The net results of the Angolan banking sector sank 237% in 2020, with losses of 218 million euros reflecting the capital loss on the sale of 80% of the non-performing loan portfolio of state-owned Banco de Poupança e Crédito (BPC) to RECREDIT.
The figures are contained in the report “Banking under analysis” by Deloitte Angola presented on Tuesday, which highlights the “mixed trajectory of the sector’s main indicators for 2019” and states that the net income of the national banking sector has reduced to an accumulated negative value of 166 billion kwanzas (218 million euros).
If, on the one hand, there was a total increase in assets (about 19%) and in net loans to customers (about 10% in 2020, reversing the downward trend of the previous three years), in terms of net income there was an aggregate loss, largely due to the capital loss on the sale of about 80% of the bad debt portfolio of BPC to RECREDIT, the state company created for this purpose.