Profits in Angola’s banking sector rise 98 pct in 2008

21 December 2009

Luanda, Angola, 21 Dec – Net profits in Angola’s banking sector posted growth of 98 percent in 2008, according to an annual study by KPMG about the banking sector in Angola.

KPMG said it considered that the growth had significantly contributed to the rise in profitability of average assets, whilst the value of total assets had risen, in 2008, in nominal terms, by around 97 percent, rising from the equivalent of around US$17 billion to around US$35 billion in 2008.

The document entitled “Survey of the Angolan banking sector 2009,” published by newspaper O Pais, said that “the significant increase in total assets can be explained, on the one hand, by a rise in deposits that fund the assets by around 52 percent, as well as by bonds and securities whose weight in the asset structure rose from 26 percent in 2007 to 37 percent in 2008.”

Banco Africano de Investimentos (BAI), with approximately US$7.604 billion and Banco Fomento de Angola (BFA), with around US$6.317 billion, remained, as was the case for 2007, at the top of the sector ranking in terms of total assets.

There was a change to the third place on the list however, with Banco de Poupança e Crédito (BPC), being replaced by Banco Espírito Santo Angola (BESA), with total assets of US$4.959 billion.

KPMG’s survey covered 19 Angolan banks. (macauhub)