Luanda — Bad loans in 2022 totalled 296.2 billion kwanzas, 31 percent less compared to the previous year, ANGOP has learnt from the data published by the National Bank of Angola (BNA) Annual Report and Accounts/2022.

The report adds that the figures represent the default ratio for the banking sector, which is 14.40 percent of the total gross credit that is lower than the 20.26 percent registered in 2021.

The 31 percent decrease in the credit that banks are unable to collect in a period of more than 90 days, represents a reduction, taking into account that from 2019 to 2020, the ratio improved from 32.67 percent to 18.70 percent.

The report also shows that the value of the banking system's assets tends to grow, with an increase of 968.4 billion kwanzas that set a total of 18.43 trillion kwanzas, representing a 5.55 percent increase in 2021.

The basis for the result was the increase in net loans for customers and cash availability that weighted 19 percent and 22 percent, respectively.

The report explained that the banking sector's results that by the end of 2022 recorded positive results of 470.77 billion kwanzas represent a 1.35 percent reduction in relation to 2021.

The banking sector's liabilities totalled 15.61 trillion kwanzas, 0.45 percent reduction over the same period, influenced by subordinated liabilities and resources from central banks and other credit institutions.

Customer deposits continue to be the main source of funding for the sector, with a weight of 86.38 percent of the total liabilities.

The banking sector has 23 financial institutions, 1,478 branches and 366 banking agents.