Angola's top bank BAI profit falls as bad debts su
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Posted On: 04/17/2013 10:15:11 AM
Angola's top bank BAI profit falls as bad debts surge By Shrikesh Laxmidas LISBON (Reuters) - Banco Angolano de Investimentos (BAI), Angola's biggest bank by assets, posted a second straight fall in full-year profit on Wednesday, hit by surging bad loans in the fast-growing African economy. Angola's banks have enjoyed massive growth following the end of nearly three decades of civil war in 2002, buoyed by an oil boom that transformed it into Africa's top crude producer after Nigeria. But local lenders, which include units of Portugal's BPI and BES, are grappling with sour debts: recent central bank data shows bad debts totalled 5. ...
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