Tunisian Solidarity Bank (BTS) Publishes 2024 Financial Statements
The Tunisian Solidarity Bank (BTS) has released its financial statements for 2024, marking a net profit of 9,494 million Tunisian dinars (MTND), a 3.5% decrease from the previous year.
Revenue Breakdown
The bank's net banking income (PNB) reached 71,441 MTND, primarily driven by a net interest margin of 59,778 MTND, accounting for 83.6% of its net product. Net commissions stood at 8,567 MTND, while a small commercial and investment portfolio generated 3,096 MTND.
Unique Revenue Structure
This revenue structure is rooted in the bank's raison d'être. The BTS aims to promote a culture of self-employment and initiative, create job opportunities, particularly for disadvantaged social classes, integrate small projects into the economic fabric, and support development associations. These activities are inherently cost-intensive, and services are offered at significantly lower costs than those of other commercial banks.
Deposit Collection and Branch Development
The BTS has begun to develop a deposit collection policy, with deposits totaling 60,779 MTND by the end of 2024. The conversion of all 28 branches into commercial agencies has yielded excellent results. The bank now has 19,752 deposit accounts, 1,554 savings accounts, and has issued 21,431 cards to customers. This reinforces the financial institution's capabilities, which have historically relied on borrowed resources of 1,717 MTND, including 657,450 MTND provided by the State and 1,013,800 MTND managed on behalf of its providers.
Risk Management and Credit Portfolio
The bank's risk cost stood at 2,641 MTND by the end of 2024, reflecting a good asset quality. The outstanding credit portfolio amounts to 1,555 MTND.
Exemption from Article 412 ter of the Commercial Code
The BTS is one of the few banks not affected by the notorious Article 412 ter of the Commercial Code. The outstanding amount concerned is 5,508 MTND, with 97.0% originating from credits granted to bank personnel.
Future Prospects
The BTS, which has no capital adequacy issues, could perform even better if it could access more resources. It is being solicited by new project promoters and may consider tapping into the financial market to raise funds and expand its services to a broader beneficiary base. The bank's unique expertise in the sector should be better capitalized.
