Tunisian Foreign Bank's Offshore Branch Releases 2022 Financial Statements
The Tunisian offshore branch of the Tunisian Foreign Bank (TFB) has published its 2022 financial statements. The bank reported a loss of -0.177 million euros, which is an improvement compared to the 2023 fiscal year, which ended with a deficit of -0.419 million Tunisian dinars (MTND).
Key Financial Highlights
- The net banking product stood at only 0.003 MTND.
- The bank saw a significant increase in interest income, with a 31.6% year-over-year growth to 0.749 million euros. This can be attributed to the decrease in interest on treasury credits to 0.743 million euros.
- However, the financial institution recorded losses on financial operations of -0.216 million euros. It's worth noting that the establishment does not hold any commercial or investment securities portfolios.
- The TFB's risk cost is negative, at -203 million euros, reflecting the recovery of provisions and an improvement in asset quality. This helped to cover personnel expenses and limit losses.
Banking Activities and Client Base
- The bank has a significant number of operations with institutional clients, as evidenced by a credit portfolio of 17.732 million euros with banking and financial institutions. These claims do not show any depreciation provisions.
- In contrast, claims on customers amount to 20.659 million euros gross, but only 8.351 million euros net. This represents a significant decrease in activity, as in 2021, gross claims were 34.646 million euros, and net claims were 19.798 million euros.
- Customer deposits remain modest, at 3.698 million euros. The majority of deposits are of an institutional nature, totaling 7.594 million euros.
Future Outlook and Recommendations
To fully leverage the potential of the Tunisian diaspora, the bank must innovate its approach. Priority should be given to developing a robust digital offering and creating tailored financial products, complemented by a competitive pricing policy. By doing so, the TFB can improve its financial performance and better serve its clients.
