{"id":13179,"date":"2022-08-27T11:12:57","date_gmt":"2022-08-27T11:12:57","guid":{"rendered":"https:\/\/www.africa-press.net\/seychelles\/all-news\/cbs-publishes-its-financial-surveillance-report-for-2020"},"modified":"2022-08-27T13:56:29","modified_gmt":"2022-08-27T13:56:29","slug":"cbs-publishes-its-financial-surveillance-report-for-2020","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/seychelles\/all-news\/cbs-publishes-its-financial-surveillance-report-for-2020","title":{"rendered":"CBS publishes its Financial Surveillance Report for 2020"},"content":{"rendered":"

Africa-Press – Seychelles. <\/strong><\/span>The Central Bank of Seychelles (CBS) has published its Financial Surveillance Report for 2020. The report highlights the performance of the institutions that are regulated and supervised by CBS and includes analyses and trends of the various measures that monitor the health and soundness of the financial sector.<\/b><\/p>\n

As with previous editions, the report provides information on the structure of the financial sector and developments in CBS\u2019 regulatory and supervisory frameworks.<\/p>\n

Additionally, the 2020 report focuses on numerous policies and strategies implemented by CBS and the Seychelles Bankers Association, in an effort to mitigate the economic impact of the Covid-19 pandemic and support the economy.<\/p>\n

The banking sector continued to demonstrate resilience despite the impact of the Covid-19 pandemic, with key performance indicators being:<\/p>\n

\u2022 Strong liquidity position with Liquid Assets to Total Liabilities Ratio standing at 264% at end of December 2020, compared to 87% for 2019;<\/p>\n

\u2022 Commercial banks had sufficient capital, with Capital Adequacy Ratio remaining on average above the regulatory requirement of 12%;<\/p>\n

\u2022 Increase in Non-Performing Loans from 2.7% in 2019 to 3.3% at end of December 2020;<\/p>\n

\u2022 Net Profit before Tax stood at R245 million \u2013 a decrease of R344 million from 2019 whereas Net Profit after Tax recorded a decline of R183 million, summing up to R192 million as at December 2020.<\/p>\n

The performance of non-banks under CBS\u2019 supervisory purview also maintained a positive trend, similar to 2019, recording a net profit after tax of R27 million for 2020. Total Assets increased by R126 million altogether to stand at R322 million by end-December 2020 driven by growth of R54 million by Housing Finance Company Limited and R73 million by Seychelles Credit Union. The bureaux de change sector observed a higher Net Profit after Tax in 2020, recording an increment of R8 million from 2019 to stand at R29 million, as a result of higher foreign exchange gains and fees and commissions earned. Total Assets grew by R25 million or 8.5 per cent year-on-year to R322 million in December 2020. Growth was mostly recorded in receivables and cash float, the latter comprising of cash denominated in both local currency and foreign currencies.<\/p>\n

While the publication of the 2020 report was delayed due to various factors, the Financial Surveillance Report providing analysis, performance and information for the year 2021 is anticipated to be published in the third quarter of this year.<\/p>\n

For More News And Analysis About Seychelles<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Seychelles. The Central Bank of Seychelles (CBS) has published its Financial Surveillance Report for 2020. The report highlights the performance of the institutions that are regulated and supervised by CBS and includes analyses and trends of the various measures that monitor the health and soundness of the financial sector. As with previous editions, […]<\/p>\n","protected":false},"author":84,"featured_media":13178,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7,8,16],"tags":[234,268,233],"class_list":["post-13179","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-seychelles","tag-seychelles"],"yoast_head":"\nCBS publishes its Financial Surveillance Report for 2020 - Seychelles<\/title>\n<meta name=\"description\" content=\"The Central Bank of Seychelles (CBS) has published its Financial Surveillance Report for 2020. 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