The Central Bank of Tunisia (BCT) has just published its annual accounts for the year ending December 31, 2023.
At the end of the year, the issuing institution more than doubled its net profit to 1.47 billion dinars, compared with 715 million dinars in 2022.
This sharp rise is the result of a 98% increase in the bank’s operating income, which stood at 2.3 billion dinars, compared with 1.16 billion dinars at the end of December 2022.
This income consists mainly of income from money market intervention operations (1.24 billion dinars), interest on forward foreign exchange investments (491.2 million dinars) and other income from foreign exchange operations (447.7 million dinars).
Operating expenses amounted to 839.5 million dinars compared to 449.5 million dinars in the previous year, an increase of approximately 87%.
At its meeting on March 22, the Executive Board of the Bank approved the following breakdown of the results for the financial year 2023 (in millions of dinars)
Profit for the year: 1,472 million dinars
Special reserve: 411 million dinars
Social Fund Reserve: 116.2 million
State share: 1,056 million dinars
The amount of 411 million dinars allocated to the special reserve to strengthen the Bank’s capital is broken down as follows:
205 million dinars as part of the gradual build-up of reserves to cope with the impact of the planned transition to IFRS,
66 million dinars to build up reserves related to the unpaid portion of Afreximbank shares,
140 million dinars for the establishment of a resilience reserve.
