"BFA achieved a net profit of 89,848.6 million kwanzas in 2020, which represents a year-on-year reduction of 25.1 percent compared to 2019; this reduction is motivated by the recording of $70 million in impairments with Securities and Credit assets, following the downgrade of Angola's sovereign debt rating," reads the statement distributed this Monday in Luanda on the bank's results in 2020.
"In a year unavoidably marked by the pandemic and its economic effects worldwide, BFA recorded robust and sustainable growth of its activity, as well as of its number of customers, which grew 6.2 percent to 2.1 million," the statement said, which also reported 31 percent growth in total assets, a 30 percent rise in operating income, to 274.2 billion kwanzas and a 38.8 percent expansion of customer resources.
Considering last year as "extremely challenging," the chairman of the BFA executive committee, cited in the statement, noted that "the good operating results, with growth of over 30 percent in several categories," showed the commitment of the staff, and concluded that "2021 will also be challenging so the bank believes that it should maintain its course of providing products and services that well serve families and companies in Angola, always ensuring a sustainable business with a future.
