Priced at approximately Kz 118,000 per share – a gain of roughly 138% over its September 30, 2025 IPO price of Kz 49,500 – Banco de Fomento Angola (BFA) is BODIVA’s newest bank listing and the highest-priced equity on the exchange. BFA’s market debut was the most significant capital markets event of 2025 in Angola.
Financial Overview
BFA ranks among Angola’s top-tier commercial banks, with a strong franchise in corporate banking, trade finance, and treasury operations. The bank was originally established as a joint venture with Portuguese banking group Banco BPI (now part of CaixaBank) and has historically been one of the most profitable financial institutions in the country. BFA’s client base includes a substantial share of Angola’s multinational corporations, oil sector operators, and diplomatic community.
As a BODIVA-listed entity, BFA publishes audited annual financial statements and semi-annual interim reports in accordance with Comissao do Mercado de Capitais (CMC) disclosure requirements.
Key Financial Metrics
| Metric | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|
| Total Assets (Kz bn) | ~4,500 | ~3,800 | ~3,300 |
| Net Loans & Advances (Kz bn) | ~1,100 | ~900 | ~780 |
| Customer Deposits (Kz bn) | ~3,300 | ~2,800 | ~2,400 |
| Net Interest Income (Kz bn) | ~280 | ~230 | ~200 |
| Net Income (Kz bn) | ~130 | ~105 | ~85 |
| Shareholders’ Equity (Kz bn) | ~580 | ~480 | ~410 |
Source: BFA annual reports filed with CMC. Figures are approximate and rounded. Consult original filings for audited data.
Profitability Ratios
| Ratio | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|
| Return on Equity (ROE) | ~22.4% | ~21.9% | ~20.7% |
| Return on Assets (ROA) | ~2.9% | ~2.8% | ~2.6% |
| Net Interest Margin (NIM) | ~6.2% | ~6.1% | ~6.1% |
| Cost-to-Income Ratio | ~42% | ~44% | ~46% |
| Capital Adequacy Ratio (CAR) | >16% | >15% | >15% |
Balance Sheet Composition
Like its peer BAI, BFA holds a significant portion of its asset base in Angolan government securities – Bilhetes do Tesouro (BTs) and Obrigacoes do Tesouro (OTs). Sovereign paper typically constitutes 35-45% of total assets, providing reliable yield but concentrating credit risk in the Republic of Angola’s fiscal position.
BFA has historically maintained a relatively conservative loan-to-deposit ratio below 35%, consistent with the broader Angolan banking sector’s preference for sovereign debt carry trades over private-sector lending. The BNA’s January 2026 rate cut to 17.5% may gradually shift this dynamic as Treasury yields compress and the incentive to grow the commercial loan book increases.
Capital Position
BFA operates with a Capital Adequacy Ratio (Racio de Solvabilidade Regulamentar) above BNA’s 10% minimum, with reported ratios consistently exceeding 15%. The bank’s strong capitalization was a key factor in its IPO prospectus, signaling capacity for both dividend distributions and balance sheet growth.
IPO and Post-Listing Performance
BFA listed on BODIVA on September 30, 2025 at an IPO price of Kz 49,500 per share. The offering attracted strong demand from both institutional and retail investors, reinforcing the momentum of Angola’s privatization program (Programa de Privatizacoes – PROPRIV). At the current price of approximately Kz 118,000, BFA shares have outperformed all other BODIVA-listed equities on a post-IPO basis.
Analyst Considerations
With inflation at 15.7% YoY (INE, December 2025) and the kwanza at approximately Kz 914.60/USD, investors should evaluate BFA’s financial performance in real terms. The bank’s elevated ROE relative to regional peers reflects Angola’s high nominal interest rate environment, but real returns are compressed by inflation. Currency depreciation risk remains a factor for foreign investors evaluating kwanza-denominated equity returns.
For ownership details, see BFA Shareholders. For income distribution history, see BFA Dividends.