UBCI Submits 2024 Financial Statements, Reports 2.2% Increase in Net Income
The Union Bancaire pour le Commerce et l'Industrie (UBCI) has submitted its 2024 financial statements, approved by the Board of Directors, to the auditors. The net income for the exercise amounts to 54,092 MTND, representing a 2.2% increase compared to 2023. This marks a turnaround after a first half of the year that saw a decline in profits of 8.3%, to 23,106 MTND. It is clear that an improvement in asset quality has contributed to this reversal of situation. Signs of this improvement were already observed in the accounts as of June 30, 2024.
At the end of the exercise, the bank's net banking product (PNB) reached 322,060 MTND, up 6.6% year-over-year. The improvement was seen across all revenue streams, a trend that is not common among credit institutions during the past exercise. The bank has improved its deposits and loan portfolio, reflecting a dynamic commercial activity while maintaining the image of a credit institution that sets strict rules in risk selection.
The Board of Directors has decided to convene an Ordinary General Meeting on Tuesday, April 29, and to propose to shareholders the distribution of a dividend of 1,250 TND per share, subject to the approval of the Central Bank of Tunisia. This is the same level of remuneration as last year. Compared to yesterday's closing price, the net yield stands at 5.4%, in line with the average of the financial sector. On the market, the stock is showing a slight underperformance of -3.26%, and we believe it will regain positive territory as early as this week.
