Tunisian Bank (STB) Reports Q3 2026 Financial Results: Deposit Growth Offsets by Margin Pressure

The Tunisian Bank (Société Tunisienne de Banque, STB) has released its key performance indicators for the period ending September 30, 2026. The most notable positive development is the strong growth in customer deposits, which increased by 10.3% year-over-year to reach 13,209.132 MTND. This expansion was driven by gains across all deposit categories:

Demand deposits (checking accounts): Up 11.7% to 4,670.569 MTND.
Savings accounts: Up 7.1% to 5,214.489 MTND.
Time deposits: Up 13.8% to 2,940.500 MTND.

Net Banking Income Declines Amidst Interest Rate Headwinds

Despite the robust deposit collection, the bank’s Net Banking Income (NBI) stood at 507.688 MTND, representing a 2.9% decrease compared to the end of September 2025. This contraction was primarily driven by a 4.9% decline in total banking operating income, which fell to 1,035.860 MTND.

Key drivers of this income reduction include:

Interest income: Dropped significantly by 17.0% to 554.331 MTND.
Commercial securities portfolio revenue: Increased by 18.9% to 379.416 MTND, partially offsetting the interest income decline.

Although banking operating expenses decreased by 6.7% to 528.172 MTND, this cost reduction was insufficient to compensate for the drop in revenue.

Rising Operating Costs and Deteriorating Efficiency

Operating expenses rose by 6.2% to 268.426 MTND, largely due to a 13.6% increase in personnel costs, which reached 202.093 MTND. Consequently, the bank’s efficiency ratio (operating expenses as a percentage of NBI) deteriorated, worsening from 48.36% at the end of September 2025 to 52.87% at the end of September 2026.

Loan Book Slightly Contracts

Net customer loan balances experienced a slight regression of 1.6%, settling at 8,625.301 MTND.

Conclusion: Operational Profitability Under Pressure

Overall, considering the semi-annual accounts, it is clear that STB’s operational profitability is under significant pressure. As a public bank, STB plays a specific strategic role in the Tunisian economy, a mandate that inevitably impacts its profit margins. The current financial results reflect the tension between its public service obligations and the need for financial sustainability.