The figures were influenced by reduced losses at Banco Económico, which published its financials earlier than usual. The 2024 financial year was also marked by currency depreciation, which “boosted” results by increasing foreign exchange gains — a key driver of the profit surge. According to calculations by Expansão based on banks’ published financial reports, the combined net profit of Angola’s commercial banks rose by 82% to 905.6 billion Kz in 2024, up from 497.4 billion Kz in 2023. These are consolidated results, including earnings from subsidiaries.
The growth was largely driven by the sharp reduction in losses at Banco Económico, which, after nine years of non-compliance, released its financial report nearly on time, as required by the National Bank of Angola (April 30). Previously, the bank was excluded from the aggregate banking figures. Although technically bankrupt for six years (see page 26), Banco Económico reduced its losses from 297.9 billion Kz in 2023 to just 3.3 billion Kz in 2024. Excluding Banco Económico, the sector’s net profit would have been 795.3 billion Kz in 2023 and 909.0 billion Kz in 2024 — a more modest growth of 14%.
Still, this marks the highest-ever recorded profit in kwanzas for the banking sector, surpassing 2023’s record, largely due to the depreciation of the kwanza. The currency reached a low of 952 Kz per U.S. dollar in October, significantly boosting foreign exchange results and, consequently, net earnings in local currency. In dollar terms, banks’ net profits rose by 65%, from USD 600.2 million to USD 993.0 million.
However, this figure still falls short of the highest dollar-denominated profit of the past decade — USD 1.4 billion in 2018, the year Angola began relaxing its currency regime, with the kwanza depreciating 46% against the dollar.
According to economist and financial consultant Alberto Vunge, last year saw intense activity in the foreign exchange and interbank money markets, which further amplified bank profits.
“Banks are highly exposed to exchange rate risk and hold significant monetary assets and liabilities in currencies other than the kwanza, mainly in dollars and euros. Depending on how banks manage their foreign exchange positions — choosing whether to hold more foreign-currency assets or liabilities — they can make either actual or potential gains or losses from exchange rate fluctuations,” he explained.
Excluded from the financials are Access Bank Angola and VTB Africa, which had not yet published their reports as of Wednesday. Access Bank stated that it had informed the National Bank of Angola of its delayed publication and received authorization to release the 2024 financials after the regulatory deadline. VTB Africa provided no clarification.
BFA Overtakes BAI, Returns to Top Spot in Profitability Rankings
The surge in overall profits was driven in part by BFA, which reclaimed the top spot after being overtaken by BAI in 2023. Under the leadership of Luís Gonçalves, BFA posted consolidated net profits of 207.8 billion Kz in 2024 — a 24% increase from 167.9 billion Kz in 2023. BAI followed with 170.5 billion Kz in profit (down 37.8 billion Kz), and Standard Bank saw its profits soar 86% to 124.8 billion Kz (up 57.8 billion).
Also among the top earners were BPC, with consolidated net profit of 120.1 billion Kz (down 7.1 billion), and Keve with 55.3 billion Kz (up 22.1 billion). Together, these five banks accounted for 75% of total commercial bank profits recorded in 2024.
Source: Expansão
