STB Announces Q1 2024 Results: Net Banking Income Down 7.1%
The Société Tunisienne de Banque (STB) has announced a net banking income (PNB) of 159,787 million Tunisian dinars (Mtnd) for the first quarter of 2024, a 7.1% year-over-year decrease.
Interest Margin Down 30.6%
The interest margin fell by 30.6% to 63,746 Mtnd, driven by a 7.6% decrease in interest income to 250,758 Mtnd, and a 4.2% increase in interest expenses to 187,012 Mtnd.
Credit Portfolio Down 2.9%
The bank's credit portfolio decreased by 2.9% year-over-year to 10,544 Mtnd, although it has increased by 30,259 Mtnd compared to the end of last year.
Resource Costs Up 9.8%
The bank's resource costs have increased, with savings deposits growing by 9.8% to 4,341,039 Mtnd compared to the end of March 2023. Borrowings and resources obtained at high rates have also increased from 631,730 Mtnd in Q1 2023 to 648,840 Mtnd a year later.
Net Commissions Up 0.3%
Net commissions have slightly increased by 0.3% to 30,616 Mtnd. The introduction of free services by the regulator has affected the bank's revenue. However, the portfolio of commercial and investment securities has partially offset this trend, increasing by 31.9% to 65,425 Mtnd.
Operating Expenses Up 4.3%
Operating expenses have risen by 4.3% to 81,904 Mtnd. These figures have led to an increase in the bank's operating coefficient, which stood at 51.26% at the end of the first quarter, compared to 45.62% a year earlier. If revenue recovers in the coming months, as expected, this coefficient will also normalize.
Hotel Establishment Sales to Boost 2024 Accounts
Beyond these results, the market is closely following the bank's sale of several hotel establishments, which will result in significant gains in the 2024 accounts. These operations are worth keeping a close eye on.