Angola: Assets of Crédito do Sul Bank rise 23 percent year on year
Crédito do Sul Bank (BCS) posted revenues of around Kwanzas 8.834 billion, (around $20.9 million) in the first quarter of this year, and total assets rose 23 percent against 2021.
Data from the bank indicated that the volume of deposits grew by around 80 percent in 2021, as a result of growth of the customer portfolio.
The positive results of BCS are the result of a strict risk management policy when granting loans, which has resulted in low levels of default, with only 1.3 percent of loans falling due, according to a statement published recently in the Angolan capital.
The BCS product and services portfolio includes a number of instruments that can have a positive impact on companies, and the most common instrument is credit to the manufacturing sector, but it has also looked to its international partners to contract lines of support for exports to make it possible to export local production capacity.
Its report and accounts for financial year 2021, reports that direct credit increased 14 percent, continuing to be made up mostly of loans to companies (corporate segment), which correspond to 87 percent of the bank’s total credit portfolio.
Lending to individuals grew by 193 percent, while the bank’s deposit volume increased by about 80 percent in 2021, as a result of growth in the customer portfolio.
Recently the executive director of BCS, Ms Odyle Cardoso, told journalists on the sidelines of the biggest business fair in the south of the country, “Expo-Huíla,” that the bank is funding 15 projects focused on poultry, agriculture and the meat industry and is open to funding projects in a wide variety of sectors of the Angolan economy.
In June of this year, the BCS signed an agreement to be part of the Trade Facilitation of the African Export-Import Bank (Afreximbank) and received an initial credit line of $ 20 million, which will be used to confirm letters of credit and issue guarantees.
“Taking advantage of the 29th Annual Summit, promoted by Afreximbank, held in Cairo, Egypt, of BCS’ Chairman of the Executive Committee, Mr Rafael Kapose, signed along with Mr Rene Awambeng of Afreximbank, the agreement that reinforces the commitment of both institutions in financing and promoting intra and extra-African trade, allowing access to a global network of international confirming banks,” the bank explained on the occasion.
Afreximbank is a pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade.
In 2021 the Angolan banking sector recorded strong growth compared to the banking sector in other markets despite Covid 19, which has had a negative impact on economies around the world.
Recent data shows that the first half of 2022 was very profitable for Angolan banking.
