Central Bank of Tunisia: Net Profit of Islamic Banks Rises by 11.1% in 2023

The net profit of seven Islamic banks in Tunisia increased by 11.1% in 2023 compared to 2022, reaching 140 million dinars, according to the Central Bank on thurdday.

In the 13th edition of its annual report on banking supervision for 2023, the Central Bank highlighted a 10.1% growth in the net banking income of Islamic banks in 2023, compared to a 7.2% increase in 2022.

Performance indicators for these banks continued to improve, with their market share for loans rising by 0.6 percentage points to reach 7.4%.

The return on assets and deposits also grew by 0.2 percentage points, reaching 6.9% and 8%, respectively. Operating revenues for these banks in 2023 amounted to 8,518 million dinars, marking a 10.2% increase (compared to a 4.5% rise in 2022).

The loan portfolio of Islamic banks reached 7,943 million dinars in 2023, consisting mainly of Murabaha transactions (71.5%) and Ijarah (15.5%).

The report also noted a 9.4% increase in operating resources of banks providing Islamic financial services in Tunisia, totaling 8,415 million dinars by the end of 2023, including deposits of 8,313 million dinars (compared to 7,604 million dinars in 2022).

The structure of deposits in Islamic banks remained unchanged, comprising 44.1% savings accounts, 31.6% current accounts, and 22.2% participatory deposits.

Classified loans for these banks rose by 9.1% to reach 577 million dinars in 2023, following near-stability in 2022.

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