35.9 C
Tunisia
Wednesday 16 June 2021
HomeNewsTunisia: STB Bank halves its net profit to 72 million dinars in...

Tunisia: STB Bank halves its net profit to 72 million dinars in 2020

The “Société Tunisienne de Banque” (STB), on Wednesday, published its financial statements closed on December 31, 2020 as they will be submitted for approval to the Ordinary General Assembly to be held on April 29, 2021.

These statements show a net profit of about 72.1 million dinars, against 157.3 million a year earlier, a drop of 54% corresponding to a decline of 85.2 million dinars.

The STB has not been spared the effects induced by the economic crisis related to the coronavirus pandemic, which have resulted in a decline, compared to forecasts, growth rates retained by the bank, in terms of interest income, foreign exchange earnings and commission income.

Other than the indirect effects on the bank’s results, the direct financial impact of the crisis related to the COVID-19 pandemic is estimated at 118 million dinars, including 11.6 million relating to the contribution to the Fund 1818, 14.2 million relating to the cyclical contribution to the state budget and 34.4 million relating to the establishment of a collective additional provision.

However, the STB achieved a 4% growth in its operating income to 1 billion dinars, and a similar increase in its Net Banking Product (NBP) to 625.6 million dinars.

Affected by the considerable increase in allocations to provisions (+57% to 189.6 million dinars), the operating result came out 24% lower at 176 million dinars compared to 231.8 million a year earlier.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

MOST POPULAR

HOT NEWS