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2024-01-02 14:55:54
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Commercial banks started 2023 with results more than 13% below the previous level but turned the situation around, while at the same time adapting operations to customer needs
Banco Internacional de Crédito (BIC) is the financial institution that granted the most loans in 2023, with a total of 727.8 billion kwanzas, as shown in its report for the first half of the current year. Next is Banco de Fomento de Angola (BFA), which lent 496.7 billion kwanzas, while Banco Angolano de Investimentos (BAI) lent 445.8 billion kwanzas. On the other hand, the Bank of Commerce and Industry (BCI) granted a total of 75.6 million kwanzas in credit to customers, while Banco Económico granted the equivalent of 51 million kwanzas, as shown by data from these institutions.
The credit champion, BIC, has more than 77% of its credit portfolio dedicated to financing and just over 7% dedicated to housing. BIC remains firmly in the lead in credit granting, a position it occupied in 2022, where it was followed from afar by Atlântico and BFA, following in 2021 it was also the leader in the segment, but this time followed by Atlântico and BFA. BAI.
Deloitte’s Banking in Analysis showed that at the beginning of the year, total net credit granted by banks amounted to 3.4 billion kwanzas in 2022, which corresponded to an increase of around 11% compared to 2021. In terms of deposits, BAI remains in the lead, with 2.6 billion kwanzas, followed by BFA which has a deposit of 2 billion kwanzas, with Banco Atlântico in third place with deposits in the order of 1.3 billion kwanzas Despite the many prone complaints regarding supposed discounts and high costs for account maintenance, Atlântico is in the top 3 when it comes to deposits.
The sector’s own funds ratio increased by 4.2 percentage points compared to 2022, equivalent to 28.4%, thus remaining above the minimum regulatory value with a safety margin, which demonstrates the sector’s resilience . The improvement in this ratio also resulted from the increase in the share capital of some banks, with emphasis on Banco de Poupança e Crédito (BPC), Banco Caixa Geral de Angola (BC-GA), Banco de Desenvolvimento de Angola (BDA), Banco de International Business (BNI) and BCI, reflecting a positive impact on regulatory own funds.
The sector study indicated that the total value of commercial banks’ assets in 2022 corresponds to 17 billion kwanzas at the end of the 2022 financial year, corresponding to a growth of approximately 4.3%, influenced by the improvement in the macro environment. national economic economy with a GDP growth of 3% and a reduction in the inflation rate in 2022. A performance that led to the Net Results of the national banking sector at the end of 2022, standing at 366.6 billion kwanzas, substantiating a reduction of 13.6% compared to 2021.
A reduction that at the time of the study was explained by the worsening of BPC’s losses and the variation in impairments in 2022, which had grown by 306 billion compared to 2021, and here, as the study also clarified, if BE and BPC, the sector’s results had registered a reduction of less than 4%. Now in 2023, BFA bank has recorded assets of 3 billion kwanzas, according to its report and accounts for the first half of the year. BAI, which does not publish a semi-annual report, only publishing a quarterly balance sheet, has assets of 4 billion kwanzas.
Banco Económico has assets of 1.4 billion kwanzas and BCI bank, which at the end of the first half of the current year, had assets of 781 million kwanzas. Even in terms of assets, one can see the practical difference between the banks, with BAI being by far the institution with the largest assets, followed by BFA, as it was in the year that is now underway.
According to the sector study, there are already national banks taking the first steps towards having a completely customer-centric operation. Commercial banks in Angola face different challenges and opportunities in evolving their operations to “customer centric”. There is, however, a very positive dynamic in terms of the adoption of tools that will tend to accelerate this process in the national market. Note that around 30% of the Angolan population has access to the Internet and uses smartphones, which is significant, since if we go back five years, only 20% used them.
This is how projections point to around 55% to 60% in 2025. But still, commercial banks face internal resistance in adopting a customer-centric approach, especially in more traditional and hierarchical organizational cultures. This adaptation entails costs, requires time and effort, including the need to involve and train teams for such an endeavor. An advance that is ultimately worth it as it can pave the way for improving the customer experience.
BY: Ladislau Francisco
2024-01-02 13:47:56
(Photo: Getty Images)
MARKET REVIEWS. Bad economic data in China as well as the rise in interest rates weigh on the markets on Tuesday for the first session of the year following their sharp rise in 2023.
Futures contracts Dow Jones fell by -218.00 points (-0.57%) to 37,794.00 points. Futures contracts S&P 500 lost -35.50 points (-0.74%) to 4,784.50 points. Futures contracts Nasdaq fell -177.50 points (-1.04%) to 16,846.00 points.
In London, the FTSE 100 lost -32.99 points (-0.43%) to 7,700.25 points. In Paris, the CAC 40 dropped -53.07 points (-0.70%) to 7,490.11 points. In Frankfurt, the DAX fell by -75.61 points (-0.45%) to 16,676.03 points.
In Asia, the Nikkei from Tokyo fell -75.43 points (-0.22%) to 33,464.17 points. For his part, the Hang Seng Hong Kong closed down -258.84 points (-1.52%) at 16,788.55 points.
On the oil side, the price of a barrel of American WTI posted an increase of +US$1.36 (+1.90%) to US$73.01. The barrel of North Sea Brent rose +US$1.39 (+1.80%) to US$78.43.
Markets rose sharply in 2023, particularly in the last two months of the year, with expectations of more accommodating policy from central banks.
“In many markets, the gains were almost entirely due to the last two months,” recall analysts at Deutsche Bank.
Investor sentiment changed on Tuesday following the release of S&P Global’s final Eurozone industrial PMI estimate, which came out a little better than expected.
Several times in recent weeks, the deterioration of economic conditions was welcomed by investors, who believed that this would put more pressure on central banks to start easing their monetary policy.
After hitting lows of several months, or even a year, in the euro zone last week, government interest rates rebounded significantly during the last two weeks of 2023 and the momentum continued on Tuesday.
The French 10-year French government bond rate reached 2.61%, compared to 2.56% on Friday and 2.40% at last week’s lowest. The American 10-year yield touched 3.95%, compared to 3.88% on Friday.
In Asia, the Hong Kong Stock Exchange lost 1.52% and Shanghai 0.43%.
Investors were particularly put off by the weakness of official data for Chinese industry in December, which was published on Saturday in a sharper contraction than expected. Investors have been hoping for months for large-scale measures to counter weak consumption and the lack of confidence with the real estate crisis, but they have been disappointed so far.
State-of-the-art chipmaking machines from the Dutch semiconductor giant ASML were banned from export to China, the company reported, amid American pressure in this strategic sector.
ASML said in a statement on Monday that the Dutch government had recently revoked a license to ship some of its machines, “which would impact a small number of customers in China” of ASML, a key player in construction. world of microprocessors. The stock fell 1.45%.
Companies linked to China were clearly declining in Europe. This is the case for the luxury sector: LVMH fell by 1.95, Hermes of 1.72% and in cosmetics L’Oreal yielded 2.21%.
Spirits manufacturers also lost a lot of ground, notably following analyst downgrades. Rémy Cointreau dropped 4.04%, Pernod Ricard 3,07%, Campari 2,10%, Diageo 1,49%.
The bitcoin soared on Tuesday, surpassing the US$45,000 mark, driven by hopes of imminent approval in the United States of a new consumer financial product.
The bitcoin advanced 4.41% to US$45,550.
Oil prices rose on Tuesday, driven by increased geopolitical risk and fears of potential supply problems following an Iranian ship entered the Red Sea, the scene of attacks on boats.
The price of a barrel of North Sea Brentfor delivery in March, took 2.27%, to US$78.79.
Its American equivalent, the barrel of West Texas Intermediate (WTI)for delivery in February, gained 2.33%, to US$73.32.
The euro fell 0.77% to US$1.0959.
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2024-01-02 10:30:09
A new tax will also be introduced on liquids, whether or not they contain nicotine, intended for electronic cigarettes. It will be set at 0.15 euros per milliliter, thus leading to an increase of 1.5 euros for a 10 ml bottle and 16.5 euros for a 100 ml bottle. Some criticize this new tax, arguing that the electronic cigarette is a substitute, an alternative, and that a tax as high as that of tobacco would be equivalent to eliminating a solution for quitting smoking from the market.
In response to these statements, our tobacco specialist states three points: “First of all, you described the electronic cigarette as a tobacco product. Let me emphasize once more that this product is not sold in pharmacies, but in the same points of sale as rolling tobacco and smoking tobacco. It therefore seems consistent to apply the same taxes and excise duties to all tobacco products. This is the first consideration. Next, it is important to note that the vast majority of electronic cigarette consumers are young people. To a certain extent, this might even represent an opportunity for young people who might not have started smoking traditional cigarettes. And third, it is claimed that it is also significantly less harmful, which is partly true.“
For Martial Bodo, this increase is however completely justified: “It therefore seems right to me that the tax and excise duties be restored to levels comparable to those of so-called classic cigarettes. As for the effectiveness in quitting smoking, of course, for some it will be a way out. However, all too often this is due to the maintenance of the behavioral and psycho-emotional aspect which surprisingly resembles that of the classic cigarette.“
Increasing the price of tobacco is among the six best actions to combat smoking according to theWorld Health Organization. According to Cancer Foundation, 24% of the population smokes in Belgium, including 19% daily (at a rate of around 14 cigarettes per day according to figures dating from 2022). However, smoking is the leading preventable cause of cancer.
Every day, nearly 40 Belgians (14,000 people per year) die from smoking. Not to mention the 300,000 Belgians who suffer from tobacco-related illnesses.
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