SBS PROFITS AFTER TAX DOWN BY OVER 50%

MBABANE – Swaziland Building Society (SBS) profits generated during the financial year 2023/24 ended March 31, 2024, were E33 million, a decline from the previous financial year.

In the previous financial year, the bank recorded a profit after tax of E63 051 000 (2023: E32 816 000). This translates to a drop over 50 per cent.  This was reportedly driven by the increase in interest expense, impairment charge (release in the previous year) and increase in expenses incurred in readiness of becoming a fully-fledged commercial bank.  According to the financial statement for the period under review, the Society’s assets increased by 10 per cent to E3.4 billion, up from E3.1 billion in the previous year. The growth in assets was attributed to a 12 per cent rise in newly-issued loans and advances, complemented by the successful introduction of internet banking and Mobile App facilities. “The SBS has been a cornerstone in the lives of emaSwati, contributing significantly to the nation’s prosperity over the past 62 years. Our focus remains on ensuring sustainable growth year-on-year,” notes a section of the financial statement.

Confidence

Customer confidence in SBS was evident with a rise in fixed and savings deposits from E1.4 billion to E1.6 billion during the review period.  “This increase was driven by targeted deposit campaigns aimed at strengthening our liability base,” the statement explains. Net interest income also showed a positive trend, reaching E227 million, a 10 per cent increase from the previous year’s E206 million.  This growth was primarily fuelled by an uptick in new loan issuances throughout the year. During the period under review, SBS launched several innovative initiatives including internet banking and Mobile App services.

Platforms

These platforms offer customers a seamless and secure banking experience, allowing real-time transactions from any location.  Additionally, internet banking facilitates effortless fund transfers to other local banks, and the purchase of prepaid services such as airtime, data, electricity and utility bill payments.Strategically positioned across the country, SBS operates 12 branches in key locations including Mbabane (Asakhe and Swazi Plaza), Manzini (Manzini – 1 and Sikhulile), Ngwane Park (Micro Branch), Matsapha, Nhlangano, Siteki, Pigg’s Peak, Matata, Buhleni and Ezulwini. These developments underscore SBS’s commitment to growth, innovation and continued service excellence within the Eswatini financial landscape.

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