UBCI's Q1 2024 Results: A Notable Improvement

The Union Bancaire pour le Commerce et l'Industrie (UBCI) has reported a net banking income of 75,420 MTND for the first quarter of 2024, representing a 1.3% year-over-year increase. The interest margin remained stable at 43,580 MTND, while net commissions from products totaled 15,968 MTND, up 12.1% compared to the same period in 2023.

This notable achievement demonstrates that the bank's decision to offer certain services for free has not impacted its profitability, as it generates commissions from other customer services. UBCI remains a prominent institution with a strong presence among multinationals, institutional clients, and corporates, providing advantageous banking conditions and a high-quality client portfolio.

Portfolio Performance

The commercial and investment portfolio's revenue decreased by 2.0% to 15,872 MTND. This decline is not a cause for concern, but rather a result of a change in the coupon and dividend payment schedule. The UBCI's portfolio size stood at 633,749 MTND as of March 2024, up from 500,160 MTND the previous year.

Credit and Deposit Growth

The bank's credit outstanding increased by 201,423 MTND since December 2023, reaching 3,165,381 MTND. Meanwhile, the net collection was 100,429 MTND, bringing deposits to 3,493,946 MTND.

A Balanced Performance Ahead

UBCI is steadily moving towards achieving a balanced performance. Profitability remains at the heart of the bank's approach, focusing on sustainable returns rather than chasing numbers. This makes it an attractive option for those seeking recurring returns while avoiding unpleasant surprises.