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Jun 11, 2019

S.S.B. Loan Portfolio’s Rate of Return is 5.5%

Colin Young

So what about S.S.B.’s loans and portfolios? Well according to C.E.O. Doctor Colin Young, S.S.B.’s 2018 audited financials are near completion. Doctor Young says that in 2017, the fund’s rate of return on its investments portfolio was five point five percent. He says that in the last ten years, the rate of return was fewer than six percent.  While the general public is of the assumption that the S.S.B. has numerous bad loans, Doctor Young says that is not the case. 


Dr. Colin Young, C.E.O., S.S.B.

“So we have been doing very well in the investments. Our portfolio as of April is four hundred and twenty nine million dollars. On that we are earning about five point five percent rate of return. So what that means in cash is that last year we obtained twenty three million dollars. Sp what is happening is that, because people say what about these bad investments, right? That is what we hear. Generally what happens is we’ve found based on the consultation that we had that a lot of the bad investments that are attributed to SSB are not in fact SSB’s investments and the amount of money people thought the SSB loss over the last twenty years is a lot less than what they think. But part again is the public relations and I can say here again one the things that we did just before we embarked in this national consultation because I knew it would be a lightening rod issue is that I had my staff go over the last twenty years of investments and flagged and every single “bad loan” and quantify the financial losses that emanated from those. That number is actually about eight point three million dollars. It is good money, a lot of money. But here is what I often say, if you are investing hundreds of millions of dollars over twenty years; do you expect to recover every dollar? The answer is “no.”

 

C.E.O. Young says that in 2017, its non-performing loan portfolio stood at zero point seven-three percent.


Viewers please note: This Internet newscast is a verbatim transcript of our evening television newscast. Where speakers use Kriol, we attempt to faithfully reproduce the quotes using a standard spelling system.

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