SBS’S ASSET AT E3BN

Swaziland Building Society (SBS) has seen remarkable growth in its assets over the past decade, reaching E3 billion in 2023 from E1.5 billion in 2013. This growth is detailed in the society’s commemorative book titled ’60 years of creating wealth.’ The increase in assets is attributed to the expansion of the loan portfolio and attracting new deposits.

Despite facing challenges such as the negative impacts of the COVID-19 pandemic and the 2021 unrest in the country, SBS has managed to maintain a steady growth trajectory. The Chief Financial Officer, Jerome Msibi, noted that the pandemic led to job losses, affecting deposits and causing people to withdraw their savings. However, in 2023, the asset base reached E3 billion, showing signs of recovery.

Profits at SBS have experienced fluctuations over the years, with a dip in 2021 to E38 million from E63 million the previous year. However, in 2023, the organization made E63 million in profits, indicating a positive trend in cash flow. The society’s loan book grew to E2.4 billion in 2023, with a decrease in non-performing loan ratio to 6 percent.

To ease the financial burden on its customers, SBS has introduced a new service where eligible customers can have their rates paid in any municipality across the country for the current financial year. This initiative aims to provide relief to customers facing increased interest rates and high inflation.

Overall, SBS continues to assist its customers during challenging economic times, staying true to its tagline ‘Creating Wealth for you.’ The society’s commitment to growth and customer support sets a positive outlook for its future endeavors.