CBS publishes Financial Surveillance Report for 2018 |03 July 2019

The Central Bank of Seychelles (CBS) has published its Financial Surveillance Report for 2018. The report highlights the performance of the institutions that are regulated and supervised by CBS, namely, the commercial banks, bureaux de change (BDCs), financial leasing companies, non-bank credit granting institutions, credit unions, payment service providers and Financial Market Infrastructures.

The Financial Surveillance Report also includes analyses and trends of the numerous measures that CBS uses to monitor the health and soundness of the institutions under its regulatory mandate.

Moreover, it provides information on the structure of the financial sector as well as developments in the frameworks used by CBS to regulate and supervise the financial sector.

One of the key highlights of the report is that the banking sector continued to demonstrate resilience and sound financial positions throughout the year. Compared to the 2017 figures, the sector gained growth in key performance variables including assets, deposits, equity capital and earnings. Gross loans increased by 8.0 per cent; non-performing loans decreased by 41 per cent; total deposits increased by 10 per cent; and total assets increased by 10 per cent.

With regards to the non-banks under CBS’ supervisory purview, all three entities, namely Seychelles Credit Union, Development Bank of Seychelles and Housing Finance Company Limited recorded an increase in profit.

The BDC sector, on the other hand, observed a lower net profit after tax for the year 2018, as a result of an increase in total non-interest expenses and a decrease in non-interest income. Despite the decrease in net profit, the BDC sector registered growths in the purchases and sales in foreign exchange.

The Report is available on the Central Bank website at: http://www.cbs.sc/Publications/SupervisionReports.html