monetary policy report

Banking Sector Report – May 2020

Banking Sector Report – May 2020

The banking sector performance improved at the end of March 2020, but there are emerging signs that the impact of the COVID-19 pandemic is beginning to weigh on the industry’s performance adversely. Total assets grew by 20.1 percent year-on-year, underpinned by sustained growth in deposits and shareholders’ funds. Credit and investments also achieved comparable respective annual growth rates. However, the growth rates in these key performance indicators show a contraction during the first quarter of 2020 compared to first quarter of 2019. Total assets grew by 3.5 percent in Q12020, lower than the 5.7 percent growth recorded in Q12019. In addition, deposits, credit, investments, and profit-after-tax recorded similar lower growth rates.