Samoa bank blames Covid-19 for loss

Covid-19 has been blamed for a before-tax loss of $3.3 million tālā by the Development Bank of Samoa for the 2020-2021 financial year.

This loss - equal to about $US1.2 million - has been announced in the recently released annual report.

The bank's acting chairman said at the outset, the results show the full impact of Covid-19 on the tourism sector, which accounts for 69 percent of the loan portfolio value.

The report said the impact on the industry has also affected businesses and people who have depended on tourism for income.