Amen Bank Posts Net Banking Income of 146,067 MTND in Q4 2024, Up 5.8% Year-over-Year
Amen Bank has reported a net banking income of 146,067 MTND for the fourth quarter of 2024, representing a 5.8% year-over-year increase. For the entire year, the net banking income stood at 567,331,673 MTND, driven by improvements in all its components: a 7.6% increase in interest margin to 198,996 MTND, a 0.7% rise in net commissions to 128,611 MTND, and a 6.8% growth in portfolio income to 239,724 MTND. As one of the largest institutional investors in Tunisia, Amen Bank's portfolio exceeded 2,838 MTND by the end of 2024.
Compared to December 2023, Amen Bank's net credit balance increased by 117,997 MTND to 7,284 MTND. Deposits grew by 391,576 MTND to 8,017 MTND. The bank's sight deposits improved by 23.0% to 2,398 MTND, outpacing savings deposits (+9.2% to 2,627 MTND). This reduction in resource costs is particularly noteworthy in a rising interest rate environment.
On the management side, annual operating expenses rose by 5.5% to 226,560 MTND. The cost-to-income ratio stood at 39.93%, up 18 basis points from 2023.
Amen Bank has committed to supporting Tunisia's social and solidarity economy, positioning itself as a key player in supporting and accompanying community initiatives. An electronic platform has been set up to collect financing requests and provide personalized support.
On the commercial front, the bank launched the Tashil Plus Card, designed to offer customers a "BuyNow, PayLater" solution, enabling them to benefit from installment payments and serene budget management tailored to their needs. For its high-end clientele, Amen Bank offers exclusive access to over 1,200 airport lounges worldwide through the Visa Infinite National and International Card and the Visa Airport Companion app.
The indicators confirm an improvement in the bank's operational profitability. We believe that the net result will remain solid despite the significant increase in corporate tax and the allocation of 8% of profits to unsecured loans.
