Credits from Angola’s Banco Espirito Santo doubled in 2005

4 October 2006

Luanda, Angola, 04 Oct – Total loans conceded by Banco Espirito Santo Angola (BESA) doubled from 2004 to 2005, increasing even more than the bank’s financial resources, a company source has said.

Alvaro Sobrinho, executive chairman of BESA, told reporters the bank is now granting more loans than it holds in customer deposit accounts.

The BESA executive was discussing a report from consultancy firm Delloite on Angola’s banking sector, to be presented later this month, and said his bank’s situation was not unique as the country’s financial sector has recorded notable growth in the last four years.

BESA was the most lucrative of Angola’s 12 private banks in the 2005 financial year with a 72 percent profit return on its share capital.

According to a recent study by the KPMG consultancy, Banco de Fomento Angola (BFA) was the second most profitable Angolan bank (44.5 percent) and Banco Internacional de Credito was third placed with 44.3 percent. Banco Totta Angola (BTA) was in fourth spot, 38.5 percent, while Banco de Poupança e Credito (BPC) – market leader in credits – deposits and liquid assets, was fifth placed.

In terms of net profits in 2005, KPMG said BFA was first placed with kwanzas 5.6 billion followed by BPC with kwanzas 3 billion, followed by BESA in third spot with kwanzas 2.7 billion. (macauhub)