during the pe- bican financial system. In riodindicators between suggest October that; asand happened Contrary, with the BNI bankrupt has BPD,been BNI is striding towardsfact, insolvency BNI is an unknown Decemberand currently, 2019. it is oneThis of pa the- mainfocusing drivers of on instab “hunting”ility in the Mozambicanfinancial financialinstitution system. for In most of the perfact, showed BNI is anthat unknown BNI harms institution commissions for most of the by Mozambican, providing and definitely,Mozambican, it has been and defini- the Mozambican financial tely, it has been away from away from its role of an investment bank to catalyse economic development. Contrary, BNI has market due to its poor ope- financial assistance services its role of an investment rationalbeen focusing and financial on "hunting" per- financialto government commissions institutions from financial assistancebank services to catalyse to economic formance,government which institutions generates searching searching for loans in for the loansinternational in the financial markets.development. Contrary, distortions in the stability international financial markets”. BNI has been focusing on of the system. Specifically, “hunting” financial com- (i) BNI is mostly financed by missions from financial debt, (ii) it has one of the highest market ratios of assistance services to government institutions sear- non-performing loans; (iii) it has high operating costs ching for loans in the international financial markets.
Desenvolvimento Review I www.cddmoz.org 5 References
Banco de Moçambique (20019). Indicadores Prudenciais e Económico-Financeiros – IV Trimestre. Availa- ble at: http://www.bancomoc.mz/fm_pgtab1.aspx?id=293. Accessed at 26 de February 2020. Hanlon, Joseph. (2002). Bank corruption becomes site of struggle in Mozambique. Review of African Po- litical Economy. 91. 10.1080/03056240208704584. MEF (2016) Pobreza e Bem-Estar em Moçambique: Quarta Avaliação Nacional. Maputo. PNUD (2019). 2018 Human Development Indices and Indicators. Washington DC. Kroll (2017). Auditoria independente relativa aos empréstimos contraídos pela ProIndicus S.A., EMATUM S.A. e Mozambique Asset Management S.A. Maputo. Silva, E. S. (2013). Gestão financeira - Análise dos Fluxos Financeiros (5a Edição). Porto, Portugal: Vida Económica - Editorial, SA.
EDITORIAL INFORMATION:
Property: CDD – Centro para a Democracia e Desenvolvimento Diretor: Prof. Adriano Nuvunga Editor: João Nhabanga Tinga Author: Agostinho Machava Team: João Nhabanga Tinga, Agostinho Machava, Ilídio Nhantumbo, Denise Cruz, Isabel Macamo. Layout: CDD
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