Standard Bank Eswatini Achieves E203 Million Profit After Tax

By Phesheya Mkhonta

Standard Bank Eswatini has realized a 14% increase in its profit after tax for the 2022 financial year.

“The Bank achieved a Profit after Tax (PAT) of E203m for the 2022 financial year which is 14% above the prior year’s E178m. These results demonstrate the resilience of the bank despite an uncertain trading environment,” notes the bank in their performance summary commentary.

The bank adds that they are also pleased by the fact that they were able to generate E1 billion in revenue for the year under review. This places Standard Bank Eswatini in the history books as they are the first local bank to reach E1 billion in annual revenue.

Furthermore, the bank reported an increase of 24% in Net Interest Income (NII) which was driven by an increase in average loan balances in the year and the increasing interest rate cycle environment experienced in 2022.

Costs incurred increased by 15% year on year due to inflation pressures and significant investments in information technology.

“Costs incurred stood at E626m, representing a 15% growth year on year which is attributable to inflation pressures faced in the year as well as increased investment in information technology as we expand our footprint through our various digital branches in addition to ensuring a stable network for our customers. Significant investments were also made on our UNAYO platform as we drive financial inclusion initiatives.”

The bank adds that impairments increased by 15% to reach E103 million. The increase was due to a few clients who experienced challenges in the year under review with some still recovering from the effects of the Covid-19 pandemic.

Loans and advances to customers also increased by 4%, while deposits decreased by 5%.

“Loans and advances to customers closed at E4.9 billion which is a 4% growth from the prior year. Deposits from customers during the year closed at E7.3 billion which is 5% below the prior year.”

In terms of its future outlook, the bank states that it will continue to position itself for opportunities and partnerships that arise in carving out its future, especially through its eco-systems initiatives.

 About Standard Bank Group

Standard Bank Group is the largest African bank by assets, operating in 20 African countries and 4 global financial centers. Headquartered in Johannesburg, South Africa, we are listed on the Johannesburg Stock Exchange, with share code SBK, and the Namibian Stock Exchange, share code SNB.

Standard Bank has a 161-year history in South Africa and started building a franchise outside southern Africa in the early 1990s.

Our strategic position, which enables us to connect Africa to other select emerging markets as well as pools of capital in developed markets, and our balanced portfolio of businesses, provide significant opportunities for growth.

The group has over 46 000 employees excluding Liberty, more than 1 143 branches and over 6 600 ATMs on the African continent, which enable it to deliver a complete range of services across personal and business banking, corporate and investment banking and wealth management. 

Standard Bank Group Limited (SBG or Group) headline earnings for the twelve months to 31 December 2022 (FY22) were R34.2 billion. Return on equity (ROE) improved to 16.4%. Net asset value grew by 10%. Standard Bank’s market capitalization as of 31 December 2022 was R284 billion (USD17 billion).

The group’s largest shareholder is the Industrial and Commercial Bank of China (ICBC), the world’s largest bank, with a 20.1% shareholding. In addition, Standard Bank Group and ICBC share a strategic partnership that facilitates trade and deal flow between Africa, China and select emerging markets.

For further information, go to

Share With Friends