QNB Tunisia bank issued this week its financial results for the year 2020.
The results revealed a loss of 78.4 million dinars which can be explained, according to a source from the bank, by the wide action to clean up its loan portfolio conducted during 2020 and which is reflected in a provisioning effort.
The same source affirmed that this action falls under the general restructuring plan of the bank, indicating that QNB has set in place a strategic transformation program of its 2021-2023 business plan which plans to generate profits from 2022.
The clean-up operation was followed by a Consolidation Programme of the bank’s equity up to 305 million dinars.
In this context, it is worth recalling that the first rise in the share capital of 130 million dinars has just been approved by the AGE on May 04, 2021.
The strategic transformation program has two principal axes: Reinforcement of risk management and the efficiency of the recovery process as well as upgrading the image of the bank and its commercial efficiency.
According to confirmed sources, this program is based on the following five pillars:
- Revision of the organization and management method
- Promotion of the revalorization of human capital
- Strengthening operational efficiency
- Modernization of the information system
- Digitalization strategy and the customer experience