BFA’s net profit increased by 23.5% in the first half of 2023

BFA’s net profit in the first half of 2023 increased by 23.5 per cent compared to 2022, reaching 83.0 billion kwanzas, ANGOP learnt today.

The financial performance was the result of a 17.5 billion kwanza increase in Banking Income, as a result of the increase in financial and complementary margins, which totalled 116.4 billion kwanzas and 26.1 billion kwanzas, respectively.

BFA’s figures show that in June 2023, Total Assets totalled 3,360.9 billion kwanzas and customer funds totalled 2,730.2 billion kwanzas, an increase of 39% and 48.6% respectively.

A press release from the bank says that there was also a -0.4 per cent variation in the Return on Total Assets (ROA), which reached 5.8 per cent, “which shows great capacity to generate income, when compared to the average for the Angolan financial sector, which is 4.75 per cent (BNA data from June 2023)”.

The bank says that its total credit portfolio grew by more than 30.4 per cent, which represents an increase of 165.6 billion kwanzas, compared to the same period last year, reaching 710.0 billion kwanzas.

This increase, the document adds, is explained by the rise in credit granted in national currency, a preponderant part of total credit, which grew by 24.6 per cent to 498.5 billion kwanzas.

Shareholders’ equity increased by 17.5 per cent year on year, standing at 483.1 billion Kwanzas, with reserves and retained earnings, as well as net income for the period, contributing to this positive variation.

In the period under review there was also an improvement in the Cost to Income Ratio, from 43.3% to 38.3%, the variation resulting from an increase in Banking Income of 142.6 billion kwanzas, with overheads increasing by more than 2.2%/year, from 55.1 billion to 55.3 billion kwanzas.

Source: Angola Press News Agency

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