The Tunisian Foreign Bank (TFBank), Tunis branch, has published its final financial statements for the period ending December 31, 2024.
The fiscal year resulted in a net loss of 177 thousand euros, an improvement however from the deficit of 419 thousand euros recorded in 2023, indicating a slight recovery in the bank’s operational performance.
Customer loans remained relatively stable at 8.3 million euros (compared to 8.6 million euros in 2023), reflecting prudent lending activity in an uncertain economic context.
Customer deposits, on the other hand, increased notably, rising from 2.75 to 3.7 million euros, an increase of nearly 35%, indicating a renewal of confidence from the local clientele.
Banking operating income reached 550 thousand euros in 2024, compared to 531 thousand euros in 2023. This moderate improvement stems mainly from the increase in interest and similar income, which rose from 569 to 749 thousand euros, thanks to the good performance of credit and interbank operations.
However, this progress was mitigated by foreign exchange losses of 216 thousand euros, compared to 57 thousand euros a year earlier, reflecting the unfavorable effects of foreign exchange market volatility on the branch’s financial operations.
Banking operating expenses amounted to 547 thousand euros, a slight increase compared to 2023 (524 thousand euros). In contrast, the bank benefited from net provision write-backs of 203 thousand euros, compared to a net provision charge of 111 thousand euros the previous year.
This result reflects an improvement in the customer risk profile and more effective monitoring of doubtful commitments. Personnel expenses (211 thousand euros) and general operating expenses (135 thousand euros) were kept under control, demonstrating prudent cost management.
The bank indicates that it continued in 2024 to implement several improvement actions, notably the strengthening of the internal control system, risk mapping, and anti-money laundering controls.
Certain functions such as financial management, back-office, and recovery remain outsourced to optimize operational performance.
In summary, the 2024 fiscal year marks a gradual stabilization for the Tunisian branch of TFBank, despite a complex environment and results that remain in negative territory.
