Having listed on BODIVA only on September 30, 2025 at Kz 49,500 per share, Banco de Fomento Angola (BFA) has yet to complete a full fiscal year as a publicly traded company. The first dividend decision for publicly held shares is expected following the approval of FY 2025 audited accounts, anticipated in H1 2026. BFA currently trades at approximately Kz 118,000.
Dividend Policy
BFA’s dividend policy (politica de dividendos) will be set by the general shareholders’ meeting (Assembleia Geral de Accionistas) upon the board’s recommendation. As a BODIVA-listed issuer, all dividend resolutions must be filed with the Comissao do Mercado de Capitais (CMC) and disclosed as material facts (factos relevantes).
Prior to its IPO, BFA maintained a track record of distributions to its private shareholders. The IPO prospectus indicated the bank’s intention to maintain a sustainable payout ratio consistent with maintaining Capital Adequacy Ratios (Racio de Solvabilidade Regulamentar) above the BNA’s 10% minimum requirement. Market participants anticipate a payout ratio in the 25-35% range based on peer comparisons with BAI.
Dividend History (Post-IPO)
| Fiscal Year | Dividend per Share (Kz) | Payout Ratio | Ex-Dividend Date | Payment Date |
|---|---|---|---|---|
| FY 2025 | Pending | Pending | TBA (H1 2026) | TBA |
BFA listed on Sep 30, 2025. No post-IPO dividend has been declared as of February 2026.
Pre-IPO Distribution Record
BFA was a profitable bank prior to listing, with consistent annual distributions to its private shareholders. While detailed pre-IPO dividend data is not publicly disclosed, the bank’s strong profitability – evidenced by ROE exceeding 22% in FY 2023 – suggests a history of meaningful income distributions. Investors should consult the IPO prospectus for historical pro-forma dividend information.
Tax Treatment
Angola applies a 10% withholding tax on all dividend income under the Imposto sobre Aplicacao de Capitais (IAC). This rate applies uniformly to resident and non-resident shareholders.
| Tax Component | Rate | Notes |
|---|---|---|
| Imposto sobre Aplicacao de Capitais (IAC) | 10% | Withheld at source on dividends |
| Capital gains tax | 10% | On realized gains from BODIVA share sales |
| Foreign exchange operations tax (CEOC) | 0% | Exempt for capital markets transactions (Aviso 15/19) |
Non-resident investors should verify whether their home jurisdiction maintains a double taxation treaty (Acordo para Evitar a Dupla Tributacao) with Angola.
Yield Outlook
Given BFA’s current price of ~Kz 118,000 and assuming a payout ratio comparable to BAI (approximately 30% of net income), the implied forward dividend yield would likely fall in the 2-3% range. This places BFA in line with regional banking peers on a yield basis, though total return – including the 138% price appreciation since IPO – substantially exceeds fixed-income alternatives.
For context, competing instruments offer the following yields: Bilhetes do Tesouro (BTs) at 16-18% annualized, Obrigacoes do Tesouro (OTs) at 12-15%, and bank term deposits at 8-12%. Equity investors in BFA are primarily positioned for capital appreciation and participation in Angola’s banking sector growth, rather than current income.
For balance sheet details, see BFA Financials. For ownership breakdown, see BFA Shareholders.