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HomeNewsTunisia: STB achieves 102% of objectives set out in restructuring plan

Tunisia: STB achieves 102% of objectives set out in restructuring plan

The “Société Tunisienne de Banque” (STB) has achieved 102% of the objectives set by the restructuring plan launched in 2015, Chairperson of the Board of Directors of the Bank, Nejia Gharbi said Monday.

Speaking at a hearing session organized by the parliamentary committee on Administrative Reform dedicated to public banks, Gharbi added that the STB, whose 80% of capital are owned by the state, is an example in terms of restructuring of public institutions.

She recalled, in this regard, that the first board of directors held, for the first time, after the implementation of the restructuring plan, in 2015, had raised funds of about 608 million dinars on a total of 757 million dinars needed to reach the threshold of regulatory capital required.

Thanks to this recovery plan developed in a participatory approach, she said, the net banking product of the STB has reached nearly 602 million dinars in 2019, knowing that the expected target was 554 million dinars in 2020.

She also added that the bank has managed to cover half of the deficit estimated at 727 million dinars in 2015 to reach 335 million dinars today.

Shareholders who represent 17% of the capital of the bank, have not yet benefited from the profits, she further indicated.

Néjia Gharbi also said the STB has managed to reduce the share of unclassified receivables from 30% in 2015, to 18% in 2019.

The Bank has been able to return 178 million dinars, since 2018.According to Gharbi, the STB is now working to implement a new digital system and launch nine digital products.

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