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Earlier today SBN Holdings (SNO) released its results for the year ending 31 Dec ’22. The Company reported a material increase in profit after tax of 70.5% y/y, surpassing pre-COVID levels. The improvement stems from higher interest rates increasing interest income, improving economic conditions allowing for increased trading volumes, and a significant improvement in the credit impairments on the back of taking property asset onto its own book with the purpose of selling it at a later stage.