Country Awards for Excellence 2022: Africa
Best Bank: Banco Angolano de Investimentos
Best Investment Bank: Standard Bank Angola
It was a strong year for Banco Angolano de Investimentos. The Luanda-based lender posted net income of NKz142 billion ($334 million) in 2021, an increase of 388% over the previous year. However, its financials must be seen in context. All of Angola’s banks had a tough 2020: in the first Covid-hit year, BAI’s net income slipped to NKz29 billion.
But the bank’s recovery again highlights its innate strength – under its chief executive, Luis Lélis – and its ability to bounce back fast from a domestic or external crisis.
Its strong performance in 2021 is doubly impressive when set against prevailing market conditions: the kwanza appreciated 15% against the US dollar last year, with inflation at 27%.