Angola’s banking sector grows by 16% in 2016, Deloitte says

20 October 2017

The value of total assets of banks operating in Angola increased by 16% to 8.70 trillion kwanzas in 2016, compared to 2015, according to a study on the Angolan banking sector presented on Thursday in Luanda by consulting firm Deloitte.

The study entitled “Banking under analysis, new era, new ways” said that the state-owned Banco de Poupança e Crédito continued to lead the list with total assets of 1.69 trillion kwanzas.

The value of the assets of five banks – Poupança e Crédito (BPC), Angolano de Investimentos (BAI), de Fomento Angola (BFA), BIC and Millennium Atlântico – grew by 23% compared to 2015, and in 2016 accounting for around 73% of the sector’s total assets.

The study of the 25 banks operating in Angola in 2016 also reported that net income amounted to 174 billion kwanzas, an increase of around 55% over 2015.

The study reported that the weight of deposits in Angolan currency maintained the growth trend, to the detriment of foreign currency, now accounting for 67% of total deposits.

The total value of customer deposits in the national banking sector reached 7.04 trillion kwanzas in that year, representing growth of 16% over 2015, including the effect of the appreciation of deposits in foreign currency at the official exchange rate.

In relation to net lending to customers, there was also an increase compared to 2015, which amounted to 3.06 trillion kwanzas, or growth of 12% over 2015.

Budget Secretary Aia-Eza da Silva said during the presentation of the study that the assets of commercial banks operating in Angola in 2016 were the equivalent of around 63% of the country’s Gross Domestic Product. (macauhub)