Luanda: Angolan commercial banking recorded an 82% growth in its profits in 2024, representing an increase of 905.6 billion kwanzas. In the 2023 economic and financial year, 497.4 billion kwanzas were recorded.
According to Angola Press News Agency, the information was revealed on Wednesday in Luanda by the Secretary of State for Finance and Treasury, Ottoniel dos Santos, at the opening of the III edition of the Angola Banking Conference. The event focused on ‘The Role of Artificial Intelligence (AI) in the Future of Banking,’ promoted by Economia and Mercado magazine and the consultancy PwC.
The Secretary of State noted that the percentage reflects the highest result ever in kwanzas obtained by the sector, acknowledging that it merits recognition. He highlighted the importance of questioning what these results signify for the national economy as a whole.
He emphasized the need for strategic reflection when profitability indicators reach such significant levels, especially in an economy growing at a moderate pace of 4%. This discrepancy, he argued, necessitates a mature debate on the social function of financial intelligence and the distribution of risk and credit.
He also addressed the transformative role of Artificial Intelligence (AI) in banking, suggesting that while AI will not replace banking, it will radically transform its operations and relationships with customers and regulators. Innovation, he stated, should be accompanied by ethics, transparency, and a commitment to the common good.
The Secretary of State further explained that AI could help evolve the banking sector from reactive to predictive supervision, especially in areas such as fraud detection, systemic risk analysis, and cyber resilience of the financial system, all while maintaining essential human intervention.
The event brought together experts from the financial sector, economists and representatives of various banking institutions.