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Thursday 16 July 2020
Home News Tunisia: Citibank Tunis announces net profit of 28 MD in 2019

Tunisia: Citibank Tunis announces net profit of 28 MD in 2019

Citibank Tunis (Onshore Branch) published this Friday its financial statements for the year ending December 31, 2019.

These statements show a net profit of 27.9 million dinars against 18.7 million dinars in 2018, i.e. a growth of 49%.

Banking operating income rose from 50.2 million dinars to 66.2 million dinars between 2018 and 2019, up 16 million dinars (+32%).

This increase is due to the offset effect of the increase in interests and assimilated incomes of 7.7 million dinars (+26%) and commissions (in products) of 139 thousand dinars (+10%).

The increase in interest is due to the combined effect of a 6% decrease in interest relating to transactions with banking and financial institutions, a 55% increase in interest relating to transactions with customers and a 3% increase in other interest and similar income due to the increase in income from transactions with the central bank.

Besides, the APIA granted 18 land loans amounting to 1.8 MD, until the end of May 2020, against 11 loans worth 1.4 MD during the same period of 2019.

These credits will enable the integration of 185 hectares (ha) of agricultural land into the economic circuit.

As for the reported agricultural investments, they reached 1941 operations worth 378.2 MD until the end of May 2020, against 3,462 operations worth 596.5 MD during the same period of 2019.

Reported investments posted a 36.6% decrease in terms of value and 43.9% in terms of number.

This drop is due to the impact of the COVID-19 pandemic which led to a regression of declarations in March 2020.

The APIA finally added that no investment declarations were recorded during April 2020.

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