The Tunisian Saudi Bank (TSB) has just released its financial statements for the fiscal year ending December 31, 2023, revealing a net loss of 73.9 million dinars.
This compares to a record loss of 102 million dinars in 2022 and a profit of 3.7 million dinars in 2021.
This underperformance is primarily attributed to the combined effect of declining operating income and rising operating expenses, resulting in a notable decline in net banking income.
In 2023, the bank generated operating income of 88 million dinars, down from 103 million dinars the previous year, marking a 14.6% decrease.
Meanwhile, operating expenses increased from 65.4 million dinars to 74.8 million dinars, reflecting a 14.4% rise.
Consequently, the net banking income for the period fell by 65% compared to 2022, dropping from 37.6 million dinars to 13.1 million dinars.
Similarly, provisions for bad debts decreased from 92.3 million dinars to 30 million dinars between December 2022 and December 2023.
It is worth noting that in 2022, the bank had provisioned a significant portion of its doubtful debts.
Taking into account provisions, personnel expenses of 30.8 million dinars, and general expenses of 13 million dinars, the operating result showed a negative balance of 72.3 million dinars, compared to an operating deficit of 100.8 million dinars in 2022.
The Tunisian Saudi Bank, formerly known as the Tunisian-Saudi Investment and Development Company (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 transformed into a universal bank named STUSID Bank. In July 2017, the bank changed its name to Tunisian Saudi Bank (TSB).
