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Bank Supervision 2014 Annual Report

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Bank Supervision 2014 Annual Report 3 BANK SUPERVISION 2014 ANNUAL REPORT Table of Contents GOVERNOR’S FOREWORD .....................................................................................................................................4 DIRECTOR’S PREFACE ...........................................................................................................................................6 CHAPTER 1: OVERVIEW OF MACROECONOMIC ENVIRONMENT .....................................................................8 CHAPTER 2: CONDITION & PERFORMANCE OF THE BANKING SECTOR ..................................................... 12 CHAPTER 3: SUPERVISORY ACTIVITIES & MEASURES TO PROMOTE STABILITY ..................................... 35 CHAPTER 4: LEGAL DEVELOPMENTS ............................................................................................................... 46 CHAPTER 5: RESOLUTION OF TROUBLED BANKS ......................................................................................... 50 CHAPTER 6: OUTLOOK ........................................................................................................................................ 54 APPENDICES ......................................................................................................................................................... 56 1 Table of Figures Figure 1: Real GDP 2010-14 and 2015 Projections (%) ....................................................................................9 Figure 2: Annual Inflation Profile (%), March 2010 – Dec 2014 .................................................................... 11 Figure 3: Architecture of the Banking Sector .................................................................................................... 12 Figure 4: Total Banking Sector Assets ($ billions) ........................................................................................... 13 Figure 5: Composition of assets ......................................................................................................................... 14 Figure 6: Composition of liabilities ..................................................................................................................... 15 Figure 7: Banking Sector Capitalisation Levels: 2009 – 2014 ....................................................................... 16 Figure 8: Capital Adequacy Ratio (2013 – 2014) ............................................................................................. 17 Figure 9: Banking Sector Assets and Loans .................................................................................................... 18 Figure 10: Sectoral Distribution of Credit .......................................................................................................... 19 Figure 11: Non-performing loans to total loans (2011 – 2014) ...................................................................... 20 Figure 12: Sources of Income ............................................................................................................................. 21 Figure 13: Composition of Total Income as at 31 December 2014 .............................................................. 22 Figure 14: Profitability Indicators ........................................................................................................................ 22 Figure 15: Trend in Banking Sector Deposits ($millions) ............................................................................... 23 Figure 16: Deposit Distribution per Banking Class .......................................................................................... 24 Figure 17: Commercial banks’ asset base to total banking sector assets ................................................... 25 Figure 18: Distribution of Commercial Bank Deposits as at 31 December 2014 ........................................ 25 Figure 19: Commercial Banks’ Net Capital Base 2011 to 2014 .................................................................... 26 Figure 20: Commercial Bank Loans to Total Banking Sector Loans -2012 to 2014 .................................. 27 Figure 21: Average Earnings Indicators for Commercial Banks – 2011 to 2014 ........................................ 28 Figure 22: Income Mix for the Commercial Banking Sector - 31 December 2014 ..................................... 28 Figure 23: Building Societies’ Loans and Assets for the Period 2011 to 2014 ........................................... 30 Figure 24: Income Mix for the Year ended 31 December 2014 .................................................................... 31 Figure 25: Key Performance Indicators for Microfinance Sector ................................................................... 33 Figure 26: Distribution of Loans (Dec-2013 – Dec-2014) ............................................................................... 34 Figure 27: Minimum Capital Requirements Based on Strategic Tiers.......................................................... 38 Figure 28: Financial Inclusion Indicators (2011 & 2014) ................................................................................ 43 Figure 29: Mobile Banking Statistics .................................................................................................................. 45 Figure 30: Supervisory Interventions to Bank Failures ................................................................................... 50 2 PURPOSE OF THE REPORT The purpose of this annual report is to provide an analysis of the condition and performance of the banking sector in Zimbabwe for the year ended 31 December 2014. This report presents an overview of the supervisory operations and activities during the period under review. 3 GOVERNOR’S FOREWORD 1. The Reserve Bank, as the custodian of banking sector stability, has instituted a number of measures to promote banking sector resilience and financial stability deepening. The sustainable development of the financial sector is an inseparable part of economic growth and prosperity. The financial services sector accounted for 7% of the country’s Gross Domestic Product in 2014. 2. The Reserve Bank remains resolute in its mandate to maintain the safety and soundness of the banking system through proactive supervision and enhancement of its supervisory tools and techniques in line with best practice. 3. Cognisant of the constrains in the macroeconomic environment and the need for a strongly capitalised banking sector, the Reserve Bank reviewed minimum capital requirements for banking institutions by categorising banks into three tiers. Banks are expected to comply with the new minimum requirements by 2020 and the institutions are working conscientiously to meet the target date. 4. The Reserve Bank, has also instituted a wide range of measures to address credit and liquidity risks in the banking sector. In collaboration with Afreximbank, debt-backed securities (Aftrades) were introduced to bolster interbank market liquidity flows under a US$200 million facility. The securities have unlocked deposits held by surplus banks and stimulated the interbank market. 5. The Zimbabwe Asset Management Corporation (ZAMCO), which is a special purpose vehicle whose primary objective is to acquire and/or resolve non-performing loans in the banking sector was successfully established during the course of the year. 6. Further, the Reserve Bank has also initiated the process of setting up a credit reference system to facilitate credit information sharing amongst banks and microfinance institutions and to bridge information asymmetry. These measures should see increased financial intermediation coupled with efficient allocation of scarce resources, reduced information asymmetries and facilitation of the effective management of credit risk. 7. The Reserve Bank also initiated measures to strengthen the regulatory and supervisory framework through amendments to the Banking Act. These amendments will, among other 4 objectives, strengthen the governance systems and processes as well as foster strong leadership in banks. 8. A resolute framework for dealing with troubled and insolvent banks has been adopted, which has seen the Central Bank setting targets for cleaning up the banking sector. In addition a Contingency Planning & Systemic Crisis Management Framework has been prepared as part of fostering financial stability. 9. The Reserve Bank applauds efforts by Government to capitalise the central bank. This will go a long way in bolstering confidence in the financial sector and strengthening the Reserve Bank’s role in the financial services sector through reviving active interbank trading consequently improving financial support to key productive and export sectors of the economy. 10. The Reserve Bank will continue to closely monitor developments both on the local and international market in our efforts to safeguard monetary and financial sector stability. We continue to urge banking institutions to prime their operations, enhance their risk management and corporate governance systems in a manner that adds value, and contribute meaningfully by intermediating and facilitating real economic activities. 11. Financial inclusion also remains a key agenda for the Reserve Bank in order to uplift the living standards of the marginalized segments of our society. 12. In conclusion, I would like to thank all our stakeholders for their continued support throughout the year. A robust financial system strengthens the positive role of finance to economic growth and stability. 5 DIRECTOR’S
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