As one of the longer-tenured listings on BODIVA, Banco Caixa Geral Totta de Angola (BCGA) has had multiple opportunities to establish a dividend distribution track record. The bank’s dividend policy is shaped by BNA capital requirements, its relatively smaller capital base compared to BAI and BFA, and the ongoing transformation of its ownership structure.
Dividend Policy
BCGA’s dividend policy (politica de dividendos) is approved annually by the general shareholders’ meeting (Assembleia Geral de Accionistas) following the board’s proposal. As a BODIVA-listed issuer, all dividend resolutions must comply with Comissao do Mercado de Capitais (CMC) disclosure requirements and be announced as material facts (factos relevantes).
The bank’s dividend capacity is constrained by BNA regulations requiring maintenance of a minimum Capital Adequacy Ratio (Racio de Solvabilidade Regulamentar) of 10% after any distribution. BCGA’s reported CAR of approximately 13% provides a modest buffer above the regulatory floor, leaving less room for aggressive payouts compared to more heavily capitalized peers.
Dividend History
| Fiscal Year | Dividend per Share (Kz) | Payout Ratio | Ex-Dividend Date | Payment Date |
|---|---|---|---|---|
| FY 2024 | Pending | Pending | TBA (H1 2026) | TBA |
| FY 2023 | ~350 | ~25% | H1 2024 | H1 2024 |
| FY 2022 | ~280 | ~22% | H1 2023 | H1 2023 |
| FY 2021 | ~200 | ~20% | H1 2022 | H1 2022 |
Source: BCGA annual reports and CMC filings. Figures are approximate. Consult original disclosures for exact amounts.
Tax Treatment
A 10% withholding tax applies to all dividend payments under Angola’s Imposto sobre Aplicacao de Capitais (IAC). The tax is levied uniformly on resident and non-resident shareholders and withheld at source by the paying agent.
| Tax Component | Rate | Notes |
|---|---|---|
| Imposto sobre Aplicacao de Capitais (IAC) | 10% | Withheld at source |
| Capital gains tax | 10% | On realized BODIVA share disposals |
| CEOC (FX operations tax) | 0% | Exempt for capital markets transactions (Aviso 15/19) |
Non-resident shareholders should check for applicable double taxation agreements (Acordos para Evitar a Dupla Tributacao) between Angola and their jurisdiction of tax residence.
Dividend Yield Context
BCGA’s dividend yield, while positive, is modest relative to Angola’s high-yield fixed-income market. Bilhetes do Tesouro (BTs) currently offer 16-18% annualized returns at auction, and Obrigacoes do Tesouro (OTs) carry coupons of 12-15%. Bank term deposits yield 8-12%.
For BCGA shareholders, the investment thesis rests less on current income and more on participation in the structural growth of Angola’s banking sector and the potential for capital appreciation as the equity market matures. The BNA’s January 2026 rate cut to 17.5% may support equity valuations broadly, as lower risk-free rates make dividend-paying stocks relatively more attractive.
For balance sheet and earnings details, see BCGA Financials. For ownership breakdown, see BCGA Shareholders.