Amen Bank's Ordinary General Meeting: 2023 Financial Highlights
The Ordinary General Meeting of Amen Bank, held on April 25, 2024, confirmed the bank's resilience in adapting to economic and conjunctural challenges, while maintaining its commercial dynamics in resource collection and economic financing.
Key Financial Highlights
- Customer deposits reached 7,625.6 million dinars (MD) as of December 31, 2023, up 9.1% from 2022, driven by growth in savings deposits and term deposits.
- Customer loans increased by 4.02%, from 6,889.8 MD to 7,166.5 MD, demonstrating Amen Bank's continued support for the economy.
- Operating income rose by 16.4% compared to 2022, while operating expenses increased by 23.7%, resulting in a 9.1% growth in Net Banking Product, from 494.9 MD to 540.0 MD.
- Despite an 8.65% increase in operating expenses, mainly due to a 9.3% rise in personnel costs, the cost-to-income ratio improved to 39.76% from 39.93% as of December 31, 2022, a 17-basis-point improvement.
Net Result and Capital Strength
- The bank reported a net result of 194.9 MD, up 25.8% from 2022.
- Amen Bank reinforced its capital base, with shareholders' equity reaching 1,442.3 million dinars as of December 31, 2023, a 10.8% increase, resulting in a net asset value per share of 44.4 dinars.
Risk Management and Liquidity
- The bank maintained a good liquidity profile, reducing its refinancing needs, with a Liquidity Coverage Ratio (LCR) of 177.55% as of December 31, 2023, well above the regulatory minimum of 100%.
- The solvency ratio and Tier 1 ratio stood at 17.28% and 12.05%, respectively, significantly above the regulatory requirements of 10% and 7%.
Dividend Distribution and Innovation
- The Ordinary General Meeting of shareholders decided to distribute a dividend of 3.220 dinars per share, representing a payout of 50% and 64.4% of the nominal value.
- Amen Bank was recognized as an innovative bank, focusing on digitalization and service quality improvement, earning several awards, including "Best Service Client of the Year 2024" and "Best Bank in Tunisia for 2023" by Global Finance.
- The bank also confirmed its MSI 20000 certification in 2023, a mark of quality and trust at the national and international levels.
- To enhance its cybersecurity, Amen Bank signed an agreement with the CERT Bancaire.
