ATB Achieves Net Profit of 12,409 Million TND in First Half of 2024, Up 19.7% Year-over-Year
The bank's net banking income (PNB) for the period stood at 182,289 million TND, compared to 167,343 million TND in the same period last year. The interest margin saw a significant improvement of 27.5%, reaching 97,169 million TND. This is the result of the bank's policy, which has increased its gross loans to customers to 6,257,356 million TND, enabling it to generate higher revenues. Meanwhile, interest expenses only increased by 2.9%, to 196,797 million TND, thanks to the mobilization of more deposits, which totaled 6,275,785 million TND.
This has allowed the bank to reduce its reliance on refinancing from the Central Bank of Tunisia (BCT) and operations with other financial institutions, which cost 15,341 million TND as of June 30, 2023, but only 1,477 million TND for the current exercise.
The bank has managed to stabilize its risk cost at 39,296 million TND, a key metric closely watched by investors. Other operating expenses have been kept under control, including general operating expenses (37,899 million TND). The bank's EBIT (Earnings Before Interest and Taxes) stands at 26,190 million TND, up 65.3% compared to the first half of 2023.
It is worth noting that certain bank commitments, totaling 80,200 million TND, are subject to asset freeze or confiscation decisions and are being closely monitored. This decision is justified by the lack of sufficient information to determine the risk class to be retained. These commitments are already covered by provisions and reserved products totaling 22,700 million TND.
Overall, the published accounts are likely to be well-received by the market. The ATB stock has already shown a return of 12.59% since the beginning of the year. The day is expected to be calm on the Tunis Stock Exchange.