Southern Credit Bank of Silvestre Tulumba ends the third quarter of 2023 with profits falling by more than 60% to just 3.6 billion Kz.

An institution linked to the nephew of the late MPLA general and politician, Kundi Paihama, was unable to maintain profitability levels in the third quarter of 2022. In the nine months of last year, Tulumba bank lost 6.3 billion Kz. In other words, in dollars, we are talking about 4.2 million dollars.

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The balance sheets of Banco de Crédito do Sul (BCS), a banking institution owned by the young businessman Silvestre Tulumba Tyihongo Kapose, better known as Silvestre Tulumba, but who is represented in the bank's capital by his family, closed the third quarter of 2023 with a decline in net results of 63.5% to 3.6 billion Kwanzas compared to the total collected in the same period of 2022, according to calculations by Kieto Economia, based on the balance sheets for that period.

In practice, throughout the nine months of 2023, the bank indirectly controlled by Tulumba stopped receiving 6.3 billion Kwanzas, just over 4.2 million dollars, from operating results.

If in the third quarter of 2022 the bank recorded close to 10 billion Kwanzas in net profits, in the same period last year the situation was reversed, with the accounts recording just 3.6 billion.

Established in 2015 with a share capital of 2.5 billion Kwanzasd, represented by 2.5 million shares with a nominal value of 1,000 Kwanzas each, fully subscribed and paid up in cash, the bank managed by Cristina Florência Dias Van-Dúnem , who replaced Maria do Céu da Silva Rebelo Martins Figueira in the position in 2022.

In March 2016, the BNA approved a capital increase to 6 billion Kwanzas, through the issuance of 3,500,000 shares with a nominal value of 1,000 Kwanzas, subscribed proportionally by the shareholders, an increase that had been approved at the General Assembly in October 1, 2015.

On October 30, 2017, it was decided, at the General Assembly, to carry out a capital increase in the amount of 4 billion Kwanzas, increasing the Bank's share capital to 10 billion Kwanzas. The aforementioned increase was carried out by shareholders in March 2018 and received authorization from the BNA on June 11, 2018.
Finally, at the General Shareholders' Meeting held on July 30, 2019, an increase in the Bank's share capital was approved through the incorporation of reserves in the amount of 7 billion kwanzas, thus increasing the total to 17,000,000,000 kwanzas. .

The shareholder structure of BCS, as of July 13, 2022, is mostly made up of family members of Silvestre Tulumba, a group that accompanies him and manages his business at the institution.

Due to his strong connection in various businesses with Power, particularly through the connections that his late uncle left, Silvestre Tulumba Tyihongo Kapose preferred to leave the direct management of BCS affairs to his family members.

Thus, the BCS shareholder structure is made up, in order of magnitude of capital, by Rafael Arcanjo Kapose, with 47.0%, Francisca Kamia Kapose, with 45.0%, Severiano Tyihongo Kapose, with 5.0%, and by Sebastião João Manuel, with 0.5 %, and Maria do Céu Figueira, who holds 2.5% of the structure and who previously ran the bank.