QNB Tunisia Publishes 2024 Financial Statements
QNB Tunisia released its financial statements for the 2024 fiscal year yesterday. Despite reporting a loss of -44,186 MTND, the bank showed improvement compared to 2023. Thanks to significant capital increases in recent years, total equity reached 282,947 MTND by the end of 2024. On a consolidated basis, losses amounted to -53,622 MTND.
Key Financial Highlights
The bank's Net Banking Income (PNB) increased by 25.7% to 70,319 MTND. The interest margin stood at 12,205 MTND, a 79.8% year-over-year jump. Similarly, portfolio revenue rose from 42,595 MTND in 2023 to 52,864 MTND in 2024. Only net commissions declined by 19.8% to 5,247 MTND, largely due to the impact of the Central Bank of Tunisia's 2024 banking tariff reduction.
Challenges Persist
Despite these advances, the bank's operating result remained negative, at -43,786 MTND, mainly due to the high cost of risk, which totaled 41,451 MTND in 2024.
Commercial Performance
On the commercial front, the bank's deposits grew to 192,979 MTND, a notable evolution. The net outstanding credit balance reached 1,024,740 MTND. Notably, the bank processed 35 requests under Article 412 of Law 41-2024, with an outstanding loan balance of 3,419 MTND and provisions of 0,045 MTND set aside in the accounts.
Upcoming General Assembly
The bank's shareholders have been convened to an Ordinary General Assembly on March 26, 2025, to approve the 2024 financial statements. An Extraordinary General Assembly will also be held on the same day to reduce the bank's social capital by 361,700 MTND, bringing it down to 282,300 MTND, thereby erasing losses. Will this pave the way for profits and dividends next year? Only time will tell.
