Banco Angolano de Investimentos (BAI) posted impressive financial results for 2023. Profit before tax stood at AKz220 billion ($250 million), almost double its 2022 result (AKz115 billion), and the bank achieved a return on equity of 36%, up from 26% the year before.
AfE 2024
These numbers have certainly been helped by the devaluation of the Angolan kwanza, but the bank has continued to grow its customer base and has the largest market share in the country in terms of debit and credit cards, with 26% of all cards issued.
It has improved its digital offering in 2023 with the addition of instant payments between BAI Angola and BAI Europe. The launch of its agricultural credit campaign this year will increase lending to existing farmers and producers looking to invest in production for next year.
In July, pan-African banking group Access Bank bought 51% of Angola’s Finibanco Angola from Banco Montepio of Portugal, its first acquisition in the country. Along with four other banks, BAI controls over 80% of bank assets in the country.