|
ANGOLA |
Best Bank: Banco Angolano de Investimentos | |
It was a good year for Angola’s best bank. Banco Angolano de Investimentos (BAI) posted a 27% rise in net interest income in 2020 to NKz132 billion ($204 million), with net profit coming in at NKz29 billion, aided by a conservative approach to risk management. Strength and stability matter in tough times and the fact that deposits rose 18% to NKz2.7 trillion underlines BAI’s reputation for standing tall in a crisis.
This performance must be put in context. Angola suffered a torrid year. The economy shrank 4% in 2020 – the fifth successive year of contraction – and in September the sovereign was downgraded by Fitch Ratings to CCC from B-.