Eswatini Bank notes that its total assets increased by E371.5million, from E2.477 billion in the previous year to E2.848 billion.  The bank also realized an increase in its loan book which was driven by the mortgage, asset, and personal loans

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By Ntokozo Nkambule

Eswatini Bank has posted a profit of E29.232 million for the year ended 31 March 2022. This is disclosed in the bank’s abridged financial statements. The bank has attributed the profit to positive growth in Non-Interest Revenue and the write-back in loan impairments.

The bank’s gross income for the financial year under review amounted to E329.103 million, which reflects an increase of E5.296 million from the E323 807 million realized in the previous year. The increase of gross income by 1.6% is attributed by the bank to growth in non-interest revenue and share of profit from associate investments.

Furthermore, the bank notes that total assets increased by E371.575 million (15.0%) from E2.477 billion in the previous year to E2.848 billion. The Statement of Financial Position growth was driven by an increase in funding balances and special funds.

The bank led by uNdlunkulu Nozizwe Mulela further disclosed that it saw an increase in its loan book, which was driven by mortgage loans, personal loans, and motor vehicle loans. “Net loans and advances increased by 18.5% (E276.678 million) from E1.497 billion in the previous year to E1.773 billion in the current year. Portfolios contributing to the loan book growth were mortgage loans, asset finance, and personal loans” notes Eswatini Bank.

In terms of future outlook, the bank notes that it has completed its three-year strategy which covers the period up to 31 march 2025. “In line with our development mandate, the Bank shall continue to actively participate and support all sectors of the economy. Enhancing our digital offerings and competitiveness as well as growing our customers base also remains our key focus areas”

The bank was audited by SNG Grant Thornton Chartered Accountants Eswatini.

Summary of Abridged Financial Statement

1.1  Summary of Salient Features of the Financial Statements

 2022% Change2021% Change 2021/202
E’0002022/2021 E’000
Total Assets2 848 39815.0%2 476 8235.1%
Customer Deposits1 586 8617.9%1 470 31212.1%
Net Advances1 773 36118.5%1 496 6833.2%
Interest Income202 343(2.1%)206 628(14.1%)
Interest Expense69 311(0.3%)69 487(27.3%)
Profit for the year29 236(14.0%)33 992153.0%

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