Angola Banking Review 2014

It is with great pleasure that we present the ninth edition of our Banking Analysis Study. This is an initiative that, year after year, we have the privilege to continue and we are proud to present this study with the regularity and seriousness that this sector deserves.

In this issue, we re-analyse the financial performance of banks operating in Angola and we share with
interested parties the developments with which the market and the development of the economy have challenged us.

During 2013, the global economy returned to growth and showed positive results, with an increase of 12%
in the volume of assets and a 13% growth in the profits of financial institutions on a year-on-year basis.
Moreover, the preservation of the levels of default at roughly 11% and the recent intervention of the central bank (the National Bank of Angola – referred to throughout this report as “BNA”) in an institution of this sector highlight the need for careful management of various risks, including in particular, credit risk. In this context, in 2013, BNA issued an important set of regulations on internal control and risk management.

Encouraged by the evolution of this sector and its participants, we wanted to go further in the production and sharing of knowledge. Therefore, in addition to keeping a watchful eye and rigorous attitude towards financial reporting, this time we also present a parallel study on the quality of financial services, a subject that is on the agenda of the managers of many institutions.

For this reason, this ninth edition of the Banking Analysis Study also shares the reflections of managers
and several regulators, who agreed to express their views on this specific point.

We believe that the increase in the level of standards is a basis for the growth of this sector. In parallel
with the evolution of the main financial sector indicators, and according to the providers and
consumers of banking services, the sector has also enjoyed significant evolution in the quality of services
provided. Naturally, this progress is not finished, and we envisage the maintenance or even an increase in
the focus of financial institutions on this aspect Our commitment is to continue to focus on the monitoring of the financial sector, and to seek that this analysis strengthens and guarantees constant reflection by participants.

Today, we are certain that quality standards are a cornerstone of growth and will be the cornerstone
for the sustainable development of the country, and the banking sector, in particular.

Rui Santos Silva
Country Managing Partner

Media Partner