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Tuesday 24 May 2022
HomeNewsTunisia: Tunisian Saudi Bank returns to profit in 2021

Tunisia: Tunisian Saudi Bank returns to profit in 2021

The Tunisian Saudi Bank (TSB) has just published its financial statements for the year ended December 31, 2021 showing a net profit of 3.7 million dinars, compared to a record net loss of 14.8 million in 2020 and a deficit of 2.8 million in 2019.

The bank last year saw a 5% increase in its Net Banking Income (NBI) to 47.3 million dinars, against 44.9 million at the end of December 2020. This increase is the result of the combined effect of the growth of operating income by 4.7% to 98.7 million dinars and the rise of operating expenses by 4% to 51.4 million dinars.

Taking into account the allocations of provisions of 31.8 million dinars (+10%), personnel expenses of 27.4 million dinars, other general expenses of 10.5 million dinars and a capital gain on the sale of the bank’s stake in the capital of the company TANKMED for 29.1 million dinars, the operating result emerges with a surplus of 4.7 million dinars, against a negative result of 13.8 million dinars in 2020.

The Tunisian Saudi Bank, formerly Société Tuniso-Saoudienne d’Investissement et de Développement (STUSID), was established on May 30, 1981 under an agreement signed between the Government of the Tunisian Republic and the Government of the Kingdom of Saudi Arabia.

The bank has a capital of 100 million dinars equitably distributed between the two governments.

In 2005, STUSID was converted into a universal bank called STUSID Bank. Two years later, in July 2017, the bank changed its name to Tunisian Saudi Bank (TSB).

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