CBS publishes its Financial Surveillance Report for 2023 |19 February 2025
The Central Bank of Seychelles (CBS) has published its Financial Surveillance Report for 2023.
The scope of the report extends to the commercial banks, non-bank financial institutions (NBFIs), payment service providers (PSPs) and bureaux de change.
The analyses and data provided in the report reflect the performance and soundness of these institutions.
The report also highlights key developments in the regulatory and supervisory frameworks of CBS
and provides an outlook on the risks which may potentially impact the sector.
Despite existing and new challenges encountered in 2023, the financial sector produced substantive results with notable improvements. Total assets of commercial banks rose by R1,345 million to settle at R35,483 million. Similarly, equity capital also increased by R515 million to reach R3,515 million. net profit after tax stood at R690 million, representing an increase of R91 million.
The NBFIs likewise performed highly in 2023, although a lower net profit after tax of R24 million was recorded, compared to R45 million in 2022. Total assets rose by R42 million to stand at R2,430 million and equity capital grew by 4.4 per cent to R1 million.
The bureaux de change sector achieved a higher net profit after tax of R45.9 million, reflecting a rise of R1.2 million. This was owed to the increase in interest income on investment and the increase in income from non-interest activities such as commissions and fees for services.
As regards PSPs, a number of legislative and policy framework projects were finalised in 2023. These included the endorsement by the Cabinet of Ministers of the policy paper for the proposed amendments to the National Payment System Act 2014 and the approval of the Oversight and Supervision Framework for Financial Market Infrastructures (FMIs) in Seychelles by CBS’ board of directors.
The Report is available on the Central Bank website at:
https://www.cbs.sc/Publications/SupervisionReports.html.
Contributed