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NBFI sector sails through Covid19 storm

Ricardo Kanono by Ricardo Kanono
November 11, 2021
in Business
237 15
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NBFI sector sails through Covid19 storm

Oduetse Motshidisi Chief Executive Officer NBFIRA

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The Non-Bank Financial Institutions Regulatory Authority (NBFIRA) says the NBFI sector has seen a surge in profit before tax from P1.7 billion in 2019 to P2 billion in 2020.

In its Annual Report for the financial year ended March 31, 2021, NBFIRA said the return on assets also grew from 5.8 percent in 2019 to 6.8 percent in 2020. The regulator said severe contraction of global economic activity in the first half of 2020 was reflected by the decline in global GDP of 3.3 percent, a state of affairs worse than that recorded in the global economic and financial crisis of 2008/2009.

The Regulatory Authority said it adopted a facilitative regulatory approach in line with the international efforts to mitigate the effects of the pandemic on the performance of regulated businesses.

However in reporting period under review there was a 2.9 percent increase in active entities from 764 in 2019 to 786 in 2020, as well as a 2.5 percent growth in assets compared to the prior year.

“With total assets of P129 billion in 2020, the NBFI sector retained the dominant share of 54 percent in the domestic financial services sector. The sector’s capital and profitability positions were stable in spite of the COVID-19 pandemic. The capital position increased from P7.5 billion in 2019 to P9.2 billion in 2020 demonstrating the financial soundness and resilience of the sector. The profit before tax increased from P1.7 billion in 2019 to P2 billion in 2020, while the return on assets grew from 5.8 percent in 2019 to 6.8 percent in 2020,”said NBFIRA.

Despite the impact of the COVID-19 pandemic, the Regulatory Authority has remained a going concern.

“The Regulatory Authority generated total income amounting to P89,285,105 representing an increase of 2 percent from the prior year, as well as expenditure of P81,961,297 representing a slight increase in operating expenses by 0.2 percent. The net impact of the increase in revenues and stable costs resulted in a 24 percent growth in the surplus. As at March 31 March 2021, current assets were P29.9 million compared to current liabilities of P10.1 million. Despite the challenges brought about by the COVID-19 pandemic, the Regulatory Authority implemented the strategy, without sacrificing any of the key objectives and initiatives,” said the regulator.

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  • We must ‘walk the talk’ July 4, 2022
    We can only save ourselves and our planet by confronting climate change BY COLLEN VIXEN KELAPILE Climate change has become the enemy of human progress and a threat to humanity’s survival. We see its devastating consequences daily. No country is […]
  • Makwinja caught in Minergy saga   June 30, 2022
    Her husband –Leonard, is a Board Member at Minergy Coal ‘She is conflicted, hence she is failing to resolve our disputes with the company’ – Farmers ‘It’s an attempt to score cheap political points’ –Makwinja Minergy Coal proposes a […]
  • CA Sales lists on the JSEJune 29, 2022
    african-markets.com The JSE, Africa’s largest stock exchange, has listed CA Sales Holdings Limited on its main board providing South African investors with exposure in the fast-moving consumer goods (FMCG) company with a footprint in several Southern African countries. CA […]
  • BBS launches insurance agencyJune 28, 2022
    BBS Limited is pleased to inform its current and potential customers as well as stakeholders that it has launched an insurance agency called BBS Insurance Agency Limited; whose purpose is to provide insurance agency services and bespoke insurance products […]
  • MANTSWE JOINS TURNSTAR BOARDJune 28, 2022
    Turnstar Holdings Ltd, is pleased to announce the appointment of Mr Solomon Seoketsi Mantswe, to the Board of Directors, with effect from 1st July 2022. He brings over 30 years’ experience in the public service. He was appointed Deputy […]
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