The Tunisian Saudi Bank (TSB) has just published its financial statements for the year ended December 31, 2022, showing a record net loss of 102 million dinars, compared with a profit of 3.7 million dinars in 2021.
This underperformance was mainly due to the recognition of 92.3 million dinars in provisions, compared to 31.8 million dinars in the previous year, an increase of 190%.
In addition, the Bank’s Net Banking Income (NBI) declined by 29% to 37.6 million dinars in 2022, compared to 47.3 million dinars at the end of December 2021.
This decline is due to the combined effect of a 4.3% increase in operating income to 103 million dinars and a 27% increase in operating expenses to 65.4 million dinars.
Taking into account provisioning of 92.3 million dinars, personnel expenses of 28.3 million dinars and general expenses of 16.2 million dinars, the operating result was negative at 100.9 million dinars, compared to an operating surplus of 4.7 million dinars in 2021.
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 Republic of Tunisia and the Government of the Kingdom of Saudi Arabia.
In 2005, STUSID became a universal bank called STUSID Bank. In July 2017, the bank changed its name to Tunisian Saudi Bank (TSB).
