The Tunisian Saudi Bank (TSB) has just published its financial statements for the financial year ending December 31, 2019 showing a net loss of 2.8 million dinars, against a slightly profitable result of 285 thousand dinars a year earlier.
The bank posted last year a slight decline of 3.4% in its Net Banking Income (NBI) to 49 million dinars, against 50.7 million at the end of December 2018.
This evolution results from the combined effect of the increase in operating income by 5.5% to 92.4 million dinars and the growth of operating expenses by 17.8% to 43.4 million dinars.
Taking into account provisions of 15.6 million dinars, personnel expenses of 21.8 million dinars and other general expenses of 10 million dinars, the operating result shows a deficit of 522 thousand dinars, against a surplus of 1.5 million dinars in 2018.
The Tunisian Saudi Bank, formerly Société Tuniso-Saoudienne d’Investissement et de Développement (STUSID), was established on May 30, 1981 pursuant to an agreement signed between the Government of the Republic of Tunisia 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 became a universal bank called STUSID Bank. Two years later, in July 2017, the bank changed its name to Tunisian Saudi Bank (TSB).
The Group is made up of companies operating in the financial, agricultural, industrial and service sectors.