Africa-Press – Eswatini. Bunye Betfu Buhle Betfu Savings and credit cooperative society Limited has recorded an increase of 10 per cent in its assets from E285 million in 2021 to E312 million in this financial year.
This is according to the company’s financial statements by the year ended March 2022.
The Executive Chairperson Nompumelelo Nkambule, on the statement reported an operating income for the year of E7.6 million which is E1.1 million less compared to 2021’s E9 million.
Nkambule mentioned that loans and advances increased to E209 million while in 2021 they were E193 million.
Decrease
“There was a decrease of E1 361 778 on net profit for the year ended March 2022. The decrease was from E9 006 707 in 2021 to E7 644 729 in 2022,” said Nkambule.
She explained that other reserves at the year-end, which were a total of E46 million, represented 15 per cent of total assets.
“This showed an increase because in 2021 there was E37.9 million represented 13 per cent of total assets,” said Nkambule in the statement.
The financial statements also revealed that the society’s total liabilities increased from E231 019 327 to E250 603 478 during the financial year end.
“The society’s investments at African Alliance and Sanlam also increased from E35 141 083 in 2021 to E46 671 985 in 2022,” said the financial statement.
…Salaries increase by E250 179
Bunye Betfu Buhle Savings and credit cooperative society Limited financial statement shows that salaries increased from E2 171 969 to E2 422 148 in the reporting period.
According to the statement, the average number of persons employed moved from 19 employees in 2021 to 20 in 2022.
“Staff loans decreased from E130 908 to E73 746 in 2022,” reads the statement.
It was also mentioned that members savings increased from E198 630 383 to E215 011 358 in 2022.
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