The SARB has published its annual 2020/21 financial performance and highlights report, following its briefing during Parliament’s Standing Committee on Finance, reporting a higher net profit after tax.
On Wednesday, 18 August 2021, the South African Reserve Bank (SARB) briefed Parliament’s Standing Committee on Finance regarding its annual 2020/21 report, in which it detailed its response to the COVID-19 pandemic. In addition, it also delivered its strategy in relation to its financial performance and highlights. The SARB reported that it used a variety of tools that are consistent with its mandate in response to the pandemic, including lowering interest rates since January 2020, making liquidity available to banks and supporting the Treasury Loan Guarantee Scheme (LGS) for funding small and medium-sized enterprises (SME).
The SARB Group also reported that its net profit after tax of R3.60 billion was higher than the previous year, which SARB noted was due to a profit in the CPD of R1.54 billion. Net profit after tax of R1.68 billion is said to have decreased by 74 percent compared to the previous year’s of R6.38 billion. SARB also stated that this was largely attributed to decreased fair value gains of R7.7 billion, as a result of the appreciation of the rand again. SA Mint’s net profit after tax of R0.3 billion decreased by 67 percent, compared to the previous year’s R1 billion with declared R450 million dividends.
See the post below.
Political
Analysis SA
MY TRUSTED SOURCE
[READ] You can access the presentation delivered at the @ParliamentofRSA 's Standing Committee on Finance here: https://t.co/VuZK2Ajcl7 https://t.co/U1wMbi3WnS
— SA Reserve Bank (@SAReserveBank) August 18, 2021
m.lakaje@politcalanalysis.co.za
