HomeNewsTunisia: STB Bank sees profits fall by more than 40% in 2023

Tunisia: STB Bank sees profits fall by more than 40% in 2023

Société Tunisienne de Banque (STB Bank) has just published its financial statements for the year ended December 31, 2023, which will be submitted for approval at the Ordinary General Meeting to be held on June 7, 2024.

At the end of the past year, the bank saw its net profit fall by 42.4% to 42.1 million dinars, compared with 73.1 million dinars in 2022 (after accounting changes).

Last year, the bank generated operating income of 1,448 million dinars, compared with 1,290 million dinars at the end of December 2022, representing growth of 12.2%.

On the other hand, operating expenses rose by 28.5% to 762.9 million dinars, compared with 593.8 million dinars a year earlier, following a sharp 28.7% increase in interest incurred and similar charges to 750.8 million dinars.

As a result, net banking income fell slightly by 1.6% to 685 million dinars, compared with 696.4 million dinars at 31 December 2022.

In addition, the cost of risk weighed on the bank’s results. Charges to provisions on loans went up by 8.2% to 234.2 million dinars, while charges to provisions on the investment portfolio rose from 459,000 dinars to 11.7 million dinars.

As a result, operating profit fell by 38.7% to 105.6 million dinars, compared with 172.5 million dinars in 2022.


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