The “Banque Nationale Agricole” (BNA Bank) has published its interim financial statements as at June 30, 2019.
These statements show a net profit of the period of 71.5 million dinars, against 89.9 million a year earlier, i.e. a decrease 20.5%.
For the first six months of the year, revenues amounted to 623.7 million dinars, against 493.4 million a year earlier, up 26.4%.
This increase results from the growth of 30.4% of interest to reach 502.5 million dinars, 14.2% of commissions to 56.9 million, 26.5% of gains on commercial securities portfolio to 16, 5 million and 6% of investment portfolio income to 47.7 million.
On the other hand, operating expenses increased at a faster pace than revenues totaling 317.8 million dinars, compared with 237 million at the end of June 2018, i.e. an increase of 34.1%.
This increase bears the mark of the rise in the interest incurred by 34.4% to reach 316.5 million dinars.
In this respect, half-year net banking income rose 19.3% to 305.9 million dinars, compared with 256.4 million in the first half of 2018.
However, operating income was down 16.8% from 105.5 million dinars at the end of June 2018 to 87.7 million at June 30th.
This decrease is due to the increase in provisions to 13.8% to 68.3 million dinars and the increase in personnel costs of 16.4% to 107.3 million dinars.
Taking into account a tax expense on profits of 16.2 million dinars, up 65%, net profit fell by 20.5% in the first half, from 89.9 to 71.5 million dinars between June 2018 and June 2019