The 22 Angolan banks that provided financial statements in 2015 and 2016 saw a 38.2% increase in profits from 135.7 billion kwanzas to 187.5 billion kwanzas (US$1.124 billion), according to a study published by Angolan newspaper Expansão.
The information provided by the newspaper showed that the growth of profits of the Angolan banking sector is explained by a sharp increase of 33.1% to 671.8 billion kwanzas of banking product.
Net interest income, net of interest and interest payments, increased 49.7% to 445.2 billion kwanzas, while the complementary margin, due to commissions on banking services and exchange gains, among others, increased by 9.3% to 226.7 billion kwanzas, according to the newspaper.
Last Thursday, Finance Minister Archer Mangueira said that the assets of the Angolan banking sector had doubled in the last five years (2011-2016), reaching 10.66 billion kwanzas (US$63.9 billion) in 2016.
The minister, who spoke at the opening of the 7th Banking Forum – Regulation and Banking Supervision promoted by the newspaper, stressed that the figures representing around 63% of the country’s Gross Domestic Product show the strong dynamics and importance of the banking sector for the Angolan economy.
Angola’s gross domestic product stood at US$102.6 billion in 2015, down 19.0% from US$126.8 billion in 2014. (macauhub)