The Seychelles Commercial Bank (SCB) held its annual general meeting on Thursday, where it reported remarkable and milestone achievements in 2016. In a report distributed during the AGM, the bank realised a record net operating profit of R23.32 million and net profit of R20.664 million in the financial year ending December 31, 2016, representing a 30% increase over the operating profit of R17.91 million and 72% increase over the net profit of R12.04 million reported in 2015.

The bank moreover recorded solid growth in its overall balance sheet size as well as in customer deposits, both of which crossed the one billion mark in 2016 to reach R1.19 billion and R1.03 billion respectively, compared to R981 million and R831 million in 2015.

President Danny Faure has appointed Daniel Gappy as the new chief executive of the Development Bank of Seychelles (DBS).

He replaces Annie Vidot, who has held the post over the last four years.

Ms Vidot has also been appointed the chief executive of the Seychelles Commercial Bank (SCB), replacing Syed Naqi, who will hold the post of Financial Advisor to the chief executive.

The appointments take effect as of February 1, 2017.

Low returns in savings compared to high interests on loans imposed by commercial banks were the object of a heated debate in the National Assembly last week. After the Minister for Finance, Trade and Economic Planning had presented the budget for 2017, Members of the National Assembly (MNAs) from both the ruling party and opposition asked that commercial banks review their interest rates as part of the government’s effort to alleviate poverty.

Some banks seem to have responded positively to the demand as they have this week announced an increase in interest on savings and a decrease in interest on mortgage loans. While the two banks which are partly government owned – Seychelles Commercial Bank (SCB) and Nouvobanq – have taken the lead by already announcing changes, others have said that they will follow suit as from next week.

The Seychelles government will be selling the remaining 99,276 shares, 16.55% of the paid-up capital of the Seychelles Commercial Bank to reach the set target of 40% to account holders and staff of the bank.

The total number of shares on offer is 99,276 and the value per share is fixed at R100.

Finance, Trade and the Blue Economy Minister Jean-Paul Adam made the announcement of the second round of the sale of shares in the Seychelles Commercial Bank (SCB) yesterday during a press conference at his office at Liberty House.

Seychelles Commercial Bank customers will be able to pay their Public Utilities Corporation’s water and electricity bills at any of the bank’s ATM on Mahe, Praslin and La Digue. 

For customers, this represents another more convenient way for them to pay their bills without having to go to the Public Utilities Corporation (PUC) payment counters, particularly at month end, when the queues are very long.