Amen Bank Continues to Achieve Outstanding Results in 2024
The third quarter of the year has been marked by a net banking product (PNB) of 126,287 MTND, representing a 2.7% annual growth rate. The interest margin has resisted well, increasing by 3.9% to 45,766 MTND. Net commissions have decreased by 2.8% to 30,502 MTND, mainly due to the capping of certain service commissions in 2024. Finally, portfolio revenues have generated 50,019 MTND. Amen Bank's portfolio stood at 2,797,987 MTND as of September 30, 2024.
The same positive trend is observed in the nine-month figures. The PNB has essentially evolved thanks to the positive trend of all its components. It has totaled 421,264 MTND and is expected to exceed the 560 MTND threshold for the first time by the end of the year. This growth has led to an 8.5% increase in operating expenses, reaching 171,281 MTND. The operating coefficient has increased by 138 basis points to 40.66%.
The bank has shown great caution in its credit granting policy. Compared to the end of the year, the customer loan portfolio has only evolved by 5,344 MTND. However, Amen Bank has managed to attract 745,386 MTND in nine months. The positive aspect is that sight deposits represent 57.4% of this growth, which contributes to supporting the interest margin.
Among the commercial actions of the period, the bank launched a promotional offer on Habitat Credits and Amen Renov credit at the start of the school year, offering advantageous rates, a grace period of up to 6 months, and exemption from engagement fees. For its digital bank, Amen First relaunched the First Free deposit and savings packs, entirely free for those under 30 years old. These packs include free account maintenance fees, a free bank card, and digital account management without fees. Finally, as a responsible bank, Amen Bank has joined the Partnership for Carbon Accounting Financials initiative, becoming the first Tunisian bank to engage in this approach.
We recall that the second free share allocation by the bank will take place on October 28, with 2 new shares for every 13 old shares. The entitlement date is set for January 1, 2024. This should further improve the stock's yield, already at 37.97% since the beginning of the year.
