Angola | Banking sector grows by 16pct in 2016, Deloitte says

A bank branch in Malanje, Angola

The value of total assets of banks operating in Angola increased by 16 percent to 8.70 trillion kwanzas in 2016, compared to 2015, according to a study on the Angolan banking sector presented last week 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 percent compared to 2015, and in 2016 accounting for around 73 percent 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 percent 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 percent 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 percent 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 percent 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 percent of the country’s Gross Domestic Product.  MDT/Macauhub