Banco Caixa Geral de Angola has been paying off delinquencies, mainly focused on operations carried out in 2014 and 2015, and this year it recovered 9 billion kwanzas (21 million euros), according to an administrator.
Francisco Rosado dos Santos, who was speaking this Tuesday at the presentation of the Initial Public Offering of 25% of the bank’s shares in the hands of Sonangol, stressed that the bank “is proud” of the management of its delinquent portfolio.
“In fact, we have some operations on our balance sheet, which we have been managing, but which are perfectly controlled in terms of the guarantees granted and what the recovery expectations are,” he said.
According to him, currently the bank has a level of impairment that covers 120% of the bank’s overdue loans, which gives us a lot of peace of mind to sleep, and on delinquent loans, that is, those that are amortized from time to time. time, but that they are structured, of almost 50% and that gives us another level of peace of mind”, said the same official.
Francisco Rosados dos Santos said that the level of delinquency was highly concentrated in 2014 and 2015, but those operations “are being resolved.”
And he gave as an example the resolution this year of one of these credits: “We managed to recover 9,000 million kwanzas of credit that was in arrears and, with that, our cost of risk at that time is very negative.”
Regarding the expected performance of the bank for this year, he said that the audit process of the semi-annual accounts is currently underway, and that everything points to the path already traced, although he acknowledges that there are “various risks” that imply “very close management” conservative” of the bank.
The bank will distribute 25% of its capital on the stock market, currently in the hands of Sonangol, so its shareholding composition will soon change.