02
May
15 out of 21 banks that have released their 2022 Audited Financial Statement registered losses last year. This record losses is as a result of a difficult economic environment that triggered the Domestic Debt Exchange Programme or debt restructuring, impacting negatively on the operations of the financial institutions. According to their 2022 Summary Financial Statements, most of the banks’ assets were impaired due to reduced coupon rate and the extension of the maturity period from five to 15 years, among others. Consolidated Bank was the biggest casualty, recording about ¢2 billion loss in 2022. Indeed, the local banks were the…