Solid profits and stellar rates of growth have been the rule over the past few years for Angola’s banking industry, as the country takes advantage of huge oil reserves to pursue fast economic growth. Record oil prices are providing a well-deserved breakthrough for a nation that for more than 40 years was ravaged by civil war.
Banks have been making the most of this growth. Total assets in the banking system increased by 51% in 2006, after a 57% hike in the previous year. The volume of deposits increased fourfold in three years and the number of branches in the country increased 40% by the end of 2006.
