16 July 2014

Angola: BAI Distinguished in Europe for Third Time

Luanda — The Angolan Investment Bank (BAI) is for the third time the "Best Bank in Angola," according to a ranking by Euromoney, a European magazine that assesses the economic performance of institutions around the world.

The award was announced last Thursday (10) in London, during the handover ceremony of "Excellence Awards 2014" held annually by that publication, according to a note from BAI delivered to ANGOP on Wednesday in Luanda.

The "resistance" of BAI amid the difficulties led the Euromoney attributing the distinction to the Angolan bank, as reads the document that mentions the requirements evaluated by the European magazine.

"In the context of the national financial system, the Angolan Investment Bank has weathered the storm and deserves the award for Best Bank in Angola, for the third straight year," said the statement from the BAI.

According to the document, the provisions for the bank for potential losses rised, in order to reflect the increase of credit risk, leading to a fall in net profit this year by AKZ 12,082 million, compared to AKZ 17.217 million. "By doing so, the bank was able to reduce its index of non-compliance to 6.9% before 7.3% in 2012. "

Founded in 1969, Euromoney magazine is owned by London-based financial communications company Euromoney Institutional Investor PLC. The same is listed on the London Stock Exchange

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