The Swaziland Building Society (SBS) has posted an E47 million profit before tax for the nine-month period ended December 31, 2025.
According to the abridged financial statement, the total income from the SBS activities for the nine-month period amounted to E261 million, with net interest income before impairment losses amounting to E179 million.
“Net impairment loss on loans and advances and financial investments amounted to E7.6 million. 
Management continues to intensify the management of early arears and implementing proactive intervention strategies aimed at rehabilitating financially distressed customers,” the statement reads in part.
The report stated that the profit before tax for the nine-month period amounting to E47 million,
which was an impressive performance for a nine-month period reflects SBS’ disciplined execution,
stakeholder confidence and forward-looking strategy – laying a solid foundation for its next chapter as a commercial bank.
“SBS continued to grow its asset base during the period, driven by an 8% increase in loans and advances from E2.5 billion to E2.7 billion, driven by a robust performance on the Sipatji Loan Portfolio. Total assets grew to E3.6 billion from E3.5 billion prior year.
The SBS continued to be a trusted financial institution within the public as client deposits continued to grow from E1.8 billion to E1.9 billion, reflecting a 5% increase,” reads the statement in part.
The report further stated that after the reporting period ended 31 December 2025, SBS ceased operating as a Society.
“Effective 1 January 2026 SBSBE started operating as a commercial bank in organization under the provisional licence.
Consequently, as part of this transition, the SBS Bank Eswatini restructured its ownership framework.
ermanent shareholders were transitioned into Ordinary Shareholders based on individual shareholders elections. In accordance with IAS 10 (Events After Reporting, this transition represents a non-adjusting event.
It reflects conditions that arose after the balance sheet date and does not result in any changes to the Group’s historical financial statements presented for the period ended 31 December 2025.
The reclassification from Permanent Shares to Ordinary Shares, or other accounts as elected by members, will be recognised prospectively in the Statement of Changes in Equity during the 2027 Financial year,” reads the statement in part.
The Central Bank of Eswatini (CBE) Governor Dr. Phil Mnisi recently told members of the media during the second edition of the ‘Coffee with Governor’ at Sibebe Resort that the transformation of the SBS remains firmly on track.
Mnisi said SBS has so far met the expected milestones in its conversion journey and has already expanded its offering through the introduction of additional banking products.
The Governor said the CBE continues to provide guidance and support to SBS throughout the process to ensure a smooth and successful transition.
The Swaziland Building Society (SBS) is in the final stages of its conversion into a fully-fledged commercial bank, set to trade as SBS Bank Eswatini.
The Central Bank of Eswatini has granted a provisional medium-size commercial banking license, and the transition remains on track.
The conversion is fully supported by the Central Bank of Eswatini (CBE), the Financial Services Regulatory Authority (FSRA), and the Ministry of Finance.
