BFA recorded a profit of 90 billionkwanzas in 2020.

• Strong and sustainable growth of the Bank's business
• Assets grew 31% to 2,874,899.7 million kwanzas
• Banking product increased 30.7% to 274,224.3 million Kwanzas
• Number of customers expanded 6.2% to 2,196,080
• Gross loans to Customers improved 8% to 387,818 million Kwanzas
• Solvency ratio 5.6 times above regulatory minimum level
• Impairments recognition with debt securities penalised the net result

To access BFA Results Presentation click here

In a year marked by the pandemic and its economic effects worldwide, BFA registered robust and sustainable growth in its activity, as well as in its number of Customers, which grew 6.2% to 2 196 080.

In 2020, BFA's Total Assets grew 31% to 2,874,899.7 million kwanzas, reflecting the growth in activity, Banking Income increased 30.7% to 274,224.3 million kwanzas and Customer Resources soared 38.8% to 2,252,202.7 million kwanzas.

Considering this strong operational and financial performance, and the global economic crisis and its strong impact on Angola, BFA obtained a Net Profit of 89,848.6 million Kwanzas in 2020, which represents a year-onyear reduction of 25.1% compared to 2019. This reduction is motivated by the recognition of USD 70 million in impairments with Securities and Credit Assets, following the downgrade of Angola's sovereign debt rating.

On 31 December 2020, BFA continued to present ratios that showed the Bank's solidity and judicious management. Thus, the ROE (Return on Equity) stood at 18.1% and the Regulatory Capital Adequacy Ratio was 56.4%, 5.6 times higher than the minimum required by the regulator, which is 10%. On the other hand, the Past Due Loans Ratio decreased 0.4 p.p., standing at 6% at the end of 2020, and the Past Due Loans Coverage Ratio increased to 234.1%.

BFA Regulatory Capital increased their growth tendency by 11.3% to 461,774 million Kwanzas, consolidating their position and security in financial support for the needs of their customers and allowing the Bank to make the necessary investments to maintain its leadership in the market.

Resource-taking registered an increase in the volume of deposits compared to 2019, showing the market's confidence in the Bank, reaching Kwanzas 2,252,202.7 million, 38.8% more than in 2019. The Loan to Deposits Ratio showed a reduction compared to 2019, standing at 17.2%. This decrease is explained by the higher relative growth in deposits compared to gross Loans and Advances to Customers which, even so, increased from Kwanzas 359,170 million in 2019 to Kwanzas 387,818 million at the end of 2020, up 8% compared to 2019.

Luís Gonçalves, Chairman of BFA's Executive Committee, highlights:

"2020 was an extremely challenging year, given the global crisis we experienced. BFA and all its Employees remained fully committed to supporting its customers, contributing positively to alleviating the effects of the crisis and supporting the Angolan economy. Our successful operating results, with growth in over 30% in several categories, show that we managed to do this successfully. The year 2021 will be equally challenging, so the Bank believes that it must maintain its course regarding the provision of products and services that well serve families and companies in Angola, always ensuring a sustainable business with a future".

A bank close to the people...

Throughout 2020, BFA continued to invest in providing solutions that enable it to be even closer to its customers, through its branches, remotely or through automatic means of payment. Thus, the penetration rate of BFA Debit Cards rose to 57.3% and the number of active POS increased by about 7.5%. The number of active ATM suffered a slight reduction of 1.8%.

Throughout last year, BFA asserted itself as a leader in the offer of services, obtaining, according to EMIS, the following market shares: 56% in SPI Visa Cards; 22% in Debit Cards. Regarding the number of bank outlets, BFA maintained its total number in 2020 with amount to 197, consisting of Branches, Business Centres, Investment Centres, Private Banking Centres and Service Points.

Aware that its greatest asset is its Human Capital, BFA recruited 51 more employees in 2020, currently having a total of 2 775 Employees, of whom 2 724 participated in the BFA Academy training sessions.

... and at the service of the community

BFA was the first banking institution to join the Angolan Government, contributing the equivalent in Kwanzas of 5 million dollars to the fight against the pandemic. On the other hand, the Bank immediately implemented a contingency plan to protect the health of its Employees and Customers, which included strict biosecurity measures in all its premises and the adoption of a regime of shifts and teleworking.

But the Bank's contribution to the well-being of the communities it serves went far beyond fighting the pandemic. In fact, the overall allocation of the PROGRAMA BFA SOLIDÁRIO 2020 (BFA solidarity 2020 programme) was 250,000 Kwanzas (equivalent of USD 400,000). 173 organisations applied for this edition, with projects related to health, nutrition, and access to drinking water. Also, in terms of volunteering, BFA held blood donation campaigns in the country's 18 provinces, with the participation of 1,935 volunteers, including employees, family members and friends. Another highlight was the "Natal de Luz" programme aimed at children at the Huambo Central Hospital and at the Centro de Acolhimento Pequena Semente (children rescue centre).