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Home Business & Finance

Deposit taking Microfinance Institutions’ resource base increased by Le45 billion

by Awoko Publications
12/06/2022
in Business & Finance
Reading Time: 2 mins read
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Deposit taking Microfinance Institutions’ resource base increased by Le45 billion

By [email protected]

 

SIERRA LEONE, Freetown – The yearly review of Deposit taking Microfinance Institutions have shown an increase of Le45.06 billion (20.38%) from Le221.10 billion in December, 2018.

 

According to the consolidated resource base of the institutions published by the Central Bank, it showed an increasing trend throughout the quarter with December, 2019 recording Le266.16 billion {up Le11.01 billion; (4.32%)}, an increase from Le255.15 billion in September 2019; June 2019 recording Le233.91 billion.

 

Also, total deposits increased to Le116.42 billion in December 2019 [up Le2.75 billion; (2.42%)] from Le113.67 billion in September 2019. Yearly review also showed an increase of 17.31% (Le17.18 billion) in total deposits. However, time deposits decreased by 30% over the year.

 

Similarly, total liabilities increased by 2.18% during the reviewed quarter to Le205.02 billion and this was primarily a result of a 5.46% increase in long-term borrowings which recorded Le58.98 billion in December 2019.

 

On the asset side, the increase in the resource base during the quarter was reflected on increases in some items as gross loans increased by Le6.67 billion (4.52%) from Le147.79 billion in September, 2019.

 

However, cash at hand decreased during the reviewed quarter recording Le3.86 billion in December 2019 [down Le2.11 billion (35.29%)] from Le5.97 billion in September 2019 whilst the yearly review also showed a decrease of Le0.20 billion (4.99%) from Le4.06 billion in December 2018.

 

Balances with financial institutions also decreased to Le18.21 billion from Le21.79 billion in December 2018. The chart below shows quarterly upward movement in the consolidated resource base.

 

Moreover, a consolidated pre-tax profit of Le9.93 billion was recorded in December 2019. The yearly review showed a Le2.08 billion (26.42%) increase as December 2018 recorded Le7.86 billion.

 

Performance in December 2019 was relatively better compared to December 2018 and this can be attributed to an increase in Interest Income from Loans, Loan Fees and Income from Investments. Net financial income recorded Le47.65 billion in December 2019 [up Le9.63 billion (25.32%)] from Le38.02 billion in December, 2018.

However, operating expenses over the year increased by Le7.55 billion (25.04%) recording Le37.72 billion in December 2019 and were largely contributed by salaries and benefits accounting for 51% of total operating expenses.

The chart below shows the contribution to the consolidated pre-tax profit of the various institutions as of December, 2019. ZIJ/12/6/2022

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