The Central Bank of Tunisia (BCT) has just published its financial statements for 2017 showing a net profit up sharply by 74% compared to 2016.
The 2017 financial statements published on Tuesday by the Central Bank posted a net profit up 74% to 385.9 million dinars against 221.7 million the previous year.
This performance was driven mainly by the increase in money market intervention products from 295.5 million dinars in 2016 to 474 million dinars in 2017.
This item mainly includes interest earned for BCT interventions through 7-day tenders, outright purchases of assimilated treasury bills in the context of the open-market, 24-hour loan facilities and foreign exchange swap products.
Thus, in a context of structural need of banks in liquidity, the rate hike has benefited the Central Bank of Tunisia and will also benefit the State.
Indeed, the net income generated by the BCT in 2017, i.e. 385.9 million dinars will be divided between a reserve for social funds of 2 million dinars and 383.9 million returning exclusively to the state.
As a reminder, the net income generated by the BCT in 2016, i.e. 221.7 million dinars, was distributed in 2017, between a carry-forward of 90 thousand dinars and the distribution to the State of 221.6 million dinars.
As for total expenses, it rose by only 19.6% to reach 304.1 million dinars against at the end of last December compared with 254.1 million a year earlier.
Personnel expenses represent the largest share of BCT’s total expenses, with 77.9 million dinars, up 16.5%.
