BOC branch in Angola makes first annual profit

Banco da China Lda – Sucursal em Luanda, the Angolan branch of Chinese state-owned Bank of China (BOC) reportedly made a profit of 443.5 million kwanza (about US$711,310) last year, having made losses in the first three years of its existence, Mercado reports.

The Angolan financial newspaper quotes another newspaper in Angola, Vanguarda, as saying Banco da China had assets worth 61.3 billion kwanza at the end of last year, five times the value of its assets a year earlier.

The report says the value of the credit granted by Banco da China amounted to 39 billion kwanza at the end of last year, having amounted to 170 million kwanza a year earlier.

BOC opened a representative office in Angola in 2012, and five years later turned the office into a branch – the first branch of an Asian commercial bank in Angola, Mercado says.