Africa-Press – Eswatini. Assets of the country’s credit and savings institutions (SACCOs) are now worth E2.7 billion.
This is as at March 31.
According to the Financial Services Regulatory Authority (FSRA) quarterly statistical bulletin report, the value of these assets depicted a 9.7 per cent increase when compared to the fourth quarter of 2022. The increase was attributable to the significant increase in cash equivalents.
The cash equivalents are funds held temporarily to meet the high demand of member loans in the first quarter of the year. FSRA said due to some SACCOs having withdrawn funds from their investments to meet member demand for loans, a slight decline of 9.41 per cent was observed.
The report highlighted that the loan portfolio showed an increase of 6.18 per cent from E1.79 billion to E1.91 billion. The portfolio at risk showed a 0.55 per cent decrease from 15.00 per cent to 14.45 per cent. A comparison of the sector’s assets to Q1 2022 depicted a 15.63 per cent increase. FSRA stated that the increase was mainly a result of the increase in the SACCOs’ loan portfolio,which increased from E1.63 billion.
“Financial investments during this period showed a 3.8 per cent decline,” reads the report in part.
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