Overdue loans in Angola account for 17.6% of total in 2016

6 July 2017

Overdue loans in the Angolan banking system totalled 639.071 billion kwanzas (US$3.833 billion) at the end of 2016, an amount equivalent to 17.6% of the total credit granted by the system to the country’s economy, the governor of the central bank said on Wednesday in Luanda.

Valter Filipe, governor of the National Bank of Angola (BNA), said at the opening ceremony of the conference on Banking Regulation and Supervision in Angola, held in Luanda, that total credit to the economy in the period stood at 3.619 billion kwanzas (US$21.7 billion), with the 29 banks operating in the country having reached 10.1 trillion kwanzas (US$60.5 billion).

A year earlier, overdue loans stood at 355.6 billion kwanzas (US$2.132 billion), according to a report by Deloitte, which was presented in November 2016 in Luanda.

The governor said there are 29 banks in operation, out of the 30 authorised banks, that the utilisation rate for banking services stood at 59% at the end of 2016 and that the banking system had 6 million customers. (macauhub)