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HomeNewsTunisia: TFBank's net income approaches breakeven in 2020

Tunisia: TFBank’s net income approaches breakeven in 2020

The Tunisian Foreign Bank (TFBank), Tunis branch, on Thursday, August 19, 2021, published its financial statements closed on December 31, 2020.

The Tunis branch of the French-registered bank affiliated with the federation of French banks, last year, achieved operating income of € 1.57 million, compared to € 2.1 million in 2019, a drop of 25%.

This decline is the result of the sharp fall in interest and similar income by 56% from 2.2 million euros to 981 thousand euros.

As for operating expenses, they stood at 616 thousand euros, compared to 1.4 million euros in 2019, down 56%, due to the sharp regression of interest incurred and related expenses of 56%.

As a result, net banking income comes out 36% higher at 955 thousand euros against 701 thousand euros in 2019.

Subtracting the allocations to provisions (631 thousand euros), personnel costs (233 thousand euros) and general operating expenses (86 thousand euros), the net result of the bank emerges slightly in deficit by 14 thousand euros after a net loss of 200 thousand euros in 2019.

The bank therefore brings its cumulative losses to nearly 2.9 million euros.

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