Retail banking in Angola posts growth in 2009 and prospects for 2010 are encouraging

11 October 2010

Luanda, Angola, 11 Oct – Retail banks operating in Angola performed positively and posted growth in 2009, according to the fifth edition of the Banking under Analysis study, published Friday in Luanda by Deloitte Angola.

According to the consulting and auditing company, in 2009 the total value of customer deposits was 2357 billion kwanzas, a year on year rise of 65 percent, with 54 percent of deposits made in foreign currency, mainly due to an expected devaluation of the national currency.

The relative position of the five biggest banks changed against the previous year, with Banco Africano de Investimentos taking the leadership with a share of 25.1 percent, followed by Banco de Fomento Angola (19.0 percent), Banco de Poupança e Crédito (15.1 percent), Banco BIC (12.8 percent) and Banco Espírito Santo Angola (9.5 percent).

The five biggest banks altogether had a market share of almost 81.5 percent, which was lower than in 2008.

The value of domestic credit rose, totalling 2229 billion kwanzas, with individuals accounting for 42 percent of total credit and companies for the remaining 58 percent, notably those operating in the Trade sector (31 percent) and Construction (14 percent).

This analysis of the sector, drawn up by Deloitte Angola, was a result of the compilation of public information provided by 16 of the 19 banks operating in Angola in 2009 and by the National Bank of Angola (BNA), as well as data collected about other markets, specifically the Portuguese, Brazilian, South African and US markets. (macauhub)

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