The Development Bank of Samoa recorded a Net Loss after Tax of $2.39 million as of 31 March 2022.
This is outlined in its quarterly report submitted to the Ministry of Public Enterprises. The Development Bank was established to promote the advancement of the Samoa economy through the delivery of credit lending facilities to viable development projects.
The report says a total of 48 applications valued at $566k were approved by the end of the quarter under review which has decreased as opposed to budget by 56%.
“Total collection received at quarter end was recorded at $3.7m, which is a 13% increase when compared to budget of $3.2m; 73% of loan collection is received from MSMEs while 27% is from large loans.
“The total loan portfolio recorded as of 31st March 2022 amounts to $136.5m. DBS recorded a net loss after tax of $409,035 at the end of the third quarter, leading to a YTD Net Loss after Tax of $2,396,030″ million tala.
The Bank’s Chair of the Board is the CEO of the Ministry of Finance and members are Emele Meleisea Ainuu; Tugaga Tevesi David; Peseta Peter Tone and Leota Matamua Niko Ngau Chun.
