The study presented this Tuesday in Luanda highlights, however, that "if Banco Económico were excluded from this analysis, the growth in the sector's net profits would amount to only 1.2 percent", due to the large losses recorded in 2023.
The significant improvement in the financial situation of Banco Económico, whose losses went from 297 billion kwanzas in 2023 to just 3 billion kwanzas last year, contributed to the positive net profit of the more than 20 banks analysed.
However, uncertainties persist regarding the future of Banco Económico, a systemically important bank that is currently implementing the Recapitalisation and Restructuring Plan approved by the National Bank of Angola at the end of 2021: "The most recent financial data are not encouraging and are clear from the study, with a need for a capital increase of 698,447 million kwanzas", the report states.
According to a statement from Deloitte Angola, the variation in profits was due to "the growth in the financial margin (+25 percent) and foreign exchange results (+65 percent)", resulting in a variation of 129 billion kwanzas compared to 2023, associated with foreign exchange operations and the sale of foreign currency.
According to the study, the financial margin grew 25 percent last year, totaling approximately 1.3 trillion kwanzas.
Foreign exchange results increased 65 percent, reaching 327 billion kwanzas, while income from services and commissions registered an increase of 41 percent, standing at around 390 billion kwanzas.
The data also indicate moderate growth in the main domiciles with banking sector assets growing 3.3 percent in 2024 and customer deposits increasing 1.8 percent.
Customer credit also continued to gain weight, with a growth of two percentage points in the overall asset structure.
The study also points to a slight increase in the number of bank branches, which rose two percent to 1,454 in 2024, with notable growth in terms of banking and payment agents, with increases of 641 percent and 203 percent.
In terms of solidity, the regulatory net equity ratio fell by 5.3 percentage points, standing at 20.72 percent at the end of 2024, still well above the minimum required, which, according to the study, demonstrates "the solidity, solvency and stability of the Angolan financial system".
