Tunisia: Wifak Bank weakened by operating expenses

WIFAK BANK, a specialist in Islamic finance in Tunisia, presented its financial statements for the first half of 2019 on the Tunis Stock Exchange.

According to its results, net banking income fell by 10%, from 9.6 million dinars at the end of June 2019 to 10.6 million in the same period of 2018.

An underperformance mainly due to the increase in general operating expenses with the opening of new branches.

They rose by 28%, or 3.6 million dinars in 2019 against 2.8 million a year earlier.

On this, the institution recorded a net deficit of 14.9 million dinars in the first half of the current year, compared with a loss of 3.4 million in the same half of 2018.

In addition, deposits and customer deposits reached 325.8 million dinars, compared to only 284.8 million as of June 30, 2018.

Created in 2015 following the transformation of the company « El Wifack Leasing » into a universal bank, Wifak Bank posted good performances the previous year.

The establishment experienced an increase in its net banking income of 36.6% in 2018 compared to the same period of 2017.

Outstanding customer deposits increased by 71% compared to the end of the year in the same period.

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