TSB, Tunisian Saudi Bank (formerly STUSID Bank), has just published its financial statements for the 2017 financial year which showed a net result down 58.3% compared to the previous year.
The bank thus posted a net profit of about 2.2 million dinars against 5.3 million in 2016. This drop in the result is mainly due to the sharp increase in the allocations to provisions from 2.9 million in 2016 to 14.7 million at the end of last December.
In 2017, total banking income reached 69.2 million dinars against 61.5 million a year earlier, up 12.5%.
Operating expenses increased by 9.1% to 25.7 million dinars.
In this respect, net banking income in 2017 amounted to 43.5 million dinars against 37.9 million dinars in 2016, i.e. an increase by 14.7%.
In addition, staff costs grew from 17.2 million dinars in 2016 to 19.5 million in 2017, i.e. an increase of 13.5%.
