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Annual Report’1 6 BFA has pressed ahead on a steady growth path throughout 2016, reporting financial performance indicators, which once again strengthen our financial identity. – The BFA Fortress. 2016 in Review +23% Market leader in banking Number of BFA Employees services offering in December rose from 2016, with the following market shares: 1.365 First Digital Annual Report issued in Angola 2.610 in December 2015 Transactions registered on BODIVA 24,4% to Share of Debit Cards 26,3% 2.632 +64% eFormar Share of POS terminals In December 2016 increase over 2015 BFA secured 67% of the market share of registered 4.332 Hours of Training 56,0% +0,8% conducted via the eLearning Share of Visa Cards Growth rate over 2015 transactions in 2016. platform: eFormar +8,4% AKZ +6,8% Net profit increase of Number of Customers BFA is the bank of choice of Sirius award in the in December 2016 “Best Financial Sector Company” reached 24.046 60,0% category. Amount stated in AOA million The Banker magazine Award for of Private Customers, “Bank of the Year in Angola 2016”. 1.571.107 according to the national +63,5% Customer Satisfaction Growth over 2015 EMEA Finance Award for survey. “Most Innovative Bank 2016”. BFA Annual Report AKZ Public access to BFA’s Annual Report Increase of can be done through laptop or tablet. Asset Portfolio Growth to A Customer growth of with This Annual Report can be downloaded at 108.939 www.bfa.ao in AOA million in securities (TBonds and TBills) BFA Net Service The Bank keeps its buying 1.312.880 position with respect to securities, +7.147 in AOA million 39,4% +6,8% Securities Market Share over 2015 2 Banco de Fomento Angola | Annual Report’16 CONTENTS REPORT Message from the Executive Committee of the Board of Directors 4 Our Strategy 6 Vision, Values and Commitments 6 Strategy 7 How We Add Value 8 Key Indicators 10 Business Performance: 2014 – 2016 12 +23% Outlook for 2017 14 ECONOMIC ENVIRONMENT Market leader in banking Number of BFA Employees Global Economy 18 Angolan Economy 21 services offering in December rose from 2016, with the following Regulatory Changes 28 market shares: 1.365 First Digital Annual Report issued in Angola O BFA 2.610 Corporate Governance 34 in December 2015 Transactions registered on BODIVA Corporate Governance and Internal Control System 34 24,4% to Guiding Principles of Corporate Governance 34 Share of Debit Cards Shareholding and Governance Model 35 eFormar Composition of Governing Bodies 41 26,3% 2.632 +64% Organization Chart 41 Share of POS terminals In December 2016 increase over 2015 Executive Committee of the Board of Directors 42 Internal Control System 46 BFA secured 67% of the Remuneration of Governing Bodies 46 4.332 Hours of Training market share of registered Profit Appropriation Policy 47 56,0% +0,8% conducted via the eLearning Share of Visa Cards Growth rate over 2015 transactions in 2016. Ethical Principles and Conflict of Interest 48 platform: eFormar Risk Management System 49 Internal Reporting 50 Monitoring 51 Core Business Areas 52 Individuals and Companies 54 AKZ Investment Centres 58 +8,4% +6,8% Companies 60 Oil & Gas 64 Net profit increase of BFA is the bank of choice of Capital Market 65 Number of Customers Sirius award in the Business Development Unit 68 in December 2016 “Best Financial Sector Company” Human Resources 70 reached 24.046 category. Innovation & Technology 73 60,0% Payment System 76 Amount stated in AOA million The Banker magazine Award for BFA in Digital Banking 80 of Private Customers, “Bank of the Year in Angola 2016”. 1.571.107 according to the national Communication 82 +63,5% Customer Satisfaction Social Responsibility 89 Growth over 2015 EMEA Finance Award for Awards 92 survey. “Most Innovative Bank 2016”. RISK MANAGEMENT Governance and Organization of Risk Management 96 Credit Risk 99 BFA Annual Report Liquidity Risk 106 Public access to BFA’s Annual Report Foreign Exchange Risk 108 AKZ Interest Rate Risk 110 can be done through laptop or tablet. Increase of Operational Risk 112 Asset Portfolio Growth to Compliance Risk 116 A Customer growth of with This Annual Report can be downloaded at 108.939 www.bfa.ao FINANCIAL REVIEW in AOA million in securities (TBonds and TBills) BFA Net Service Financial Review 122 The Bank keeps its buying 1.312.880 Proposal for the Appropriation of Profits 133 position with respect to securities, in AOA million +7.147 FINANCIAL STATEMENTS AND NOTES Financial Statements 136 39,4% +6,8% Notes to the Financial Statements 140 Securities Market Share over 2015 Audit Report 212 Report and Opinion of the Supervisory Board 214 ANNEXES Glossary 218 BFA Contacts 222 Message from the Executive Committee of the Board of Directors “The outlook for 2017 is for a moderate recovery, underpinned by a boost in global economy growth and prospects of commodity prices steadily higher than those prevailing in 2016.” In the challenging macroeconomic environment that persisted institution, a position acknowledged by the several domestic and throughout 2016, BFA has pressed ahead on a steady growth international awards received in the course of the year. path throughout 2016, reporting financial performance indicators, which once again strengthen our financial identity MAIN FOCUS ON SERVICE QUALITY – The BFA Fortress. Two new Mystery Shopper Surveys were carried out A Fortress built on a strict and rigorous management model, strengthening the commercial team’s focus on the improvement permanently striving for improvement of Customer service of key issues of Customer service. In addition, the breadth and and fully dedicated to implementing and developing rules and depth of in-house training has also increased and our e-learning procedures that meet each and every challenge arising from platform, eFormar, now offers 19 courses and over 4 300 hours prudential regulations and the Anti-money Laundering and of training recorded. Terrorist Financing Scheme. BFA’s increasingly stronger electronic banking approach has STRONG GROWTH brought Customers closer and made access to the Bank more convenient. This translates into a marked improvement BFA’s net profit totalled 61.9 billion AOA (USD 377.2 million) in our feedback ability and efficiency concerning Customer in 2016, representing the highest result ever and an year-on- interactions. year growth of 63.5% (20.9% in USD). Hand-in-hand with these figures, the Bank reported high levels of efficiency The corporate website registered over 700 thousand visits and and profitability and a balance sheet showing high liquidity the homebanking and mobile banking services, BFA Net, BFA and capitalization, all of which are reflected in the following Net Empresas and BFA App, have been enhanced with new indicators: features linked to services payment. • Cost-to-income ratio stood at 32% (33% in 2015); • Return on Equity reached 41.4% in 2016 (33.6% in 2015); BFA’s Customer Support Line has enhanced its position as the • Loan-to-deposit ratio stood at 22%; preferred communication channel on issue clarification and • Regulatory Capital Adequacy Ratio reached 31.7%, well above complaint handling, recording a year-on-year 40% increase in the stipulated 10%. contacts received. Such strong economic indicators are paired with a strong Systematic assessment of Customer Satisfaction began with a Customer acquisition performance. A record-breaking 160 nationwide survey which assesses and ranks BFA within a set 000 new Customers were achieved in 2016, taking the Bank’s of variables over its key competitors. The outcome is extremely Customer base over the 1.5 million mark. This figure strengthens positive when coupled with the favourable indicators disclosed BFA’s performance momentum in the retail banking area, in the AAMPS Luanda 20161. In this market research BFA was where once again it asserts itself as a benchmark financial ranked first for the second year running in areas such as swift 1Angola All Media & Products Study – Luanda 2016 (AAMPS). Market survey carried out by Marktest Angola. 4 Banco de Fomento Angola | Annual Report’16 t Repor troubleshooting, least system failures, best customer support the foundations for the development and diversification of the and shortest waiting time. Our motivation is driven by these insurance portfolio during 2017. t results, while increasing our responsibility and commitment to look ahead with the same degree of endeavour and willingness We have incorporated BFA Gestão de Activos – Sociedade Economic which led us here. Gestora de Organismos Colectivos, S.A. and the relevant Environmen registration with the Securities Market Commission occurred in REGULATORY CHALLENGES AND RISK MANAGEMENT December 2016. Upon completion of this legalization process we are now able to incorporate Investment Funds within BFA’s Pressures stemming from legislation and regulation as well as portfolio, broadening the range of financial products and thereby from customers and the global financial system concerning diversifying our Customers’ solutions for allocation of resources. Anti-Money Laundering and Terrorist Financing, kept this matter at the top of our agendas, leading to the implementation of more BFA was considerably active in the BODIVA markets and secured effective tools, improvement of processes and strengthening of a 35.2% traded volume market share, strengthening its market managerial staff training. leadership position. Furthermore we continued to work on a set of measures aimed 2017 at mitigating operational risk. Within this area in 2016 the following is worthy of mention: Despite facing a tangible stagnant economic growth in 2016, the • Check clearing system progress allowed for a significant Angolan economy is in to a moderate economic recovery in 2017 reduction of operational risk within the clearing procedure; backed by accelerated growth of the global economy and the • Application migration process to the new Data Processing prospects of raw material prices consistently above recorded in BFA Centre (CPD) in EMIS was launched in 2015 and provides full 2016.
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