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Swazibank, which was originally set up as the Swaziland Development and Savings Bank in 1965, and reincarnated in its present form in November 2001, has enjoyed a spectacular turnaround in its fortunes in recent years. Its operating profit in the year ending March 2004 (the latest for which figures are available) reached a record E42.4 million ($6.3 million), up 17.8% on 2003. Net interest income climbed by 177% in 2004, which – according to Swazibank's latest annual report – "clearly bears testimony to the level and quality of lending the bank has engaged in during the last year."

Other indicators pointing in the right direction at Swazibank include its return on equity, which reached 22% in 2004 compared with 10% in 2002; return on assets (up from 3% to 6% in the same period) and cost-to-income ratio (down from 104% to 68%).

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