SBS RECORDS 13% PROFIT GROWTH

MBABANE – The Swaziland Building Society has recorded a 13 per cent growth in their profits.

This is shown by the financial institution’s Abridged Audited Financial statements for the period ended March 31, 2018.
The statements have been audited by PwC.

Both the group and society recorded about 13 per cent profit growth from the previous period.
The group recorded a net profit worth E84 651 000 as compared to E74 777 000 for the previous period.
The society on the other hand recorded a net profit of E84 285 000 compared to E74 340 000 in the previous period.

This shows a growth of 13.2 per cent and 13.4 per cent for the group and society respectively.
Meanwhile, the income tax expense for according to the financial statements was E32 108 000 for the group and E31 970 000 for the society.

This shows a growth of E3 725 000 for the group and E3 754 000 for the society as last year the income tax expense was E28 383 000 and E28 216 000 respectively.

Statements

The financial statements also show that the salary and employment benefits increased by 11.67 per cent.
The salary and employment benefits stood at E60 759 000 the previous period, while for the year ended March 31, 2018, they increased to E67 852 000.

The total income for the group was E241 336 000 and for the society, it was E240 819 000.
These also showed a 13.33 per cent growth for the group and 13.5 per cent for the society.

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