SIFA declares $21.8 million profit

The Samoa International Finance Authority (SIFA) has recorded a net profit of $21.8 million for the 2018 financial year.

This marks an increase from the previous financial year according to the Samoa International Finance Authority Annual Report for the Financial Year 2017-2018. 

According to the report, the organisation’s board of directors approved a payment of $15 million to the Government, for the year to 30 June 2018 in accordance with the SIFA Act.

“The directors approved $15 million from the general fund to be paid to the Government for the ending of the year 2018.  The $8.31 million was paid on June 30, 2019 and the balance of $6.68 million to be paid in the new financial year 2019.” 

The annual report revealed that the SIFA recorded an increase of approximately 16.8 per cent in total assets, from $75.4 million in the prior year to $88.2 million for this financial year. These assets are mainly cash and term investments representing 88.4 per cent of total assets. 

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The SIFA recorded an increase of revenue of $31.1 million compared to $30.6 million in the previous year. 

“Such increase is the result in the level of government fees collected during the financial year and the favorable interest earned on term investments. 

“Total operating expenses showed an approximately increase from $9.6 million expanded in the prior year to $9.8 million in the current financial year. 

“SIFA’s net profit for year ending 30 June, 2018 has increased from $18.1 million to $21.8 million. 

“The increase is mainly due to no loss of asset exchange reported in the current financial year.” 

The report also revealed that the security of their online system has been upgraded than most banks. 

“Specifically, the system now uses transport layer section version 1.2 modern cryptography, a secure key exchange and two-way authentication (most banks use only one way). SIFA’s system is nor protected from sophisticated eavesdropping, man in the middle, impersonation, and comprised key attacks.” 

Furthermore, the new system accepts dual language name e-filing is now able to electronically capture, render, and process dual language names and provide secure electronic delivery and retrieval of documents.

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