Union Bancaire pour le Commerce et l’Industrie (UBCI) has announced its financial results for the year ended December 31, 2023, demonstrating that its fundamentals are under control at a time of major transformation.
Since 2021, UBCI has implemented a series of structural projects, led by the IT transformation project, aimed at establishing a new banking model that guarantees sustainable profitability.
In this context, UBCI closed the 2023 financial year with a consolidation of its prudential ratios, with the ratio of outstanding loans falling to 5.4% and the coverage ratio standing at 80.5%.
The balance sheet grew for the third consecutive year, increasing by 9% to 4,552.5 million dinars, with a positive variation of 374.9 million dinars. This increase demonstrates the Bank’s solidity in the face of the current economic challenges.
Customer deposits also showed positive growth, increasing by 6.8% to 3,393.5 million dinars.
This growth reflects the continued confidence of clients in UBCI and its ability to meet their diversified financial needs. At the same time, net customer loans outstanding increased by 5.1% to 2,964 million dinars.
Net banking income for the year ended at over 300 million dinars. After deducting expenses, the Bank recorded a net profit for the year of 52.9 million dinars, down 10.7% on the previous year.
This decrease is mainly due to the legal revision of the parameters for calculating collective provisions as part of the banking sector’s convergence with IFRS standards, and to the short-term tax on banks.
The Bank remains firmly committed to continuous innovation in order to provide the best possible service to its customers.
