Africa-Press – Angola. Consultant Fitch Solutions estimates that the growth of bank loans in Angola will accelerate to 9% this year, after an expansion of 5.5% in 2021, but is expected to slow down to 8% next year.
“We expect loans to customers to grow 9% this year compared to the same year, up from 5.5% in 2021, due to greater consumer and business confidence”, write the analysts of this consultancy owned by the same owners of the agency financial rating Fitch Ratings.
In the comment, sent to investors and to which Lusa had access, Fitch Solutions says that “in 2023, the growth of bank loans is expected to decelerate to 8% compared to the previous year due to headwinds in the national oil sector”, which will cause bank capital and profitability to weaken in 2023.
According to data from the National Bank of Angola (BNA), credit growth accelerated to 14.8% in September compared to the same month of the previous year, when in September 2021 it had risen by 0.5% compared to September 2020 .
“This reflects improving macroeconomic conditions, with GDP accelerating from 2.8% year-on-year growth in the first quarter of this year to 3.6% in the second quarter, and we anticipate further acceleration in the third and fourth quarters. this year”, adds Fitch Solutions.
Even so, he points out, “credit growth next year will be above the historical average of 7.7% between 2012 and 2021, due to the fact that average annual inflation continues to slow down, to 14% in 2023, and the BNA is expected to maintain its monetary position, cutting rates by 200 basis points to 17% in 2023”.
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