BFPME Publishes 2024 Financial Statements, Revealing Net Loss of 13,089 Mtnd
The Bank of Financing for Small and Medium-Sized Enterprises (BFPME) has released its 2024 financial statements, showing a net loss of 13,089 Mtnd. The net banking product (PNB) stood at 5,673 Mtnd, with 5,043 Mtnd coming from the net margin on credits, representing 88.9% of the PNB.
Unlike traditional commercial banks, the BFPME does not have a significant portfolio of investments, which limits its revenue sources. Its activity is essentially based on financing credits from special resources and loans, amounting to 286,469 Mtnd, while customer deposits only represent 16,276 Mtnd. The outstanding credit balance reaches 213,785 Mtnd.
The risk cost has increased to 2,244 Mtnd, while general operating expenses have reached 3,135 Mtnd and personnel expenses 13,394 Mtnd. The operating result thus stands at -13,193 Mtnd. Faced with this tense financial situation, the need to concretize the bank's recapitalization becomes urgent to clean up its accounts and restore its prudential ratios.
The Ordinary General Assembly of the BFPME will take place on September 10, 2025. At that date, the cumulative balance of previous losses will reach -155,970 Mtnd. During this meeting, shareholders will be asked to authorize the bank to contract external loans of up to 150 Mtnd over a one-year period. The board of directors will be mandated to set the conditions and terms of these financings according to available offers.
Furthermore, an Extraordinary General Assembly (AGE), scheduled for the same day, will decide on the continuation of the bank's operations, in accordance with Article 388 of the Commercial Companies Code. It will also decide to postpone to 2025 the implementation of the capital reduction and increase operations previously decided upon by the AGE. These operations must be finalized within the deadline set by the principle agreement on capital reduction issued by the Central Bank of Tunisia.
