Africa-Press – Eswatini. SWAZILAND Building Society (SBS) has generated a profit of E58.9 million during the financial year that ended March 31, 2022.
According to financial statements, it was reported that profit increased by 53 per cent from E38.4 million in 2021 to E58.9 million.
SBS Managing Director (MD) Mbali Sibanyoni said the increase in profitability was influenced by a spike in total income of E40 million from E247.9 million in 2021 to E287.9 million during the period under review.
The society’s total expenses increased by nine per cent from E193.8 million to E 210.2 million and this was attributed to an increase in salary and employee benefits, which include cost of living adjustments and performance-based increase.
The expenses were reportedly hiked by an increase in depreciation costs due to additional assets being acquired and used during the current year.
Non-Interest Revenue (NIR) grew by 18 per cent to E86.7 million which was a result of increased volumes in client transactions and the introduction of the debit cards, ePocket, and charging of pull transactions.
The group’s fixed and savings deposits decreased by five percent from E1.26 billion to E1.20 billion due to current economy conditions which resulted in customers withdrawing their investments to improve their disposable income.
The report, however pointed out that the COVID-19 pandemic remained a threat to smooth business operations, with the third and fourth variants hitting operations in July and December 2021, respectively.
It was added that the country faced social unrests in June, July and October 2021 which further disturbed the society’s ability and other businesses in general to operate effectively.
The society mentioned that it was during this period, where communication was disrupted therefore making it hard to carry on working from home, a norm which had been adopted as a result of the pandemic.
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