Ver Angola

Banking and Insurance

Fitch Solutions: Banking sector in Angola grows 9.8 percent this year and 7.4 percent by 2024

The consultancy Fitch Solutions estimated this Sunday that the banking sector in Angola should register an average growth of 7.4 percent until 2024, registering an expansion of loans to clients in the order of 9.8 percent this year.

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"We expect the growth of loans to customers to be 9.8 per cent this year compared to the previous year, and by the end of our forecasting period in 2024, we expect loans to average 7.4 per cent annually," reads an analysis of the country's banking sector.

In the report, sent to clients and to which Lusa had access, analysts say that "the sector should continue to face growing challenges throughout the forecasting period, maintaining a growth path".

The government's indebtedness is growing and the quality of assets, they point out, remains weak and is under pressure to improve, which leads analysts of this consultancy, owned by the same owners of the Fitch rating agency, to predict that growth will slow over the coming years.

"The sector is already anticipating structural changes in the coming years, with government plans to privatise several entities, and there should be more consolidation among small institutions that are struggling to meet regulatory demands," write the analysts.

Among the main advantages of the financial sector is weak banking among the population, which "offers opportunities for long-term growth" and "clear communication from the central bank, which improves the operational environment", in addition to the large energy market, which needs financing.

On the other hand, they add, bank accounts are "too dependent on the hydrocarbon sector, with a large part of loans going to oil industry related activities", since the rest of the population has little financial margin to guarantee growth in the banking sector.

Among the main threats to the development of the sector analysts highlight the poor quality of assets, which "threatens the insolvency of smaller institutions", the withdrawal of loans to the private sector due to state guarantees in the credit crunch and the high levels of corruption, which "create difficulties for the banking and financial sectors".

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