STB Bank Announces 2024 Financial Results and Decides Not to Distribute Dividends
The STB Bank's Board of Directors announced yesterday that it has approved the financial statements for the 2024 fiscal year, which have been submitted to the auditors, and reviewed the company's activity report for the same period.
The bank reported a profit of 82,500 MTND. According to the activity indicators, the Net Banking Product (PNB) for the year decreased by 3.4% to 661,825 MTND, mainly due to the decline in interest income (-8.1% to 974,176 MTND). With the increase in operating expenses (+1.3% to 324,805 MTND), the improvement in profits would come from a controlled risk cost. Over the entire fiscal year, the loan portfolio decreased by 7.0% to 9,774,285 MTND. It is worth noting that we do not know if this result is net of or before accounting adjustments. In 2023, these adjustments were 27,292 MTND. In the first half of 2024, they totaled 18,835 MTND, resulting in a net result after accounting adjustments of -4,392 MTND.
Furthermore, the Board of Directors has decided to convene an Ordinary General Meeting on April 30, 2025, and to propose not distributing dividends. This is a logical decision given that the bank wants to further consolidate its equity capital after successfully absorbing all historical losses. STB Bank has come a long way to get to this point, and it is essential that it continues its remediation cycle. The context is not very favorable for the entire sector, which is under fiscal and regulatory pressure.
