Caixa Angola bank achieves best ever result in 2022 

The chief executive of Banco Caixa Geral Angola (BCGA), João Pires, recently said in Luanda that the bank had its best result last year and was optimistic about the economy’s evolution, considering 2023 as “challenging”.

According to the manager, BCGA’s net income amounted to €364.5 million, a growth of 0.19%, compared to the net income for 2021, whilst operating income grew by 34.05%.

“They were the best ever,” noted João Pires, justifying the results with the “growth of the bank’s business and the good behavior of the Angolan economy that led to “a very low cost-risk.”

The official spoke to Lusa on the sidelines of the Angola Banking Conference, which was held last week, and addressed the theme “Banking and ESG Challenges,” organized by the magazine Economia & Mercado and consulting company PwC.

H said he predicted continued growth of the Angolan economy.

“We think that the economy will continue to grow. Inflation is going to fall.”

“Falling inflation is good for the economy and everyone, but the nominal results when inflation falls tend to adapt to this fall,” he said, considering 2023 “a challenging year.”

In recent days, the banking sector has been going through a period of turbulence, first with the collapse of Silicon Valley Bank (SVB) in the United States and then with the sharp fall in the stock market of Credit Suisse.

Questioned about possible impacts for Angolan banking, João Pires recalls that if in the past there were crises that even led to the collapse of world banks, currently the situation does not arise.

“We have a very solid capital base. We can certainly withstand any crisis, but it is clear that if [crises] occur, they will not pass by us,” he said, adding that there will be no crises similar to those of 2008, “not even a little more or less,” and that the effects are contained.

“Rising interest rates devalue public debt portfolios (…) and that problem we don’t have in Angola; we are not raising interest rates. Therefore, I do not expect these phenomena to have direct repercussions”, he declared.

Banco Caixa Geral de Angola is due to hold its General Meeting of Shareholders on 31 March, which will deliberate on eight points, including the report and accounts, application of results, the election of an independent director and a member and remuneration of members of the corporate bodies.

With information from Forbes