By Qondile Ntiwane | 2019-10-10
Even though its profits declined by four per cent, the Central Bank of Eswatini (CBE), operationally, remained profitable during the 2018/19 financial year, reaching E191.1 million profit at the end of March.
This is contained in the bank’s 2018/19 Integrated Annual Report presented by Governor Majozi Sithole at the Royal Villas yesterday.
He noted that this had been a difficult year but the CBE was able to contend with the challenges faced.
The report highlighted that the bank was increasingly concerned with the decline in profitability, which has the potential to affect its independence and as such, initiatives to ensure future financial sustainability are embraced in the bank’s strategy.
The report further depicted a 132 per cent increase in amount due to the bank from the Government of Eswatini.
In the current financial year, the amount due from government stood at E3 007 667 billion as opposed to E1 298 566 owed in the previous financial year.
The increase in amounts due from government was caused by the securitisation of government advance and additional advances issued in tranches of E680 million, E500 million and E480 million during the year.
Addressing the gathering, the governor said the structure of this report was informed by the bank’s primary mandate and responsibilities, as well as the governance structures and enabling functions that underpinned its ability to sustainably execute its role in the economy and society at large.
He explained that integrated reporting was considered the right way to achieve a more coherent corporate reporting system, fulfilling a need for a single report that provides a fuller picture of an organisation’s ability to create value over time.
“Matters included in the report are aimed at informing and providing assurance to stakeholders on the bank’s ability to deliver on its mandate, commitment to sustained relationships and responsible corporate citizenship,” he said.
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