Determination key to business success
The boom of the banking sector in Angola can be summarized with a few telling statistics. The number of deposits, boosted by economic stabilization and a shrinking preference for liquidity, increased from about $5 billion in 2005 to $11 billion by June 2007. Likewise, credit is also on the rise as a result of normalization of economic activity and the dynamism of the Angolan society - loans granted from the banking sector grew 96 percent in 2006 following 53 percent growth in 2005 to reach $5.6 billion by June 2007, according to the latest figures available.
"As one of the leading entities in the market, we are no exception," said Emdio Pinheiro, chairman of Banco de Fomento de Angola (BFA), a Portuguese-backed lender with a history of success in Angola.
"Since 2002, we have continued to grow in number of clients, volume of deposits and credit granted. In 2007, we almost doubled our credit portfolio and increased our deposits almost 50 percent, reaching a market share of 23 percent and net profits of $86 million."
