DSB al­so re­ports fi­nan­ci­al loss

Times of Suriname - - ENGELS -

The Hakrin­bank is not the on­ly lo­cal bank that has re­por­ted a fi­nan­ci­al loss be­cau­se De Su­ri­naam­sche Bank (DSB) re­cent­ly pu­blis­hed its bi­an­nu­al fi­gu­res which do not look good. The Hakrin­bank had to sett­le for less pro­fit whi­le the DSB Bank clo­sed its first half of 2016 with a hu­ge loss. Due to the ne­ga­ti­ve re­sult, it has been pro­po­sed that the bank should not pay in­te­rim di­vi­dend. The DSB Bank re­por­ted­ly at­tri­bu­ted the loss to an in­crea­se in cre­dit pro­vi­si­ons. In the re­cent­ly pu­blis­hed re­port the bank exe­cu­ti­ves in­di­ca­te that the to­tal ba­lan­ce jum­ped from SRD 4.898 bil­li­on to SRD 7.364 bil­li­on. That is a 50% in­crea­se when com­pa­red to the fi­gu­res from De­cem­ber 2015. The in­crea­se could par­ti­al­ly be the re­sult of the in­crea­se in ex­chan­ge ra­tes for the US dol­lar and the eu­ro. The­re has been an in­crea­se in cre­dit pro­vi­si­ons to the govern­ment as well as pri­va­te in­di­vi­du­als and com­pa­nies. The bank’s ope­ra­ting ex­pen­ses al­so jum­ped from SRD 62.22 mil­li­on to SRD 80.96 mil­li­on. The big­gest por­ti­on of the in­crea­se is the re­sult of com­pen­sa­ti­on for the bank em­ploy­ees in res­pon­se to the drop in pur­cha­sing po­wer. In the first half of 2015 per­son­nel ex­pen­ses we­re SRD 39.99 mil­li­on. But in the first six months of 2016 they we­re SRD 50.08 mil­li­on. Other ex­pen­ses ha­ve re­por­ted­ly been ‘ex­pres­sed’ in fo­reign cur­r­en­cy. The bank exe­cu­ti­ves al­so men­ti­o­ned in the re­port that the eco­no­mic cri­sis dras­ti­cally in­ten­si­fied in 2016 and poin­ted out that po­li­cy ma­kers we­re not well-pre­pa­red to curb the ef­fects of the de­pres­si­on. In­fla­ti­on dras­ti­cally in­crea­sed in the first six months of 2016. The 12 month in­fla­ti­on was around 63% on Ju­ne 30, 2016 whi­le it was about 5% on Ju­ne 30, 2015.

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