CBS publishes its financial surveillance report for 2019 |26 September 2020
The Central Bank of Seychelles has published its Financial Surveillance Report for 2019.
The report, published annually, highlights the performance of institutions regulated and supervised by the Central Bank of Seychelles (CBS) and provides information on the structure of the financial sector as well as developments in the supervisory and regulatory frameworks used by CBS.
The banking sector remained resilient throughout 2019 with capital and liquidity well above regulatory requirements. The resilience of the sector was supported by strong performances in other sectors at the national level, aided by monetary policy implemented by CBS to boost economic growth. The banking sector’s growth in terms of total assets and deposits improved, compared to 2018, with key highlights being:
• Total assets grew by R2,897 million to stand at R24,565 million;
• Total liabilities grew by 14 per cent to settle at R22,132 million;
• Equity capital observed an increase of R235 million totalling to R2,434 million;
• Net profit before tax fell by 6 per cent to R589 million whereas net profit after tax recorded a R5 million increase, summing up to R375 million.
With regard to the non-banks under CBS’ supervisory mandate, Seychelles Credit Union recorded a higher net profit in 2019 at R13 million compared to R9.8 million in 2018; Development Bank of Seychelles registered a net profit of R5.1 million in 2019; and the Housing Finance Company Limited recorded a 41 per cent decrease in its net profit from R15 million in 2018 to R8.6 million in 2019.
The Bureaux De Change (BDC) sector, on the other hand, observed a higher net profit after tax in 2019, recording an increase of R3.8 million from 2018 as a result of a rise in non-interest income. Likewise, the BDC sector registered growths in the purchases and sales of foreign exchange, with figures increasing by 5.5 per cent and 2.8 per cent, respectively.
The Report is available on the CBS website at: https://www.cbs.sc/Publications/SupervisionReports.html
Press release from the CBS