Ver Angola

Banking and Insurance

BFA's net income improves by 74.2 percent to around 156.5 billion kwanzas

Banco Fomento Angola (BFA) announced this Monday that it had a net result of 156.5 billion kwanzas in 2021, which represents an increase of 74.2 percent compared to the result of the previous year.


"The good results recorded in 2021, both operationally and financially, demonstrate once again BFA's ambition to be the bank for all Angolans, as well as to maintain its leadership and reference in the national financial sector", commented the president of the executive committee, Luís Gonçalves, quoted in the statement.

According to BFA, the bank thus recorded an increase of 66.6 billion kwanzas in earnings compared to 2020, but was hampered by the positive evolution of the kwanza last year, which meant that balances indexed or denominated in foreign currency meant that total assets fell by 8.4 percent to 2,632.3 billion kwanzas.

The total volume of customer assets fell by 11 percent, but credit rose by 5.9 percent, with the bank highlighting the granting of "quality credit", that is, in which customers meet their financial obligations to the Bank.

"In 2021, the bank granted more credit to the economy and quality credit, thanks to the careful management of risk that has been adopted over the last few years; the NPL ratio stood at 3.6 percent, very below the average for the Angolan financial system, of 20.26 percent," he added in the statement.

With 2770 employees, BFA added a branch to the list of 197 branches it had in 2020, having been the market leader in the debit card market, in savings and investment products and in the provision of public debt securities on the secondary market.

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