Angolan Banks: Robust Performance in a Changing Economic Backdrop

The Angolan banking sector recorded another strong year. Total assets grew by 12.5% YoY, net loans by 23.7%, and customer deposits by 9.5%, reflecting continued financial deepening. Asset quality improved, with the NPL ratio declining to 14.3% from 19.3% in 2024. Sector profitability remained robust, with combined net profit rising 27.8% YoY to nearly AKZ 1.0 trillion, supported by strong net interest income, foreign exchange revenues, and fee income. ROE reached 26.7% and ROA 3.9%, while the six largest banks continued to dominate the market, accounting for more than 70% of assets, deposits, and earnings.

The regulatory environment also evolved, as the BNA strengthened risk-based supervision, enhanced anti-money laundering controls, and continued modernizing the national payments system to align with international standards.

A landmark event was the September 2025 IPO of BFA, the largest equity offering in Angola’s history. The heavily oversubscribed transaction attracted thousands of new investors and significantly expanded participation in BODIVA. Following its listing, BFA became the exchange’s largest and most actively traded stock, joining BAI and BCGA as the country’s listed banks and increasing investor visibility of the sector.

Supported by strong profitability and solid capital positions, BFA, BAI, and BCGA maintained attractive dividend distributions. Combined with improving asset quality and growing capital market participation, these factors continue to position Angola’s banking sector as one of the country’s most attractive investment opportunities.