Angola - Banking Review 2013 Foi salvo
Angola - Banking Review 2013
It is with great pleasure that we present the 8th edition of our Angola - Banking Review 2013 report.
This initiative is the outcome of the collection and analysis of the financial information of the banks operating in Angola and seeks to provide readers with an overview of the current challenges and of the evolution of the economy, as well as a glimpse of the future.
In 2012, the banking sector in Angola continued to record a growth in response to the investment made by its players in recent years. One of the most relevant aspects was the 26% increase in loans to customers. This fact was largely due to increased confidence in the Kwanza, which was strengthened by exchange rate stability, and has been fundamental in the pursuit of a policy of increasing lending denominated in the national currency.
However, despite this positive result, there was a reduction of profitability, which is natural in a developing market. This reduction had several causes associated with the expansion and organic growth investments made by banks, and also with the effects of a growing market.
These results were achieved at a time when Angola’s economy has experienced an acceleration in its growth rate from 3.4% in 2011 to approximately 8% in 2012. These are signs of vitality and progress of Angola’s economy, which continues its path of sustained growth, with the objective of gaining access to international financial markets and establishing the credibility necessary for stabilising the financial system and the currency.
But introspection is not enough to prepare for the future. It is important to observe the market and reflect on the global environment. The very fragile world economy has not yet stabilized and emerging markets are evidencing a slowdown. In Angola, the challenges of economic growth are associated with the diversification of the economy and the acceleration of the financial inclusion process, an increasingly familiar term. These are the processes that will allow the strengthening of the financial system in the medium and long term.
The challenges of the present will undoubtedly be the foundations of the future.
Rui Santos Silva
Country Managing Partner