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Monday 26 July 2021
HomeNewsTunisia: STB Bank doubles its profit in 2019 to 157 million dinars

Tunisia: STB Bank doubles its profit in 2019 to 157 million dinars

Backed by giant strides in the growth of its loans, STB Bank more than doubled its profits in 2019 to 157.3 million dinars, compared to 66.8 million (before accounting changes) in 2018.

The bank’s financial statements do not disclose the share of classified debt, which was 20.78% in 2018.

Moreover, and despite its clear improvement, the STB has an apparent ratio of credit/deposit of 138.3% in 2019 against 149.2% in 2018.

During the year 2019, the STB Bank increased its gross credits to customers by 707 million dinars, i.e. +7.5%, totaling 10.2 billion dinars.

Outstanding balance sheet provisions on loans fell by -5.5% as well as reserved agios by -8.1%.

It should also be noted that the STB proceeded in 2019 to write off 323 million dinars (including 110 million dinars in late interest) of irrecoverable bank debts and their transfer to its subsidiary STRC.

As a result, net credits to customers amounted to 7.97 billion dinars, posting an increase of 11.8%.

The sharp increase in credits logically had repercussions on the bank’s deposits.

The latter increased by more than 1 billion dinars (+15.9%) distributed between an increase of 218 million dinars (+9%) in sight deposits, an increase of 248 million dinars (+8.9%) in savings accounts and an increase of 548 million dinars (+47%) in other sums due to customers.

In the end, STB is settling with a net profit of 157.3 million dinars, compared to 66.9 million in 2018 (before accounting changes), therefore posting a growth of +135.3%, i.e. +90.5 million dinars.

The bank’s equity capital went up by 157.7 million dinars, passing the 1 billion dinars mark.

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