Standard Bank Angola will focus its activity on lending to small and medium enterprises (SMEs) in order to contribute to the economic diversification of the country, the bank’s new chairman said Friday in Luanda.
António Coutinho, who presented the bank’s results, whose assets increased by 29 percent in the first half, said the focus of activity on small and medium enterprises “is a bet on the future of Angola.”
In 2014, loans granted by Standard Bank Angola reached 44.276 billion kwanzas (US$350 million), 25 percent more than in 2013, according to the Angolan news agency Angop.
According to António Coutinho, earnings growth – from 2.242 billion kwanzas (US$17.7 million) in 2014 – has much to do with the growth of its loan portfolio, an increase in deposits and a review of the cost structure.
Coutinho also noted the entry of new clients and therefore more deposits, which reflects the trust the market has in the strength of the bank.
Standard Bank has a total of 23 branches in Angola, which is expected to grow to 26 by the end of the year, with new branches in Sumbe, Benguela and Luanda. (macauhub/AO)