Citibank Tunis NA Reports 2024 Net Profit of 27,082 Mtnd, Up 10.9% Year-on-Year
Citibank Tunis NA has announced a 2024 net profit of 27,082 Mtnd, a 10.9% increase year-on-year. The bank achieved a net product of 63,573 Mtnd, a slight decrease of 1.4% compared to 2023, due to a 6.7% decline in interest margin to 17,073 Mtnd. Commission products stood at 2,122 Mtnd, while gains on commercial portfolio and similar operations reached 44,378 Mtnd.
The credit institution's profitability benefited from a negative risk cost of 3,192 Mtnd, thanks to 3,464 Mtnd in recoveries. Other operating expense items remained stable, including personnel expenses (7,665 Mtnd) and general operating expenses (8,240 Mtnd). The bank's EBIT progressed by 10.7% to 50,780 Mtnd.
It is worth noting that common charges, mainly personnel expenses, rental and administrative expenses, are distributed between the onshore branch and the offshore branch based on the revenue generated by each unit, except for head office expenses, which are fully attributed to the offshore branch. The onshore branch accounted for 42% in 2024.
Citibank has a larger institutional portfolio than other types of clients, with respective claims of 326,952 Mtnd and 43,699 Mtnd. In terms of deposits, customer assets reached 821,249 Mtnd. The year 2024 saw a significant increase, thanks to a net evolution of 374,264 Mtnd during the previous year in sight accounts.
We are talking about a prestigious and profitable establishment. It is clear that Citibank is very selective in its business choices, which explains one of the best asset qualities in the Tunisian financial industry.
