Of the 22 banks that operated in 2024, only 8 will distribute dividends to their shareholders. BFA, which is preparing to go public, remains in the lead, followed by SBA and BAI, completing the podium. Together, they account for 77% of the total dividends to be distributed this year. For the first time, the Bank of China is included in this list. Eight commercial banks will distribute dividends to their shareholders amounting to a total of Kz 327.4 billion, representing a 23% increase compared to the Kz 265.8 billion distributed last year, according to Expansão’s calculations based on the banks’ financial statements.
In total, these eight banks will distribute the equivalent of USD 359.0 million in dividends this year—11% more than the USD 320.7 million distributed in 2024, calculated at the end-of-period exchange rate of the National Bank of Angola (BNA).
The banks in question are Banco de Fomento Angola (BFA), Standard Bank Angola (SBA), Banco Angolano de Investimento (BAI), Caixa Geral Angola (BCGA), Banco BIC, Banco Crédito do Sul (BCS), Banco BIR, and Bank of China (BO CLB)—the only ones among the 22 banks that operated in 2024 to present a profit allocation proposal including dividend distribution. Excluded from the list are Access Bank and Banco Comercial Angolano (BCA); the latter, although it published its financial statements, had not released its full reports on its official website by Wednesday, contrary to the central bank’s regulation requiring accounts to be published by April 30.
Thus, BFA remains at the top of the list of banks distributing the most dividends to shareholders, with Unitel set to receive nearly Kz 53.4 billion and BPI Kz 49.5 billion. The bank, which plans to go public between late June and early July, currently has a share capital of Kz 45.0 billion, divided into 9 million shares with a nominal value of Kz 5,000 each. The State, through Unitel, will privatize 15% of the shares, and the remaining 14.75% will be offered by BPI. These 29.75% to be floated on the stock market represent 2,677,500 shares, with the expected market price for each share estimated between Kz 74,700 and Kz 82,900.
Last month, the Chairman of BPI said he expects a return of over EUR 95 million for his 14.75% stake in the bank, based on its valuation. Including an additional 3% to 5% for transaction and commission costs, the gross minimum value would be EUR 99.75 million. This means the total value of the 29.75% BFA stake to be sold on the stock exchange would be around EUR 202 million, which, at Wednesday’s exchange rate, represents approximately Kz 213 billion.
In second place among the top dividend-paying banks is Standard Bank Angola, which will distribute a total of Kz 80.7 billion (+Kz 37.2 billion) to its shareholders. The South African Standard Bank Group (which holds 51.00% of the shares) will receive nearly Kz 41.2 billion, while AAA Activos (currently under IGAPE control by court order) will receive Kz 39.6 billion. Other investors will receive Kz 323,000.
BAI and Caixa Angola are the only listed banks. In third place is BAI, despite its net profits dropping 25% to Kz 151.0 billion in 2024. The board of Angola’s largest bank by assets decided to distribute Kz 68.0 billion in dividends this year (Kz 11.9 billion less), equivalent to 45% of last year’s profits.
The bank, which launched Angola’s stock exchange on June 9, 2022, will pay Kz 3,495 per each of its 19,450,000 outstanding shares—a 19% drop from the Kz 4,292 paid the previous year.
Thus, CEO Luís Lélis, who now owns 6.3% of BAI shares, will receive Kz 4.3 billion. He is followed by five shareholders with 5.2% each, who will receive around Kz 3.6 billion each: Oberman Finance Corp, Dabas Management (linked to José Carlos Paiva), Lobina Anstalt (linked to Joaquim David), and bankers Mário Palhares and Theodore Jameson G. Letti. The “Others,” unidentified shareholders holding 57.5% of BAI, will share Kz 39.0 billion.
Next is BCGA, whose shares began trading on the stock exchange on September 29, 2023, and which will distribute dividends totaling Kz 24.6 billion, up Kz 6.6 billion compared to what was distributed last year for 2023.
Caixa Angola’s dividends represent 49% of the Kz 50.1 billion in profits recorded last year. The bank will pay about Kz 1,228 per share, a 37% increase from the previous year. The majority shareholder, Portuguese bank Caixa Geral de Depósitos, will receive Kz 12.5 billion, followed by businessmen Jaime Freitas and António Mosquito, who will receive Kz 4.9 billion and Kz 4.8 billion, respectively. The remainder will receive Kz 2.4 billion.
Source: Expansão
