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- Please Change Name Olivier Panis
Societe Tunisienne de Banque: Update following downgrade to B2 negativ...
FINANCIAL INSTITUTIONS CREDIT OPINION 25 August 2017 Update RATINGS Societe Tunisienne de Banque Domicile Tunisia Long Term Deposit B2 Type LT Bank Deposits - Fgn Curr Outlook Negative Please see the ratings section  at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Contacts Olivier Panis 971-4-237-9533
- Ranya GNABA
Tiny growth
STB posted a decline in its NBI for this Q2 (-3.1% year-on-year), bringing the total for the first six months of the year to TND158.560m. The slide in the interest margin (-21.9%) has offset the increase in commercial and investment portfolio income. Over this H1, the operating expenses increased by 22.3%, pulling up the cost/income ratio to 57%, i.e. an 11% increase, yoy. The bank saw its deposits and credits increase by 0.5% and by 4.8%, respectively, compared to the end of 2016.
- Please Change Name Olivier Panis
Societe Tunisienne de Banque: Semiannual Update
FINANCIAL INSTITUTIONS CREDIT OPINION 30 May 2017 Update RATINGS Societe Tunisienne de Banque Domicile Tunisia Long Term Deposit B1 Type LT Bank Deposits - Fgn Curr Outlook Negative Please see the ratings section  at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Contacts Olivier Panis 971-4-237-9533
- Please Change Name Please Change Surname
NBI higher than the estimates but …
Over this Q1, STB succeeded in improving its NBI by 14% yoy. This performance was driven mainly by a consistent growth in both, the interest margin (+22%) and net commission (+26%). This growth was, nevertheless, offset by the under-performing commercial and investment portfolios, unlike all Tunisian banks (-6.6% vs. +2.76% except for BIAT). STB showed an increase in its operating expenses by 9.6% (following a 6.3% climb in payrolls) without impacting its banking cost to income ratio (improving ...
- Imen YAHIA
What should be the fate of STB?
Over FY2016, STB’s NBI reported a 14.8% increase to TND309.7m. This increase was fuelled by a 30.5% rise in net commissions to TND67.6m and a 24.8% increase in revenues from commercial and investment portfolios to TND1,066.6m. By the end of 2016, the bank’s deposits reached TND5,543.35m, i.e. a 3% increase compared to the end of 2015. Customers’ loans amounted to TND5,588.2m, i.e. a 4.6% rise compared to the end of 2015.
Growing in line with the sector's figures
During this period, STB managed to publish an increase in its Q4 NBI by 8.44% to TND72.655m, yoy. The bank was able to improve its banking cost/income ratio from 51.8% to 46.9%, yoy, which explains the increase of the operating margin by 488 bps to 53.1%. However, the liquidity ratio rose to 99.2% (+154 bps yoy and 24 bps qoq). Given the difficult economic situation, STB registered a decrease in terms of loans and deposits (yoy).
A modest performance ....
During this period, STB managed to improve its FY 2015 NBI by only 1.86% to TND267.224% (+1.53%, expected by AlphaMena), yoy. The bank was able to improve its banking cost income ratio moving from 50.48% to 46.8% in 2015, due to the decrease witnessed by the operating costs (-5.42%). The profit margin rose by 3.63% to reach 53.2% at the end of 2015. The liquidity ratio (deposits/loans) made a progress moving from 95.03% to 98.58%, compared to FY 2014.
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