1 - Stusid BANK

Transcription

1 - Stusid BANK

Annual Report 2009
A limited company with a capital of 100 millions Dinars
32, Rue Hédi Karray, 1082 Tunis
B.P.20 - Tunis 1002
Tel.: ( 216 ) 71 232 133 / Telefax : (216 ) 71 753 233
Telex: 13594 TUSID / Swift : TSIDTNTT
R.C.: B16641997 / VAT Code : 013026/E/A/M/000
His Excellency Mr. Zine El Abidine BEN ALI
President of the Republic of Tunisia
The Servant of the Two Holy Mosques
His Majesty King Abdallah IBN ABDULAZIZ
King of Saudi Arabia
Summary
Address of Chairman of Board of Directors to Ordinary General Assembly
8
Presentation of STUSID BANK
11
Involvment Forms
12
ECONOMIC ENVIRONMENT
13
World Economic Situation
14
National Economic Situation
16
STUSID BANK’S ACTIVITY
23
Financial Resources
24
Bank’s Interventions
26
Classification of Commitments
30
Securities Portfolio
31
STUSID BANK’S RESULTS
33
Activity Indicators
34
Stockholders’ Equity and Distribution of Profits
37
Evolution of STUSID BANK’s Results
37
Risk Management and Prudential Ratios
38
DIVERSIFICATION OF STUSID BANK’S ACTIVITY
39
FINANCIAL SITUATION AS OF END DECEMBER 2009 AND 2008
43
Balance Sheets
44
Prudential Standards
45
Off-Balance Sheet Commitments
45
Income Statements
46
Cashflow Statements
48
Auditor’s General Report
49
Auditors’ Special Report
51
CONSOLIDATED FINANCIAL INFORMATION OF STUSID BANK GROUP as of 31 December
53
Consolidated Financial Information of STUSID BANK Group
54
Consolidated Balance Sheets
56
Consolidated Off Balance Sheet Commitments
57
Consolidated Income Statements
58
Consolidated cashflow Statements
59
60
Ordinary General Assembly’s Resolutions
62
Board
of Directors
Chairman of Board of Directors
Dr. Abdulaziz A.AL-NASRULLAH
Mr. Abdulaziz Ben Brahim ALAMR
Financial advisor of Saoudi General
Investment
Fund at Ministry of Finance
Kingdom of Saudi Arabia
Mr. Hamad Ben Soulaiman AL NAJACHI
General Manager of International Economic
Relations,
Ministry of Finance
Mr. Mohamed SHEYAA
Manager of Insurance Control
Arab Saudi Monetary Fund
M. Mohamed SHEYAA was designated as member of board of
Directors as from 22th April 2009 in substitution to
M. Mohamed BEN ABADALLAH AL CHEIKH
Mr. Saeed Ben Saadi Mohamed AL SIAIRRI
Deputy Chief Executive Officer
Bank of Ryadh
Managing Director
Mr. Mohamed Laroussi BOUZIRI
M. Mohamed Laroussi BOUZIRI was designated as STUSID BANK’s Managing Director
as from 24th March 2010 in substitution to M. Brahim SAADA
Mr. Samir MLAOUHIA
Tax General Director
Ministry of Finance
Republic of Tunisia
Mr. Messaoud ALAOUI
General Manager
at Central Bank of Tunisia
Republic of Tunisia
M. Messaoud ALAOUI was designated as member of board of
Directors as from 24th June 2009 in substitution to
M. Mohamed BEN ROMDHANE
Mr. Tarek ZINE
Private Secretary of Minister of Industry, Energy and
Small and Medium Business
Republic of Tunisia
Mr. Mohamed Moez ZOUARI
General Secretary of Ministry of Agriculture
and Water Ressources
Republic of Tunisia
M. Mohamed Moez ZOUARI was designated as member of board
of Directors as from 29th June 2009 in substitution to
M. Mohamed Mouldi HAJ AISSA
Address of Chairman of Board of Directors
to Ordinary General Assembly
In the Name of Allah, Most Merciful, Most Magnificent
Gentlemen representatives of shareholders,
I have the pleasure to present you, in my own name as well as in the name of my colleagues,
members of Board of Directors, the fifth annual business report of STUSID BANK since its
conversion into a Global Bank on 25th April 2005, together with the financial statements as
of 31st December 2009.
As you know, the world’s economic situation is experiencing, since fall 2008, a crisis the
impacts of which have not yet disappeared despite the forewarnings of a return to growth,
which are starting day after day to be felt.
Even though such crisis has not directly impacted the Tunisian economy, its indirect effects,
in particular the growth regression in partner countries, and subsequently from the decrease
in demand originating therefore, have reached certain national economic sectors and,
specifically, the exporting sectors.
Despite such world economic situation marked by a relative contraction and its repercussions
on the national business environment, and despite the desperate competition prevailing
on the Tunisian financial place which has never ceased to increasingly arouse, the year
2009 has represented, as for STUDID BANK, a year of reference from the perspective of
development of medium and long-term business in this direction that the approvals and
the commitments has crossed for the first time since the establishment of the Bank the
symbolic bar of 100 Millions of Dinars per annum.
In fact, the net approvals relating to the medium and long term business have amounted
at end 2009 to 122.2 Millions of Dinars and the commitments to 103.4 Millions of Dinars
versus, respectively, 91.8 Millions of Dinars and 69.2 Millions of Dinars at end 2008, which
means an increase by 33.1% for approvals and by 49.4 % for commitments.
From their side, the disbursements have amounted to 83.8 Millions of Dinars at end 2009
versus 64.2 Millions of Dinars at end 2008, which means an increase by 30.5 %.
Simultaneously to the highest improvement of its investment activity, STUSID BANK has
multiplied, during the year 2009, its commercial operations so as to increasingly impose
itself on the place as a global bank performing all banking operations, thereby bringing the
outstanding bills of its short-term business to 127.5 Millions of Dinars versus 106.7 Millions
of Dinars at end 2008, which means an increase by 19.5 %.
Such business growth, in its two investment and commercial segments falls under a straight
line of the growth pace targeted by the year 2011 and which would, on such date, allow the
Bank to have, in terms of market share, 2 % of credit market and 1 % of deposit market.
And as it was moreover expected, such net growth of Bank’s business has reflected on the
balance sheet, the aggregate of which reached 386.2 Millions of Dinars at end 2009 versus
299.5 Millions of Dinars at end 2008, which means an increase by 86,8 Millions of Dinars
or by 29 %.
The net debts on customers have passed from 203,0 Millions of Dinars at end 2008 to
278,1 Millions of Dinars at end 2009, which means an increase by 75.1 Millions of Dinars or
by 37 %. The lion’s share in such increase is imputable to the net growth recorded by the
loans to privates.
As regards the net shareholdings, the same have recorded an increase by
2.5 Millions of Dinars per annum, thereby passing from 43.4 Millions of Dinars at end 2008
to 45.9 Millions of Dinars at end 2009.
The deposits of customers have doubled at end 2009, thereby passing from
75.7 Millions of Dinars at end 2008 to 151.6 Millions of Dinars at end 2009, which means
an increase by 75.9 Millions of Dinars.
The Bank has closed the financial year 2009 by a profit equal to 11.5 Millions of Dinars
versus 10.8 Millions of Dinars at end financial year 2008, which means an increase by
700 Thousands of Dinars or by 6.5 %.
Simultaneously to such improvement which has marked its various activities, the Bank
has strengthened its financial status. It has allotted for provisions (account not liable to
deductions from provisions) an amount of 7.4 Millions of Dinars at end 2009, thereby bringing
to 90.5 % the average rate of struck- off assets by provisions and agios reserved, as well
as the special rate system reserve which the Ordinary General Assembly has decided to
re-deploy on provisions once it will become available, and this without taking into account
of real securities and financial guarantees received.
Annuel Raport 2009
9
From its side, the rate of struck-off assets has
recorded an improvement imputable to the
priority which the Bank has never ceased to give
to recovery and quality improvement actions for
its assets, as far as even such rate has dropped
from 9.6 % at end 2008 to 9.3 % at end 2009.
(PLATINUM )card for TOP VIP bracket as well
as EPARGNE, SALARIO and FUTURE cards,
together with CIBT and MASTERCARD for
medium bracket) from which we are expecting
a genuine backup for the Bank’s business in
the near future.
In the aggregate, STUSID BANK’s financial
indicators meet all prudential and regulatory
standards required by monetary authorities.
The Bank has also undertaken setting in place
a market hall which will allow it not only to
develop its activities with other banks but also
to better make them cost-effective.
Gentlemen representatives of shareholders,
Taking into consideration the prevailing
economic environment in 2009, these results
would have never been possible if there had
not been the continuation of Bank’s efforts
towards:
1
Modernization of its information system
in order to make it comparable to the mostly
performing systems existing on the place and
thereby providing to the Bank all prerequisites
of competitiveness so as to allow it to achieve
the targeted objectives
2
Intensification of training and re-training
courses on site for employees which, in 2009,
reached 13 intra-corporation actions and
86 inter-corporation actions to the benefit of
123 employees.
Those are, Gentlemen, the milestones relating
to the activities of the Bank for the year 2009
and to the results to which they have led.
STUSID BANK will seek, during the forthcoming
years, for carrying on its efforts aiming at more
increasing its activities through intensification
of its presence beside the Tunisian enterprises
in their development processes inside and
outside the country and their searching for good
investment opportunities, and this by offering
them a full set of financing tool to repent their
specific needs, while ensuring constantly on
improving the services provided at the launch
of other new products and to further promote
the monetics.
5 new branches in Jerba, Kairouan, Gabès,
Manouba and M’saken thereby bringing, at end
2009, the number of STUSID BANK branches
to 12 branches .
I would like to conclude by renewing my thanks
to Saudi and Tunisian authorities for their
support to the bank and for their continuous
encouragement. I would also present my thanks
for all the Directors for all their efforts for the
achievement of Bank’s objectives, as well as to
all the staff for the devotion they are showing in
accomplishing their work.
4 Launching new products relating to sectors
Thank you for your kind attention.
3 Extension of the network by the opening of
of savings, credits and development of
monetics through putting on the market specific
payment cards to each category of customers
The Chairman Of Board Of Directors
Dr Abdulaâziz AL-NASRALLAH.
Presentation of STUSID BANK
Corporate Name
STUSID BANK
Legal Form
Limited Company
Nationality
Tunisian
Registered Office
32, rue Hédi KARRAY – 1082 TUNIS
Dr Abdulaziz AL-NASRULLAH
Phone
(+ 216 ) 71 232 133
Fax
(+ 216 ) 71 753 233
Telex
13 594 TUSID
SWIFT
TSIDTNTT
E-mail
[email protected]
Date of Incorporation
30 May 1981, following an agreement signed between theKingdom of Saudi Arabia and the Government of Tunisia
Duration
99 years
Commerce Register No.
B16641997
Tax Identification No.
013026/E/A/M/000
Financial Year
From 1 January to 31 December of each calendar year
Scope
Global Bank – Approval obtained on 25 April 2005
Taxation System
Real System
Corporate Capital
100 millions of Dinars
Capital Distribution
Shareholder
Amounts in Dinars
Kingdom of Saudi Arabia represented by Ministry of Finance
50 000 000
Government of Republic of Tunisia
49 249 900
Tunisian Public Treasury
100
National Retirement and Social Providence Fund (CNRPS)
375 000
Tunisian National Tourism Authority (ONTT )
125 000
Tunisian State Oil Authority Corporation ( ETAP)
125 000
Tunisair Company
125 000
TOTAL
100 000 000
Annuel Raport 2009
11
Involvment Forms
Shareholdings in existing enterprises or those to be created in Tunisia.
Granting of long-and medium- term loans
Granting of caution moneys or guarantees
Financing of investments accompanying the upgrading and corporate privatization
programs
Partnership mounting between local and foreign investors
Investment through own funds in hands
Participation in expansion of capital and securities markets
Consultancy activities within the fields of engineering, financial restructuring and business management.
Financing of corporate operating activities by granting short-term loans compatible
with the nature of their activity.
Granting housing loans and direct loans to individuals and professionals
Mobilization of foreign and domestic resources
Annuel Raport 2009
12
01
World Economic Situation
National Economic Situation
1 World Economic Situation
The main synthetic business indicators for the year 2009 show that most world economies
have nearly exited from the phase of crisis which has marked the globe since fall 2008.
The first signs of easing of the international economic situation have started to appear
progressively as from the second quarter 2009 with a neat difference on the level of growth
trend from one country to another.
For Euro zone, the economic activity has experienced a relative contraction during the last
months 2009 as far as, and to the extent that the GDP has only increased by 0.1% during
the third quarter of the year, versus a growth by 0.4 % at end third quarter of the year 2009.
Such situation is explained by the persistence of the crisis impacts in numerous countries
such as Greece and Spain, as well as by the poor performance standards recorded by other
economies, and in particular Germany and Italy. Even though the economic analysts agree to
say that such situation will have no harmful impact on return to growth in Europe for the year
2010, they do not think less that the situation remains marked with the fragility sign without
counting that such return to growth is differently felt from one area to another.
On that basis, economic analysts are predicting, for Euro zone in 2010, a modest growth not
exceeding in best cases 1 % rate and drawn exclusively by movements on stocks and foreign
demand.
The relative recovery of the growth trend verified in 2009 has leaned, in general, on numerous
short-term factors, the effects of which will cease in 2010, such as backup programs for
automotive sector, tax reductions to favour purchase of new houses …etc which have been
put in place by numerous countries to support the economic fabric and which have come to
their end with end of 2009. From another side, such recovery has leaned on the inflection of
the stocking cycle which occurred after a period of a massive de-stocking verified in numerous
countries, in particular at the moment of the peak of the crisis.
The stock reconstitution policies have actively participated in the growth of GDP in U.S.A, for
instance, by 0.7 point of percentage during the third quarter 2009 and 3.4 points of percentage
during the fourth quarter. Such effect will slowly disappear by reason of the expected stabilization
of stocks in 2010 and then the return towards a suitability policy between production and
demand.
The year 2009 was marked by a drop never seen before of international trade exchanges.
The exchanges of Goods, for example, have regressed by 13 % as compared to 2008. The
steadying of trade exchanges has only recovered at the end of the year recording respectively
a progress by 4 % and 6 % during the two last quarters of the year 2009.
Such steadying is mainly due to the dynamism which marked the economics of emerging
14
markets, in particular Asian countries. For
example, the exports of Asian emerging
countries have increased by 10 % during the
fourth quarter 2009.
As regards unemployment, the year 2009 was
marked by a deterioration of employment in most
industrialized countries. The unemployment
rate has then come close to 10 % line in certain
countries despite the improvement of the
economic situation, as mentioned above, in
particular during the third quarter of the year.
Specifically, the unemployment rate was about
10 % as of end December 2009 in U.S.A versus
7.4 % as of end December 2008, 10 % also in
Euro zone versus 8.2 % in 2008, and 5.1 % in
Japan versus 4.3 % one year back.
As regards the markets of raw materials, the
rates have recorded since 2007 many significant
fluctuations with a fast increase as from the
second quarter 2009.
Such instability is due, at least in part, to
the speculation operated on said materials
worldwide.
On illustrative basis, and at the end of the year
2009, the price of Crude Barrel was U.S.D
77.93 and of American light crude was USD
79.36, which is respectively an increase by 71%
and 78 % as compared to the end of the year
2008.
The prices of other basic materials have also
clearly increased in 2009, thereby achieved such
levels judged for certain products as records
such as sugar (increase by 138 % as compared
to 2008), as well as copper (increase by 153 %
as compared to 2008).
In early December 2009, the price of gold has
reached a record price of USD 1 216 per ounce
before returning to USD 1 097 per ounce at the
end of the year, thereby recording an increase
by 27 % as compared to end 2008.
After a relatively long regression period, the
consumer prices have rejoined a high trend in
main industrialized countries as from November
2009. They have then stabilized at end 2009
around -0.4 % in U.S.A versus 3.8 % at end
2008 and 0.3 % in Euro zone versus 3.3 % at
end 2008 and -1.4 % in Japan versus 1.4 % at
end 2008.
As regards the exchange markets, the Euro
closed the year at 1.4326 against the Dollar
after having exceeded the ceiling of 1.51 on
25th November of the same year, thereby
recording an increase by 2.5 % as compared
to end 2008. From its site the exchange rate for
the YEN against the Dollar has dropped by 2.5 %
between end 2009 and end 2008.
Likewise, the indicators of main international
stock markets have recorded substantial
increases at end 2009 after having dropped to
their lowest levels during March 2009.
The increases have reached at end 2009, as
compared to end 2008, about 19 % for Dow
Jones and Nikkei, 22 % for CAC40 and 22 %
for Nasdaq.
Annuel Raport 2009
15
2 National Economic Situation
MAIN INDICATORS
During the past five years, the main indications of Tunisian economy- calculated at constant priceshave evolved as hereunder:
In %
2005
2006
2007
2008
2009
Growth of GDP
4.0
5.4
6.3
4.6
3.1
Private consumption
4.6
4.9
5.3
5.0
4.0
Consumer’s Price Index
2.9
4.5
3.1
5.0
3.5
Exports of goods and services (*)
14.6
11.3
21.0
20.6
-13.0
Exports (in % of GDP)
49.6
50.8
55.8
61.0
49.9
9.1
15.3
20.3
22.8
-12.5
50.2
53.1
58.0
64.6
53.3
Current deficit (in % of GDP)
1.0
2.1
2.6
4.3
3.0
Investment (*)
4.7
15.3
12.7
14.8
10.6
In % of GDP
22.2
23.4
23.9
24.9
25.9
Share of private investment
57.2
56.8
60.9
62.5
57.6
1 091.1
4 565.3
2 162.4
3 602.2
2 100.0
Saving rate (in % of GNDI)
21.4
22.5
23.1
23.4
23.1
Indebtedness rate (in % of GNDI)
54.6
47.4
43.4
42.6
41.5
Indebtedness (in % of GDP)
58.1
53.7
50.1
47.5
48.2
Debt service (in % of current receipts)
12.7
16.4
11.7
7.8
11.4
Revenue per capita (in Dinars)
3 746.4
4 100.4
4 440.2
4 848.6
5 142.4
Creation of jobs
76 500
76 400
80 200
70 300
57 000
3.2
2.8
2.9
1.1
3.8
Imports of goods and services (*)
Imports (in % of GDP)
Indirect foreign investments and
shareholdings (MD)
Budget deficit (in % of GDP)
(*): at current prices
Such indicators show that – by taking into account the prevailing economic situation during 2009
and which was marked by a contraction and fragility of signs of return to growth in most countries
whether the industrialized countries or the emerging countries and, thanks to the numerous reforms
undertaken in Tunisia since several years, combined with the punctual measures maintained to
support the enterprises affected by the world economic crisis – the results achieved by Tunisian
16
economy have been satisfactory in the aggregate
with, in particular a positive growth of GDP and
the preservation of the fundamental balances.
Sectors
Annual
Variation (%)
2008
2009
- 0.7
6.0
The main results for the year 2009 present as
follows:
Agriculture and fishing
Manufacturing industries
4.5
-5.9
- Achievement of a positive growth rate by
3.1 %
- Growth of global investment by 10.6 %
- Maintaining the unemployment rate within
the limit of 14.7 % despite the removal of
38 thousand jobs in the sector of manufacturing
industries between the second quarter of the
year 2008 and the second quarter of the year
2009.
- Control of budget deficit which was limited to
3.6% of GDP
- Maintaining the annual inflation rate within the
limit of 3.5 %.
- Maintaining the public debt within the limit of
48.2%
- Increase of average annual revenue per capital
which has been brought to 5142 Dinars versus
4848 Dinars in 2008.
Mining
-4.0
-2.4
Energy
-2.6
2.6
Building and public works
4.1
2.7
Merchandising services
7.8
5.4
Non – Merchandising
services
4.0
3.9
GDP
4.6
3.1
GROWTH
As from the second quarter 2009, the growth
trend has accelerated, thereby reaching 3.4%
during the two last quarters 2009 versus
respectively 1.8% and 2.8 % for the first and the
second quarters. The growth level for the whole
year has then pegged at 3.1 % versus 4.6% in
2008.
The evolution of added value at constant prices
and by business sector presents as follows:
It would be suitable in this context to report the
following:
- The increase of production of agriculture and
fishing sector during the year 2009 at the rate
of 6.0% versus a drop by 0.7% during the year
2008.
- The regression of production of manufacturing
industries sector by 5.9 % versus a growth by
4.5% during the year 2008, and that following the
drop of production in the sector of mechanical
and electric industries at the rate of 8.9%, in the
sectors of Textiles, Garments and Leather at the
rate of 15.2%, the exports of which have, from
their side recorded a remarkable drop by about
11.6% in 2009 as compared to 2008.
- The improvement of growth trend in the sector
of non-manufacturing industries which has
pegged at 2.4% versus 0.3% in 2008 by reason,
in particular, of the evolution of production of
Hydrocarbon sector at the rate of 2.3%
-The increase of activities connected with
Merchandising Services at the rate of 5.4%
versus 7.8% in 2008.
Annuel Raport 2009
17
INVESTMENTS
The year 2009 was characterized by the continuous growth of investments (global and public) which
have recorded a growth by 10.6% and 21.7% respectively
Evolution of main investment indicators
(%)
2008
2009
Growth of total investments
14.8
10.6
Share of total investment in GDP
24.9
25.9
Evolution of public investment
10.2
21.7
Evolution of private investment
17.7
1.7
Share of private investment in total investment
62.5
57.6
7.2
4.3
Share of foreign investment in GDP
The following table provides the sectoral distribution of investments achieved in 2009 :
unit = MD
2009
Amount
Agriculture and fishing
2008
%
Amount
%
977
7.0
923
7.4
Non- manufacturing industries
3 365
24.3
3 206
25.6
Manufacturing industries
1 355
9.8
1 401
11.2
Non- Administrative services
6 695
48.4
5 840
46.6
Collective Equipment
1 450
10.5
1 150
9.2
13 842
100.0
12 520
100.0
TOTAL
Source : Budget Economique 2010
On the other hand, the volume of foreign investments amounted in 2009 to 2 383 Millions of Dinars
versus 3 587 Millions of Dinars in 2008.
Such decrease is mainly due to the drop (-28%) of investments in energy sector by reason of the
decrease in prices of hydrocarbons worldwide.
In contrast, foreign investments in manufacturing industries sector have increased by 2.5%, thereby
reaching a value of 658 Millions of Dinars in 2009, versus 641 Millions Dinars in 2008, mainly drawn
by the investments in sectors of electricity, textiles, mechanics, building materials and plastics.
Foreign investments have also allowed in 2009 the creation of about 14 000 new jobs opportunities,
of which 12 000 in the sector of Manufacturing Industries
18
FOREIGN TRADE
End year 2009 has recorded a remarkable improvement of exports (+23.7%), which allowed to
partially make-up the drop already recorded in the beginning of the year and to limit for the whole
year 2009, the repression of exports to 17.6% versus a progress by 21.8% in 2008.
Annual variation (%)
2008
2009
21.8
-17.6
Agriculture and Agro-Industries
14.2
-14.2
Energy and lubricants
30.0
-35.3
0.4
-8.9
18.3
-3.7
32.7
-17.2
Agriculture and Agro-Industries
26.6
-26.6
Energy and lubricants
63.7
-43.2
0.2
-7.4
14.3
-1.4
6 601.8
6 223.2
78.2
75.8
Exports, of which:
Textiles, Garments and Leather Industries
Mechanic and Electric Industries
Imports, of which:
Textiles, Garments and Leather Industries
Mechanic and Electric Industries
Trade Deficit (MD)
Coverage Rate (%)
The regression of exports has involved, in particular, the sectors of Mining and Phosphate under the
impact of the strong drop of world prices, the sector of Mechanic and Electric Industries by reason
of the worldwide recession and then the fall of foreign demand directed toward such sector, the
textiles, garments, leather and shoe-making sector by reason of the drop of the revenues and of
consumption in most partner countries of the European Union.
In return, the imports have recorded a drop almost equivalent (17.2%), in particular the import of
equipment, raw materials and semi-finished products.
Such regression is mainly generated by the costs of imports following the decrease in prices on the
international markets.
Annuel Raport 2009
19
EMPLOYMENT
Following the example of most countries, the world economic situation prevailing since fall 2008
had a negative impact on employment sector in Tunisia with, and as example, the removal of 38
thousand job opportunities in the sector of Manufacturing Industries during the year 2009.
Tunisian authorities have then expedited setting in place various backup measures for the activity of
businesses, thereby allowing safeguarding 82 thousand job opportunities.
Such measures have, in particular, involved the restructuring of employment programs for better
activating, streamlining and simplifying the same, strengthening the promotion of self-employment,
giving impetus for the private initiative and supervision of unemployed people, in particular, the
graduates of higher education, in being unemployed for a long period.
The various sectoral policies, the punctual measures and the unemployment promotion programs
being set in place have then allowed to control the unemployment rate by confining the same in
2009 to the limit of 14.7%, which means an increase not exceeding half-point as compared to
2008.
PRICES
The inflation rate has been limited to 3.5 % at end financial year 2009 versus 5% at end financial
year 2008.
Such slowdown is mainly due to the increase in prices of foodstuffs at a trend below the one
observed during the previous year (3.4% versus 7%) and more particularly the prices of oils, fruits
and vegetables, transport and housing.
Apart from the Energy prices that increased by 2.9 % versus 13 % a year before and the prices of
foodstuffs, the increase in consumer’s price index has pegged at 3.7% at end 2009 versus 3.3%
at end 2008.
MONETARY AND FINANCIAL BALANCE
The evolution of financial system resources and their counterparts has been characterized in 2009
by a slowdown of the trend of aides to Tunisian Economy and of net debts abroad, being 10.5%
and 19.3% versus respectively 14% and 24% in 2008 and a growth of net contributions to economy
(13.4% versus 1.9%).
Such variations have reflected on the monetary mass (M3) which has increased by 12.1% versus
14.4% one year back.
The State’s net debts on financial system (6557 Millions of Dinars as of end December 2009) have
recorded during the year 2009 an increase by 775 Millions of Dinars versus 108 Millions of Dinars
during the year 2008 which is mainly generated by the growth of outstanding bills of Treasury Bonds
and Allied at banks (an increase by 468 Millions of Dinars versus a decrease by 297 Millions of
Dinars one year back).
20
MONETARY MARKET
The demand of cash of deficit banks at a more
accelerated trend than the supply of cash surplus
banks has led to partial absorption of the overliquidity of the monetary market.
Inter-bank transactions have consolidated,
thereby passing from 437 Millions of Dinars in
average to 685 Millions of Dinars in average.
The day-to-day interest rate has fluctuated
between 4.05% and 4.8%.
The minimum interest rate or saving has been
brought from 3.25% at early 2009 to 2.70%
in February 2009 following the drop of Central
Bank of Tunisia’s master rate, to peg as from
April at 2.25%.
EXCHANGE MARKET
Taking into account the exchange rate in 2009
as compared to 2008, the Tunisian Dinar has
recorded a drop by 17.2% in relation with the
Japanese Yen, by 8.8% in relation with the US
Dollar, by 4.9% in relation with the Moroccan
Dirham and by 3.9% in relation with the Euro.
Transactions on cash exchange market have
dropped in 2009 by 21%, thereby returning to
39497 Millions of Dinars versus 49853 Millions
of Dinars one year back.
The volume of operations against the Dinar has
represented an amount of 15 775 Millions of
Dinars in 2009 versus 19 211 Millions of Dinars
in 2008, thereby recording a decrease by 3 436
Millions of Dinars or 18%.
The operations foreign currencies against foreign
currencies have amounted to 23 722 Millions of
Dinars in 2009 versus 30 642 Millions of Dinars
in 2008, thereby recording a regression by
6 920 Millions of Dinars or 23%.
From its side, the transactions on time exchange
market have pegged at 4 469 Millions of Dinars
in 2009 versus 3 928 Millions of Dinars in 2008,
which means a growth by 541 Millions of Dinars
or 14%.
STOCK EXCHANGE
The stock exchange capitalization has passed
from 8 301 Millions of Dinars at end December
2008 to 12 227 Millions of Dinars at end December
2009, thereby recording a growth by 47 % and
this despite the regression of the share of foreign
investments in such capitalization between end
2009 and end 2008, from 27.74% to 21.92%.
Likewise, the TUNINDEX index has passed from
2 982.40 as of end 2008 to 4 291.72 as of end
2009, which means an increase by 48%.
The positive annual return, which has involved
46 listed securities, has fluctuated between
2.8 % and 380.8%.
The number of listed companies in the Stock
Exchange in 2009 has reached 52 companies,
i.e. 2 more companies than in 2008.
The liquidity rate has dropped from 76% as of
end December 2008 to 44% as of end December
2009.
Annuel Raport 2009
21
STUSID BANK KEY-FIGURES
Unit = 103 Dinars
2006
2007
2008
2009
Total Balance Sheet
196 886
233 089
299 451
386 239
Customer Deposits
28 512
34 091
75 747
151 584
112 594
119 203
203 057
278 121
7 823
7 693
9 930
11 234
405
663
1 491
2 904
Banking Net Income
11 898
14 091
17 173
20 401
Operating Overheads
4 792
5 571
7 214
8 626
Gross Operating Result
7 106
8 520
9 959
11 775
Net Result
7 740
21405 1
10 807
11 472
ACTIVITY
Outstanding Bills on Customers
RESULTS
Intermediation Margin
Commissions
STOCKHOLDERS EQUITY
148 771
165 694
172 520
180 011
Stockholders’ Return
5,2 %
12,92 %
6,3 %
6,4 %
Assets’ Return
3,9 %
9,23 %
3,6 %
3,0 %
Operating Coefficient
40,3 %
39,5 %
42,0 %
42,3 %
Commissions / Personnel Costs
12,1 %
16,8 %
30,3 %
49,8 %
Solvency Ratio
83 %
84 %
58 %
47 %
Liquidity Ratio
304 %
335 %
146 %
124 %
Hung Debt Ratio
13,1 %
12,1 %
9,6 %
9,3 %
Coverage Ratio of Provision-Hung Debts
67,8 %
81,08 %
65,9 %
90,5 %
117
135
169
193
2
3
7
12
RATIOS
REGULATORY RATIOS
STAFF AND NETWORK
Effectif
Nombre d’Agences
This result will set at 8 767 KD off- exceptional and non-recurring operations
This ratio will set at 5, 3% off- exceptional and non-recurring operations
3
This ratio will set at 3, 8% off- exceptional and non-recurring operations
1
2
22
02
Financial Resources
Bank’s Interventions
Classification of Commitments
Securities Portfolio
The interventions of STUSID BANK during the year 2009 have reached record levels that had never
been achieved before. For example, Medium and Long term activities have recorded in the year
2009 a bright improvement in that the approvals, the commitments and the net outward payments
have respectively evolved to 29.7%, 52.2% and 30.6 % exceeding, so clearly the budget.
This bright improvement has also affected the Short-term activity by paying out, the outstanding
bills of which has increased in 2009 to 21.963 Thousand Dinars or 30.1%, versus 43.543 Thousand
Dinars or 148.1% in 2008.`
1 Financial Resources
The outstanding bills of STUSID BANK’s financial resources reached 334.4 Millions of Dinars as of
31st December 2009, versus 251.8 Millions of Dinars as of 31st December 2008, thereby recording
an increase by 32.8%.
Unit = million of Dinars
31/12/2009
31/12/2008
180,0
172,5
2,8
3,5
Customer Deposits
151,6
75,8
TOTAL
334,4
251,8
Stockholders’ Equity
Foreign Loans
1- Stockholders’ Equity
In addition to corporate capital amounting to 100 Millions of Dinars, the Bank’s reserves have passed
from 72.5 Millions of Dinars as of 31/12/2008 to 80 Millions of Dinars as of 31/12/2009, thereby
recording an increase by 7.5 Millions of Dinars or 10.3%.
Such increase is mainly generated by the amounts appropriated to reserves with the sake of more
consolidating the institution’s financial situation.
2 - Long Term Loans
The outstanding bills of long term loans contracted by STUSID BANK has regressed, passing from
3,5 Millions of Dinars as of 31/12/2008 to 2,8 Millions of Dinars as of 31/12/2009.
Such regression results from the combined effect of normal repayment of such foreign loans and
calls for funds on the new foreign facility :
24
Loans
31/12/2009
31/12/2008
MD
%
MD
%
World Bank
2,2
78,6
3,2
91,4
AFD [French Development Agency]
0,3
10,7
0,3
8,6
Italian credit facility
0,3
10,7
Total
2,8
100,0
3,5
100,0
3 - Customer Deposits
Deposits of customers have amounted as of 31/12/2009 to 151.6 Millions of Dinars, of which
12.1 Millions of Dinars in foreign currencies – versus 75.7 Millions of Dinars as of 31/12/2008, of
which 6.4 Millions of Dinars in foreign currencies, thereby recording an increase by 75.9 Millions
of Dinars or 100.3 %.The achievement of such strong increase was rendered possible due to the
multiplication of the number of branches and the proximity policy devised by the Bank.
The major part of such increase is generated, in first level, by sight deposits which have increased
by 149.1% and, in second level, by the term deposits which have increased by 56.9% :
Unit = Million of Dinars
Diposits
2009
2008
Sight Deposits
60,1
Term Deposits
Variation
38,3
MD
21,8
%
56,9
77,7
31,2
46,5
149,1
Savings
11,3
4, 5
6,8
151,1
Other Deposits
2,5
1,7
0,8
47,1
151,6
75,7
75,9
100,3
TOTAL
Evolution of Customer Deposits
Structure of Deposits
Annuel Raport 2009
25
2 Bank’s Interventions
1 - Credits to Customers
The Bank’s interventions, in terms of approvals, commitments and outward payment, in connection
with medium and long-term credits all forms included except commitment by signature, have
recorded during the year 2009 a tangible growth :
Unit = Million of Dinars
2008
2009
1981 / 2009
Approvals
94,2
122,2
834,9
Commitments
67,9
103,4
759,6
Outward Payments
64,1
83,8
714,8
The distribution by sector of such interventions presents as of end 2009 as follows :
31/12/2009
Approvals
Outward Payments
MD
%
MD
%
MD
%
-
-
-
-
-
-
Industry
21,8
17,8
31,7
30,7
12,5
14,9
Tourism
1,4
1,2
3,5
3,4
3,5
4,2
Estate
24,1
19,7
12,2
11,8
11,0
13,1
Services
17,5
14,3
4,7
4,5
6,6
7,9
Loans to Privates
57,4
47,0
51,3
49,6
50,1
59,9
122,2
100,0
103,4
100,0
83,7
100,0
Agriculture and Fishing
TOTAL
26
Commitments
From its side, the distribution by sector of such cumulative interventions presents as of end 2009
as follows :
Cumulative 1981 / 2009
Commitments
Outward Payments
MD
%
MD
%
Loan
Approvals
MD
%
Agriculture and Fishing
41,5
5,0
41,4
5,5
38,5
5,4
Industry
298,8
35,8
283,7
37,3
259,1
36,2
Tourism
186,3
22,3
179,5
23,6
177,8
24,9
Estate
106,1
12,7
81,0
10,7
78,4
11,0
Services
110,5
13,2
96,0
12,6
86,1
12,0
Loans to Privates
91,7
11,0
78,0
10,3
75,0
10,5
834,9
100,0
759,6
100,0
714,9
100,0
TOTAL
2 - Outstanding Bills of Credits
The net outstanding bills for credits to customers have recorded in 2009 a growth by
75.064 Thousand Dinars or 37% passing from 203 057 Thousand Dinars in 2008 to
278 121 Thousand Dinars in 2009.
The coverage rate of credits by the deposits thereby has set at 54.5% in 2009 versus 37.3% in
2008.
The share of credits granted to privates, individuals and professionals, which represents the main
signal for Bank’s opening onto commercial activities (grant of estate credits and consumer credits, all
kinds included) has recorded a tangible growth reaching 188.3% to the extent that the outstanding
bills to accrue of such credits has passed from 21 337 Thousand Dinars in 2008 to 61 511 Thousand
Dinars in 2009.
Net Credits to Customers
Share of Credits to Privates
Annuel Raport 2009
27
The distribution of outstanding bills of credits to privates by nature of credit presents as follows :
Unit = Thousand Dinars
Nature of Credits
2009
Housing
2008
Variation
MD
%
49 387
13 886
35 501
255,7
Car Purchase
2 289
927
1 362
146,9
Special Credits
5 384
3 039
2 345
77,2
Coverage of Current Expenditures
4 451
3 485
966
27,7
61 511
21 337
40 174
188,3
TOTAL
In addition to outward payment based credits, the Bank’s customers have also access to
commitments by signature in forms of endorsements and securities. The aggregate volume of such
type of commitments amounted as of end 2009 to 32.6 Millions of Dinars (11,9 Millions of Dinars in
form of opening of letters of credit and 20,7 Millions of Dinars in a number other forms) versus 34,7
Millions of Dinars as of end 2008.
The distribution by term of net outstanding bills of credits, from its side, presents as follows:
Credit Term
28
31/12/2009
31/12/2008
Variation
MD
%
MD
%
MD
%
Short Term
94,9
34,1
73,0
35,9
21,9
30,0
Medium and long terms
183,2
65,9
130,1
64,1
53,1
40,8
TOTAL
278,1
100,0
203,1
100,0
75,0
36,9
Likewise, the distribution of short term credits, by nature of credit, presents as of end 2009 as follows :
Authorizations (mD)
Variation
Outstanding Bills (mD)
Variation
Type of Intervention
2009
2008
mD
%
2009
2008
mD
%
77 809
52 346
25 463
48,6
92 029
71 950
20 079
27,9
Stock Financing
7 830
7 560
270
3,6
6 280
5 398
882
16,3
Farm Credits
5 245
2 100
3 145
149,8
4 090
1 900
2 190
115,3
Commercial
Discount
15 058
7 925
7 133
90,0
22 340
11 804
10 536
89,3
Credit Mobilization/
Abroad
2 304
3 296
- 992
- 30,1
1 770
1 200
570
47,5
Export Pre-Financing
3 547
5 118
- 1 571
- 30,7
3 287
2 330
957
41,1
Mobilization of
Administrative
Credits
8 223
5 700
2 523
44,3
2 822
1 665
1 157
69,5
Cash Facilities
16 458
6 703
9 755
145,5
29 624
18 074
11 550
63,9
Public Market
Financing
4 457
6 650
- 2 193
- 33,0
875
1 976
- 1 101
- 55,7
Foreign Exchange
Financing
5 000
6 125
- 1 125
- 18,4
11 278
26 289
- 15 011
- 57,1
Mobilizable Overdraft
9 601
1 053
8 548
811,8
8 355
924
7 431
804,2
86
116
- 30
- 25,9
1 308
390
918
235,4
45 407
34 860
10 547
30,3
32 568
34 756
- 2 188
- 6,3
Opening of Credits
11 888
20 833
- 8 945
- 42,9
Others
20 680
13 923
6 757
48,5
124 597
106 706
17 891
16,8
Withdrawal Credits
Credits to Privates
Commitments By
Signature
Total
123 216
87 206
36 010
41,3
Annuel Raport 2009
29
3 Classification of Commitments
The rate of hung credits has decreased to 9.33% as of end 2009 versus 9.57% as of end 2008 :
Thousand dinars
Credits
Credits
Shareholdings
Amount1
Agios
Reserved
Provisions2
Amount
Currents Assets
300.725
7.245
0
47.875
0
1.766
Classed Assets
32.554
4.058
12.499
3.294
209
3.055
class 2
7.227
226
648
1.185
0
1.154
class 3
4.455
156
996
1.109
209
900
class 4
6.306
1.863
1.106
1.000
0
1.001
1.813
9.749
0
0
0
11.303
12.499
51.169
209
4.821
class 5
Overall Total
14.566
333.279
1 taking into account off-balance sheet commitments
2 taking into account the provisions for general banking risks.
30
Agios
Reserved
Provisions
4 Securities Portfolio
The portfolio of STUSID BANK’s shareholdings (committed) has recorded in 2009 an increase by
2.9 Millions of Dinars as compared to 2008, thereby passing to 51.2 Millions of Dinars as of end
2009, versus 48.3 Millions of Dinars as of end 2008.
Such increase is due to the bank’s shareholding in the capital of the “Competitivity Cluster of
Bizerte” company, the capital increase of the “National Agricultural Bank (BNA)”, and the capital of
“SOTACIB” company.
The breakdown by sector of the securities portfolio has developed as follows:
Millions of Dinars
Sectors
31/12/2009
31/12/2008
Amount
%
Amount
%
Industry
26,1
51,0
24,1
49,9
Tourism
1,8
3,5
1,8
3,7
Estate
9,6
18,8
9,6
19,9
Services
13,7
26,7
12,8
26,5
Total
51,2
100,0
48,3
100,0
Annuel Raport 2009
31
STUSID BANK’s net shareholdings portfolio, from its part, has set at 45,850 Millions of Dinars as of
31st December 2009 versus 43,400 Millions of Dinars as of 31st December 2008. .
Variations of Securities Portfolio during the year 2009 ( in MD)
Gross Shareholdings as of 31/12/2008
48,300
New Subscriptions
2,850
Competitivity Cluster of Bizerte”
0,500
Shareholding at the capital increase of the National Agricultural Bank
(BNA)
0,350
Shareholding at the capital increase of SOTACIB
2,000
company
0
Decrease in Capital
0
Shareholding’s selling
0
Gross Total as of 31/12/2009
51,150
Provisions as of 31/12/2009
-5,000
Non Paid-Up Shareholdings
-0,300
Company LAND CATERING
- 0,300
45,850
Total Net Shareholdings as of 31/12/2009
Moreover, STUSID BANK holds a direct interest exceeding 30% of the corporate capital of the four
following companies :
Company
32
Corporate Capital
(TND )
Shareholding Rate
SITEX
23 063 300
30,8 %
SASEJ
5 000 000
52,5 %
SMT
2 500 000
52,6 %
TST
500 000
39,9 %
03
Activity Indicators
Stockholders’ Equity and Distribution of Profits
Evolution of STUSID BANK’s Results
Risk Management and Prudential Ratios
1 Activity indicators
1-Net Banking Income
The Net Banking Income has set as of 31st December 2009 to 20.4 Millions of Dinars, thereby
showing an increase by 3.2 Millions of Dinars or 18.8% as compared to the preceding year :
Unit = Thousand dinars
Variation
2009
2008
mD
%
Banking Operating Incomes
25.270
19.491
5.779
29,6
Interests and Allied Revenues
15.685
11.599
4.107
35,5
418
649
252 -
37,6 -
Commissions
2.904
1.491
1.413
94,8
Gains on Commercial and Financial Operations
Portfolio
1.886
1.935
49 -
2,5 -
Investment Portfolio Revenue
4.377
3.817
560
14,7
Banking Operating Costs
(4.869)
(2.318)
(2.551)
110,1
Net Banking Income
20.401
17.173
3.228
18,8
Placement Incomes
Various elements of Net Banking Income have, moreover, developed as follows:
· the margin on interests has recorded a growth by 13,1% bringing its share in the formation of
Net Banking Income to 55,1%, i.e. a regression by more than 3 points as compared to the share
recorded in 2008 (57,8%).
Evolution of Net Banking Income
34
Evolution of Interests Margin
· Commissions have recorded a growth by 94.8% bringing their share in the formation of Net
Banking Income to 14.2% whereas such share was only 8.7% in the preceding year.
· Non Banking Income generated by the financial operations and securities portfolio have established
at 6,263 Millions of Dinars. Their share in the formation of the Net Banking Proceeds has then
reached 30.7%, i.e. a drop by 2.8 points as compared to 2008.
Evolution of commissions
Structure of Banking Income
2- Overheads
Personnel costs and operations expenses have grown by 1 412 Thousand Dinars, passing from
7 214 Thousand Dinars in 2008 to 8 626 Thousand Dinars in 2009.
Unit = Thousand Dinars
31/12/2009
31/12/2008
Variation
Operating Overheads
2 797
2 296
501
Personnel Costs
5 829
4 918
911
Total
8 626
7 214
1 412
The coverage rate of personnel costs by commissions according has set at 49.8% as of end 2009
versus 30.3% as of end 2008.
Following such increase recorded by the overheads costs, the Operating Coefficient has passed in
2009 to 42.3% versus 42.0% in 2008.
Annuel Raport 2009
35
Evolution of General Costs
Evolution of Operating Coefficient
3- Gross operating Products
Evolution of Gross Operating Result
In the light of the evolutions recorded by the net
banking income and overheads, gross operating
result, being taken before provisions and other
resumptions, amounted to 11 775 thousand
Dinars as of end 2009 versus 9 959 thousand
Dinars as of end 2008, thereby recording an
increase by 1 816 thousand Dinars or 18.2%.
4- Net result
The result reached 11 472 thousand Dinars in
2009 versus 10 807 thousand Dinars in 2008,
thereby recording an increase by 665 thousand
Dinars or 6.2%.
36
2 Stockholders’ equity and distribution of profits
Thousand Dinars
2009
2008
2007
2006
Stockholders’ Equity (Before Distribution)
180 011
172 520
165 694
148 771
Of which Accounting Result
11 472
10 807
21 405
7 740
Profits Distributed
4 000
4 000
4 000
2 500
3 Evolution of STUSID BANK’s results over the past five years
Thousand Dinars
2005
2006
2007
2008
2009
Variation (%)
2009/2008
Banking Operating Income
12 881
13 016
15 622
19 491
25 270
29,6 %
Net Banking Income
11 947
11 898
14 091
17 173
20 401
18,8 %
Operating Result
7 489
7 740
19 768 *
10 747
11 456
6,6 %
Net Result
7 497
7 740
21 405 *
10 807
11 472
6,2 %
* Not taking into account the exceptional and non recurrent operations, the result pegged at 8 767 thousand Dinars. And,
the operating result pegged at 7 130 thousand Dinars.
Annuel Raport 2009
37
4 Risk management and prudential ratios
At the end of the calendar year 2009, the aggregate of prudential ratios have been satisfactory :
31/12/2009
Minimum Regulatory
Liquidity Ratio
124%
100 %
Solvency
47 %
8%
Risk Division Ratio
*Customers with risks higher or equal, for each of them, to
5% of net stockholders’ equity
Debts taken over by the state : 12.133 KD i.e. 6,87%
38
*Customers with risks higher or equal, for each of them to
15% of net stockholders’ equity
Nil
*Customers or groups with risks exceeding the 25%
regulatory limit of net stockholders’ equity
Nil
04
DIVERSIFICATION OF STUSID BANK
BUSINESS
Development of Monetics
Development of Operations on International Scale
Development of Cash Operations
Launching of New Products
Opening of Branches
Staffing and Training
Business Forecasts
DIVERSIFICATION OF STUSID BANK BUSINESS
1 Development of monetics
The number of CIBT and MASTERCARD type bank cards issued as of end 2009 has reached
3475 cards, which means 2 464 additional cards as compared to end 2008.
The number of card-based transactions has been multiplied by 5 in 2009 as compared to 2008,
thereby passing from 10 000 operations to 52 000 operations.
The number of installed automatic dispenser has reached 12 dispensers as of end 2009 versus
7 dispensers only in 2008, which have been used for carrying out 79 thousand operations in 2009
versus 14 thousand operations in 2008.
Likewise, STUSID BANK has gone off into installation of electronic payment terminals (E.P.T), thereby
proceeding to the installation of 64 units in 2009.
Moreover, STUSID BANK is placing such activity in first level of its concerns for the coming years,
in a manner to more improve the services provided to customers and to increasingly secure the
operations being processed.
2 Development of Operations on International Scale
The number of files processed relating to operations on international scale, all forms included, has
passed from 1 015 files in 2008 to 1 668 files in 2009.
Thus, the aggregate volume of abroad operations has passed from 191.4 Millions of Dinars in 2008
to 201.7 Millions of Dinars in 2009, which means an increase by 5.4%.
3
Development of Cash Operations
The volume of cash flow operations, whether the matter refers to operations of exchange or
inter-bank operations in foreign currencies or in Dinars, has sensitively grown at end 2009 as
compared to end 2008, thereby making such activity a centre of profit which is actively participating
in the formation of the bank’s Net Banking Income.
The average outstanding bills of debits on customers expressed in foreign currencies has recorded
in 2009 a growth at the rate of 28% as compared to 2008 and that despite the continuous drop of
international trade exchanges during the year 2009.
It is, moreover, expected for the coming years that the cash flow operations processed by the Bank
will be increasingly intensified following the objective set in the matter and the putting in the place
by STUSID BANK of one of most modern “Market Hall» which is liable to increase its competitive
capabilities in cash flow segment
40
4
5
Launching of New Products
STUSID BANK is seeking, since its conversion
into a global bank, for being active in all banking
services and diversifying its multitude of products
being proposed, whether they are intended to
private or to enterprises.
For that purpose, and beside the products SMS
Banking – Phone Banking and e-banking, the
Bank has launched the SALARIO card (card for
down-payment on salary, the CADO card and
the saving’s card.
The Bank has also gone off into life- insurance
services for its customers benefiting from
housing loan.
By so doing, STUSID BANK is now proposing
all basic banking products and services being
proposed by the other banks of the place
6
Opening of Branches
In 2009, STUSID BANK has opened five new
branches inside the country, in the cities of
Gabes, Kairouan, Jerba, Manouba and Msaken,
thereby bringing the branch network to 12
branches.
Staffing and Training
STUSID BANK’s staffing has passed from 193 individuals as of 31/12/2009 versus 169 individuals
as of 31/12/2008 :
Staff
2009
2008
Ecart
Higher Executive Staff
38
37
1
Executive Staff
91
75
16
Control Staff
13
11
2
Employees
28
23
5
Servicing Workers
23
23
0
TOTAL
193
169
24
The supervision rate is thereby pegging at 66.8%.
The training actions have involved 123 employees.
Annuel Raport 2009
41
7 Business Forecasts
The Bank has set for the few coming years the
following strategic objectives:
On such basis, the bank will see, during the year
2010, in particular, for:
1- Maintaining the quality of portfolio and working
for improvement thereof.
2- Development of commercial activity.
3-Intensification of training and re-training
courses for employees.
4-Modernization of the Bank and perfection of
its management methods.
5-Improvement
of
Bank’s
performers’
standards.
-Launch of new products connected with savings
and credit;
- Promotion of monetics : carrying on the interest
given to the development of modern payment
means and distribution thereof to customers
according to the class to which they belong;
- Distribution of its involvement over all sectors
and more particularly those which have shown
a strong growth potential (estate, trade…etc), as
well as strengthening the credit activity intended
to SMB, unipersonal corporations and privates;
- Support for Tunisian corporations in their internal
and external development, by strengthening its
presence to their side in their search for better
investment opportunities both inside the country
and abroad, and providing them complete
financing solutions meeting their specified
needs.
- Development of international service operations
and broadening of correspondent network.
- Improvement of Bank’s performance standards
through adoption of selective policy allowing
better control of risks and ensuring a rational
processing of the default issue in the repayment
thanks to a perfect coordination with the other
banks in order to exchange data and seek the
best solutions to be implemented to improve the
repayment capabilities of defaulting customers.
- Improvement of services provided to
customers.
- Better popularization of banking activities at
the public through such well targeted advertising
campaigns.
- Control of operating coefficient and streamlining
of expenditure.
- Appropriateness between resources and
employment and seeking for balance thereof.
- Mobilisation of resources under the best current
conditions both on national and international
scenes (profiting from the opportunities offered by
bilateral agreements concluded with numerous
countries for favouring the flow of their goods
and services)
On another level, the Bank is aiming at developing
its market shares so as to achieve 2% of the
credit market and 1% of deposit market by
the year 2011, which involves increasing the
credit outstanding bills by 50% per annum and,
practically doubling on a yearly basis the deposits
over the period 2009-2011.
In such perspective, the Bank has introduced
since the year 2008 numerous measures
(establishment of new organizational structure,
review of composition of internal committees,
reinforcement of control structures, intensification
of network… etc) which have clearly contributed
to make advancing, both on quantitative and
qualitative levels, the achievement of such
ambitious objectives.
During the year 2010, the Bank is intending to
carry on its efforts toward the reinforcement
of its current operating results being deemed
satisfactory, as well as the acceleration of the
pattern of achievement of the set objectives and
that, through placing the customer in the heart
of business and intensification of the interest
given to training of staff, in particular in the
fields requiring an acute expertise (foreign trade,
exchange, international relations) in addition
to training of heads of branches, seconds and
customer relations officers.
42
05
FINANCIAL SITUATION
as of end December 2009 and 2008
Balance Sheets
Prudential Standards
Off-Balance Sheet Commitments
Income Statements
Cashflow Statements
Auditors’ Special Report
FINANCIAL SITUATION as of end December 2009 and 2008
BALANCE SHEETS Comparative as of end December 2009 and 2008
(In Thousands of Tunisian Dinars)
ASSETS
Dec 09
Dec 08
Cash and Holdings at Central Bank of Tunisia and CCP
12 677
4 359
Credits on Banking Institutions
4 828
3 821
Credits on Customers
278 121
203 057
Commercial Portfolio
21 608
22 946
Investment Portfolio
45 893
43 379
Locked-up Securities
6 450
5 373
Other Assets
16 662
16 516
Total Assets
386 239
299 451
Deposits and Holdings of Banking and financial Institutions
26 208
25 862
Customers Deposits
151 584
75 747
Loans and Special Resources
2 818
3 470
Other Liabilities
25 618
21 852
Total Liabilities
206 228
126 931
Corporate Capital
100 000
100 000
Reserves
68 303
61 219
LIABILITIES
STOCKHOLDERS’ EQUITY
Results Carried Forward
Financial Year’s Result
236
494
11 472
10 807
11 472
10 807
180 011
172 520
Result to be appropriated in « Special System Reserves »
Result in hand
Total Stockholders’ Equity
Total Liabilities and Stockholders’ Equity
44
386 239
299 451
PRUDENTIAL STANDARDS
Regulatory Ratios %
Risk Coverage Ratio
Liquidity Ratio
% required
Dec 2009
Dec 2008
Minimum 8%
47 %
58 %
Minimum 100%
124 %
146 %
OFF-BALANCE SHEETS COMMITMENTS
Comparative as of end December 2009 and 2008
2009
2008
TOTAL POTENTIAL LIABILITIES
32 568
34 757
Securities, Endorsements and Other Warranties Granted
16 071
11 491
Documentary Credits
11 888
20 833
Assets Granted with Warranty
4 609
2 433
TOTAL COMMITMENTS GRANTED
6 058
9 817
Financing Commitments Granted
5 811
9 695
247
122
0
0
TOTAL COMMITMENTS ACCEPTED
66 758
63 180
Warranties Accepted
66 758
63 180
Commitments on Securities
Warranties Granted
Annuel Raport 2009
45
INCOME STATEMENTS
( In Thousand of Tunisian Dinars)
2009
2008
16 103
12 248
Commissions
2 904
1 491
Earnings on Commercial Portfolio and Financial Operations
1 886
1 935
Revenue of Investment Portfolio
4 377
3 817
Total Banking Operating Incomes
25 270
19 491
(4 869)
(2 318)
Interests Incurred and Allied Costs
Total Banking Operating Costs
(2 318)
NET BANKING INCOME
20 401
17 173
General Operating Costs
(2 797)
(2 296)
Personnel Costs
(5 829)
(4 918)
Appropriation to Provisions and Results of Corrections on Credits
408
152
Appropriation to Provisions and Results of Corrections on Investment
Portfolio
(24)
1 052
Appropriations to Amortizations and Resorptions
(824)
(553)
Other Operating Incomes
121
138
11 456
10 747
OPERATING RESULT
Balances in Earnings/Losses Generated by Other Ordinary Elements
42
80
Corporate Tax
(26)
(20)
FINANCIAL YEAR’S NET RESULT
46
(4 869)
11 472
10 807
This Table allows taking out the following ratios :
% In
2009
2008
General Operating Costs/Net Banking Income
13,7
13,4
Personnel Costs/Net Banking Income
28,6
28,6
Operating Coefficient
42,3
42,0
Commissions/Personnel Costs
49,8
30,3
General Operating Incomes/Banking Operating Incomes
11,1
11,8
Personnel Costs/Banking Operating Incomes
23,1
25,2
Total Provisions/Operating Incomes
29,3
22,4
Net Results/Operating Incomes
45,4
55,4
Net Results/Stockholders’ Equity
6,4
6,3
Revenue of Investment Portfolio/Shareholdings Portfolio
8,6
7,9
Annuel Raport 2009
47
CASH FLOW STATEMENTS
2009
2008
OPERATING ACTIVITIES
Banking Operating Incomes Collected
25 889
16 156
Banking Operating Incomes Paid out
- 7 869
- 4 554
Deposits/Withdrawals of Other Banking and Financial Institutions
- 1 653
17 920
- 65 398
- 83 681
64 431
41 657
1 338
84
- 5 829
- 4 918
6 655
- 4 619
- 26
-20
17 538
-21 975
4 378
3 817
Acquisitions/Assignments on Investment Portfolio
- 2 725
3 297
Acquisitions/Assignments on Fixed Assets
- 1 776
-1 788
- 123
5 326
- 652
-907
Dividends Paid
- 4 000
-4 000
NET CASHFLOW GENERATED BY FINANCING ACTIVITIES
- 4 652
-4 907
12 763
-21 556
4 742
26 298
17 505
4 742
Loans and Advances/Repayment of Loans and Advances Granted to
Customers
Deposits/Withdrawals of Customers Deposits
Placement Bonds
Sums Paid to Personnel and Miscellaneous Creditors
Other Cash Flow Generated by Operating Activities
Taxes on Profits
NET CASHFLOW GENERATED BY OPERATING ACTIVITIES
INVESTMENT ACTIVITIES
Interests and Dividends Collected on Investment Portfolio
NET CASHFLOW GENERATED BY INVESTMENT ACTIVITIES
FINANCING ACTIVITIES
Increase/Decrease in Special Resources
NET VARIATION OF LIQUIDITY AND LIQUIDITY EQUIVALENTS
DURING FINANCIAL YEAR
LIQUIDITY AND LIQUIDITY EQUIVALENTS IN BEGINNING OF
FINANCIAL YEAR
LIQUIDITY AND LIQUIDITY EQUIVALENTS AS OF END FINANCIAL
YEAR
48
AUDITORS' GENERAL
REPORT
FINANCIAL YEAR ENDED
31st DECEMBER 2009
Honourable Shareholders,
In enforcement of the assignment entrusted
to us by your esteemed Ordinary General
Assembly, we submit you our report on control
of financial statements of STUSID BANK as
of 31st December 2009, as attached hereto, as
well as the verifications and specific information
provided for by law and by professional
standards.
1 Opinion on financial
statements
We have audited the financial statements of
STUSID BANK which show total assets net
of amortizations & provisions amounting to
386 239 KTND and profit result amounting to
11 472 KTND as of 31st December 2009.
Such financial statements have been made
under the responsibility of the management
and administration bodies of the company in
accordance with the professional standards
applicable in Tunisia.
Such responsibility includes design, putting in
place and follow-up of an internal control relating
to the preparation and the faithful presentation
of financial statements not containing such
significant abnormalities, whether resulting from
frauds or from errors, as well as the determination
of reasonable accounting estimates in view of
the circumstances.
Our responsibility consists in expressing an
opinion on such financial statements based on
our audit performed in accordance with the
professional standards applicable in Tunisia
and taking into consideration the prudential
standards as well as the terms of reference for
audit of accounts, as defined by the circulars of
CENTRAL BANK OF TUNISIA.
Such standards require from our part to comply
with the rules of ethics and to plan and carry out
the audit process in order to obtain a reasonable
assurance that the financial statements of
STUSID BANK as of 31st December 2009, do
not contain any significant abnormalities.
An audit involves the implementation of such
procedures in order to collect probant elements
concerning the amounts and the information
provided in the financial statements.
The choosing of procedures falls under our
judgment and so does the assessment of the
risk that the financial statements contain such
frauds or from errors.
By proceeding to such risk assessments, we
take into account the current internal control
within the Bank relating to the preparation and
the faithful presentation of financial statements in
order to define such appropriate audit procedures
in the circumstance, and not with the aim of
expressing an opinion on the efficiency of such
internal control.
An audit also includes the appraisal of the
appropriate character of accounting methods
maintained and the reasonable character of the
accounting estimates made by the management
and administration bodies, as well as the
appraisal of the thorough presentation of financial
Annuel Raport 2009
49
statements.
We maintain the actions accomplished within this framework make a reasonable basis for grounding
our opinion.
In our opinion, the financial statements attached hereto are regular and faithfully reflect, in all
significant aspects, the financial situation of STUSID BANK as of 31st December 2009, as well as the
results of its operations and of its cash-flow for the financial year closed on such date, in accordance
with the accounting principles generally accepted in Tunisia
2
Specific Verifications and Informations
We have also proceeded, in accordance with the trade’s standards, to the specific verifications
provided for by law.
On the basis of such verifications, we have no comments to formulate on the faithfulness and the
concordance with the financial statements of the accounting-related information provided in the
Board of Director’s management report for the relevant financial year.
We have also, within the framework of our audit, proceeded to the examination of internal control
procedures relating to the processing of accounting information and to the preparation of financial
statements.
We report, according to the requirement of Article 3 of Law no 94-117 dated 14th November 1994
as amended by Law No 2005-96 dated 18th October 2005, that our examination has revealed
such insufficiencies impacting the reliability of certain accounts of items “Other Assets” and “Other
Liabilities” of which in particular the inter-head office, stand-by and outstanding accounts.
The effect of such insufficiencies is not of significance which justifies that they should be mentioned
on the level of our opinion on the accounts as expressed above.
Moreover, and pursuant to the provisions of Article 19 of the Presidential Decree No. 2001-2728
dated 20th November 2001, we have proceeded to the necessary verifications and we have no
comments on the compliance of the keeping of accounts in securities issued by the Bank with the
current regulations.
It is to be noted that the Bank has signed the Terms and Conditions Book provided for by the Minister
of Finance’s Order dated 28th August 2006 and submitted it to the Financial Market Commission on
20th May 2008.
Made at Tunis on 7th June 2010
The Auditors
Mourad GUELLATY
Cabinet Mourad Guellaty
50
Kalthoum BOUGUERRA
F.M.B.Z. KPMG TUNISIE
AUDITOR’S
SPECIAL REPORT
ON REGULATORY
AGREEMENTS
effect as from 1st January 2010 is concluded for
a one year duration automatically removable with
an increase by 5% per annum.
2-Agreements concluded during
the previous financial years, the
performance of which continued
during the financial year 2009
ARTICLES 200 & 475 OF
COMMERCIAL COMPANIES ACT AND
ARTICLES 29 OF LAW No.2001-65
Agreements concluded with T.S.I relating to
FINANCIAL YEAR ENDED
the common placement fund “KOUNOUZ”
ST
31 DECEMBER 2009
Pursuant to the provisions of Articles 200 and
475 of Commercial Companies Act and those
of Article 29 of Law No. 2001-65 as amended
by subsequent texts, we have the pleasure to
inform you that the Managing Directors has
communicated to us the performance of the
agreements and operations contemplated by
the above mentioned articles which we will
report hereunder.
Our responsibility is to ascertain the compliance
with the legal procedures for authorization and
approval of such agreements or operations.
It does not fall to us accordingly to search the
possible existence of such agreements or
operations but to communicate you, on the
basis of the information which has been given
to us, their substantial characteristics and terms,
without being under the obligation of expressing
our opinion on their usefulness and their cogency.
It falls to you to appraise the interest connected
with the conclusion of such agreements and the
performance of such operations for approval
thereof.
1-Agreements Concluded During
the Financial Year 2009 :
Lease Contract with Company “ TSPP”
By virtue of a contract concluded on 31st
December 2009, STUSID BANK has put at
disposal of “Société Tuniso-Saoudienne de
Participation et de Placement TSPP” [TunisianSaudi Shareholding and Placement Company]
two offices located at the 6th floor of the
registered office premises, at 32 Rue Hédi Karray,
in consideration of an annual rent of TND 7.300
payable each half year. Such contract taking
In 2008, STUSID BANK has concluded the
following two agreements with the company
“Tuniso-Saoudienne
d’Intermédiation
(TSI)”
[Tunisian – Saudi Intermediation Company] being
the manager of KOUNOUZ :
- A trustee agreement by virtue of which STUSID
BANK ensures the deposit of bonds and funds for
the account of KOUNOUZ Common Placement
Fund.
In return, STUSID BANK receives a remuneration
equal to 0.25% inclusive of tax, of net assets of
the Common Placement Fund, discounted on a
day-to-day basis.
- A distributorship agreement by virtue of
which STUSID BANK ensures the marketing of
KOUNOUZ Common Placement Fund’s shares in
its banking network. The remuneration received
by STUSID BANK for such function is discounted
on a day-to-day basis, being equal to the Bank’s
quota in the distributorship’s commission paid by
KOUNOUZ Common Placement Fund to TSI.
Such quota determined on the basis of 0.35%
of KOUNOUZ Common Placement Fund’s net
assets multiplied by the quotient of outstanding
bills of in-put subscriptions by STUSID BANK (net
of redemptions), by the total outstanding bills of
input subscriptions (net of redemptions).
Agreements Concluded with
AL HIFADH- SICAV :
STUSID BANK has also concluded two
agreements with AL HIFADH SICAV relating to:
·A trustee agreement, by virtue of which STUSID
BANK ensures the deposit of bonds and funds
invested by said SICAV. In return, it receives a
remuneration equal to 0.15% inclusive of tax of
SICAV’s net assets, discounted on a day-to-day
basis.
Annuel Raport 2009
51
·A distributorship agreement by virtue of which STUSID
BANK ensures the marketing of AL HIFADH SICAV
within its banking network.
The remuneration received by STUSID BANK for such
function is discounted on day-to-day basis, being
determined on the basis of 0.25 % of AL HIFAD-SICAV’s
net assets multiplied by the quotient of outstanding
bulls of input subscriptions brought by STUSID BANK
(net of redemptions), by the total outstanding bills of
subscriptions ( net of redemptions).
from the Bank’s takeover of all costs related thereto.
The directors’ members of audit committee and of
credit executive committee receive a remuneration
for their attendance to the meetings of the said
committees, being TND 2 063 per person and per
meeting.
Bank’s obligations toward its executive officers as
they appear in the financial statements of financial
year ended 31st December 2009, present as follows
Lease contract with “TSI” company
(In DT)
By virtue of a contract concluded on 31 January
2007, STUSID BANK has put at the disposal of the
Company Tuniso-Saoudienne d’Intermédiation “TSI”
[Tunisian-Saudi Intermediation Company] a set of
offices located at 4th floor of registered office premises at
32 Rue Hédi Karray, in consideration of an annual rent of
TND 35 765 payable each half- year. Such contract
taking effect as from 1st January 2007 is concluded for
a one-year duration automatically renewable with an
increase by 5% per annum.
st
lease contract with “TSR” company
STUSID BANK has put at the disposal of “Société
Tuniso-Saoudienne de Recouvrement “TSR” [TunisianSaudi Recovery Company]” a set of offices located
at 3rd floor of STUSID’s registered office premises at
32 Rue Hédi Karray, in consideration of an annual rent
of TND 11 573 payable each half -year. Such contract
taking effect as from 1st January 2007 is concluded for
a one-year duration automatically renewable with an
increase by 5% per annum.
3 - bank’s obligations and commitments
toward the executive officers:
XThe
gross monthly remuneration of the Managing
Director is set by the Prime Ministry’s orders dated
3/11/2007 and 14/8/2009.
The Managing Director benefits from a service car and
52
Directors Members of
Committees
Managing Director
Short-term
benefits
Financial
year’s costs
Liabilities
as of
31/12/2009
Financial
year’s costs
Liabilities
as of
31/12/2009
62 032
-
63 938
16 500
62 032
-
63 938
16 500
Post-e
mployment
benefits
Other
Long-term
benefits
End of
service
gratuity
Payment
in shares
TOTAL
Moreover and apart from the above mentioned
agreements and operations, we have received no
notice from your esteemed Board of Directors relating
to other operations governed by the provisions of
the said articles and our actions did not reveal the
existence of such operations.
Made at Tunis on 7th June 2010`
The Auditors
Mourad GUELLATY
Kalthoum BOUGUERRA
06
CONSOLIDATED FINANCIAL
INFORMATION OF STUSID BANK
GROUP as of 31 December
Consolidated Financial Information of STUSID BANK Group
Consolidated Balance Sheets
Consolidated Off Balance Sheet Commitments
Consolidated Income Statements
Consolidated cashlow Statements
Auditor’s General Report on Consolidated Accounts for
Financial Year
Ordinary General Assembly’s Resolutions
CONSOLIDATED FINANCIAL INFORMATION OF STUSID BANK GROUP
as of 31 December
Consolidated Financial Information of STUSID BANK GROUP
The consolidated financial information of STUSID BANK Group have been established in accordance
with the current laws, corporate accounting system and with Tunisian accounting standards relating
to banking institution operations, as well as with corporate financial consolidation.
Pursuant to the provisions of Law No.117-2001 dated 6th December 2001, and to Tunisian according
standards, corporations eligible to consolidation, being STUSID Bank’s subsidies are listed in the
following table :
Company
Sector
Nature
Control
Percentage
STUSID BANK
Financial
Parent
Company
100,00 %
100,00 %
Total integration
Financial
Subsidiary
99,98 %
99,98 %
Total integration
Financial
Subsidiary
99,96 %
99,96 %
Total integration
Financial
Subsidiary
99,99 %
99,99 %
Total integration
Financial
JointVenture
30,00 %
30,00 %
Total integration
Estate
JointVenture
52,55 %
52,55 %
Total Integration
52,50 %
52,50 %
Total Integration
Tuniso-Séoudienne de
Recouvrement (TSR)
Tuniso-Séoudienne de Participation
et de Placement TSPP (SICAR)
Tuniso-Séoudienne de
Participations et d’Investissement
(TSPI)
Tuniso-Séoudienne
d’intermédiation (TSI)
Société de développement et
d’aménagement touristique de
Tabarka
Société d’Aménagement « Sfax Al
Jadida »
-Immobilière « Al Jadida » (1)
-Société d’Etudes et de Suivi (1)
Estate
Estate
Services
JointVenture
JointVenture
JointVenture
Interest
Consolidation
Percentage
Method
Total Integration
Total Integration
AL HIFADH – SICAF
Financial
Subsidiary
100,00 %
100,00 %
Total Integration
F C P KOUNOUZ
Financial
Subsidiary
100,00 %
100,00 %
Total Integration
23,27 %
23,27 %
30,78 %
30,78 %
39,90 %
39,90 %
25,00 %
25,00 %
28,57%
28,57%
49,57 %
49,57 %
20,00 %
20,00 %
28,56 %
28,56 %
Société Immobilière TunisoSéoudienne (SITS)
Société Industrielle de Textiles
(SITEX )
Tuniso-Séoudienne de Trading
(TST)
Société d’Investissement du CapBon (SICAB)
Soc.« Al Marja » d’élevage et de
dév.agricole
Commercial
Floralia
Agricultural
Estate
Industry
Services
Agricultural
TANKMED
Services
Société « Al-Kanaouet »
Industry
JointVenture
JointVenture
JointVenture
JointVenture
JointVenture
JointVenture
JointVenture
JointVenture
•(1) Such corporations have been consolidated by total integration into « Sfax Al Jadida » company.
54
Equivalence
Matching
Equivalence
Matching
Equivalence
Matching
Equivalence
Matching
Equivalence
Matching
Equivalence
Matching
Equivalence
Matching
Equivalence
Matching
P
The companies with control percentage exceed 20% and which have not been integrated into
corporate group are the following :
Company
Control Percentage
SMVDA « SIDI SAAD »
39,13 %
Soc .Tuniso-Européenne de production d’asperges
51,02 %
Société agricole « RAHMANIA»
33,30 %
Société agricole « AZIZIA »
40,00 %
SMVDA « SIDI MANSOUR »
42,25 %
Société Tuniso- Américaine de transf. de dattes « TADCO »
41,00 %
Société Pépinières de Tunisie (SPT)
49,97 %
SMVDA Mlaabi
50,00 %
Société de confection « SOMATEC »
33,33 %
Pêcheries de Jerba
57,80 %
Société « SOTUCOUPE »
25,71 %
Société « SODAV »
20,14 %
Société « FOODLAND »
25,00 %
SMVDA LEZDINE
20,00 %
Société « HOTEL DULAC »
25,00 %
Société « LA MOQUETTE »
20,00 %
Société l’outillage
20,00 %
Société « CARPETEX »
20,00 %
Société « SIDPA »
20,00 %
SMVDA El-Majel
23,59 %
CANAL HORIZONS
27,24 %
HOTEL NEPTUNIA
22,86 %
Annuel Raport 2009
55
CONSOLIDATED BALANCE SHEETS
As of 31st December
ASSETS
Cash and Holdings at Central Bank of Tunisia and CCP
Credits on Banking Institutions
Dec 08
12 678
4 359
5 382
3 846
Credits on Customers
274 302
200 105
Commercial Portfolio
43 219
31 356
Investment Portfolio
33 159
25 026
Equivalence Matched Securities
32 934
30 755
6 558
5 521
Others Assets
42 834
41 876
Taxes Deferred
14 046
12 193
Total Assets
465 112
355 037
LIABILITIES AND STOCKHOLDERS’ EQUITY
Déc 09
Déc 08
Locked-Up Securities
Deposits and Holdings of Banking and Financial Institutions
26 208
25 861
139 543
62 823
2 818
3 470
41 837
33 655
210 406
125 809
28 835
16 432
Corporate Capital
100 000
100 000
Consolidated Reserves
108 702
101 752
Customers Deposits
Loans and Special Resources
Other Liabilities
Total Liabilities
- Share of Minority Shareholders
Consolidated Results Carried Forward
Financial Year’s Consolidated Net Result
56
Dec 09
236
494
16 933
10 550
Total Stockholders’ Equity
225 871
212 796
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
465 112
355 037
CONSOLIDATED OFF BALANCE SHEETS COMMITMENTS
As of 31st December
( In Thousands of Tunisian Dinars)
31 Dec 2009
31 Dec 2008
POTENTIAL LIABILITIES
Securities, Endorsements and Other Warranties Granted
16 071
11 491
Documentary Credits
11 888
20 833
4 609
2 433
32 568
34 757
5 811
9 695
247
142
6 058
9 837
64 186
60 305
64 186
60 305
Assets Granted with Warranty
TOTAL POTENTIAL LIABILITIES
COMMITMENTS GRANTED
Financing Commitments Granted
Commitments on Securities
Warranties Granted
TOTAL COMMITMENTS GRANTED
COMMITMENTS ACCEPTED
Financing Commitments Accepted
Warranties Accepted
Other Commitments Accepted
TOTAL COMMITMENTS ACCEPTED
Annuel Raport 2009
57
CONSOLIDATED INCOME STATEMENTS
As of 31st December
(In Thousands of Tunisian Dinars )
2009
2008
17 576
15 838
Commissions
2 849
1 521
Earnings on Commercial Portfolio and Financial Operations
2 828
2 302
Revenue of Investment Portfolio
1 022
883
24 275
20 544
(4 508)
(2 077)
(4 508)
(2 077)
NET BANKING INCOME
19 767
18 467
Operating Overheads
(6 374)
(7 617)
Personnel Costs
(6 999)
(5 257)
Appropriation to Provisions and Results of Corrections on Credits
464
504
Appropriation to Provisions and Results of Corrections on Investment
Portfolio
(24)
1 607
Appropriation to Amortizations and Resorptions
(1 541)
(724)
Other Operating Incomes
11 542
7 027
OPERATING RESULT
16 835
14 007
42
142
(1 385)
(1 332)
2 391
(1 647)
(950)
(620)
16 933
10 550
Total Banking Operating Incomes
Interests Incurred and Allied Costs
Balances in Earnings / Losses Generated by Other Ordinary Elements
Corporate Tax
Shareholdings in Consolidated Companies
Share of Minority Shareholders
FINANCIAL YEAR’S NET RESULT
58
CONSOLIDATED CASHFLOW STATEMENTS
As of 31st December
((In Thousands of Tunisian Dinars)
2009
2008
Banking Operating Incomes Collected
34 296
24 850
Banking Operating Incomes Paid out
13 761
8 667
Deposits/Withdrawals of Other Banking and Financial
Institutions
12 347
17 920
Loans and Advances/Repayment of Loans and Advances
Granted to Customers
76 456
84 178
Deposits/Withdrawals of Customers Deposits
78 277
36 314
532
8 186
Sums Paid to Personnel and Miscellaneous Creditors
4 956
6 419
Other Cash Flow Generated by Operating Activities
6 548
5 922
817
1 306
11 316
23 750
Interests and Dividends Collected on Investment Portfolio
1 410
1 759
Acquisitions/Assignments on Investment Portfolio
(9 008)
7 166
Acquisitions/Assignments on Fixed Assets
1 880
1 799
NET CASHFLOW GENERATED BY INVESTMENT
ACTIVITIES
9 478
7 126
732
907
4 000
4 000
4 732
4 907
2 894
21 531
4 768
26 299
1 874
4 768
OPERATING ACTIVITIES
Placement Bonds
Taxes on Profits
NET CASHFLOW GENERATED BY OPERATING
ACTIVITIES
INVESTMENT ACTIVITIES
FINANCING ACTIVITIES
Increase/Decrease in Special Resources
Dividends Paid
NET CASHFLOW GENERATED BY FINANCING
ACTIVITIES
Net variation of liquidity and liquidity equivaents during financial
year
Liquidity and liquidity equivaents in the beginning of the financial
year
Liquidity and liquidity equivaents at the end of the financial year
Annuel Raport 2009
59
AUDITOR'S
GENERAL REPORT
Financial Year Ended
31st December 2009
In enforcement of the assignment entrusted
to us by your esteemed Ordinary General
Assembly, we submit you our report on control
of financial statements of STUSID BANK as of
31st December 2009, as attached hereto, as
well as the verifications and specific information
provided for by law and by professional
standards.
1
Opinion on Financial
Statements
We have audited the consolidated financial
statements of STUSID BANK for financial
year ended 31st December 2009 which show
total assets net of amortizations & provisions
amounting to 465 112 KTND and profit
result amounting to 16 933 KTND and offbalance sheet commitments amounting to
38 626 KTND.
Such financial statements have been made
under the responsibility of the management
and administration bodies of the company in
accordance with the professional standards
applicable in Tunisia.
Such responsibility includes design, putting in
place and follow-up of an internal control relating
to the preparation and the faithful presentation
60
of financial statements not containing such
frauds or from errors, as well as the determination
of reasonable accounting estimates in view of the
circumstances.
Our responsibility consists in expressing an opinion
on such financial statements based on our audit
performed in accordance with the professional
standards applicable in Tunisia and taking into
consideration the prudential standards as well
as the terms of reference for audit of accounts,
as defined by the circular of CENTRAL BANK OF
TUNISIA No.3/1993 released on 30th July 1993.
Such standards require from our part to comply
with the rules of ethics and to plan and carry out
the audit process in order to obtain a reasonable
assurance that the consolidated financial
statements of STUSID BANK, do not contain any
significant abnormalities.
An audit involves the implementation of such
procedures in order to collect probant elements
concerning the amounts and the information
provided in the financial statements.
The choosing of procedures falls under our
judgment and so does the assessment of the
risk that the financial statements contain such
frauds or from errors.
By proceeding to such risk assessments, we take
into account the current internal control within the
Bank relating to the preparation and the faithful
presentation of financial statements in order
to define such appropriate audit procedures
in the circumstance, and not with the aim of
expressing an opinion on the efficiency of such
internal control.
An audit also includes the appraisal of the
appropriate character of accounting methods
maintained and the reasonable character
of the accounting estimates made by the
management and administration bodies, as well
as the appraisal of the thorough presentation of
financial statements.
We maintain the actions accomplished within
this framework make a reasonable basis for
grounding our opinion as follows:
- The groups SASEJ and SICAB have been
consolidated on the basis of their provisional
financial statements as indicated in the
Notice 5-1.
- The equivalence matching has been used
in place of total integration for the company
FLOR’ALIA the sole financial statements of
which have been made up on 30th June 2009.
- Certain companies have not been integrated
within the consolidation perimeter for various
reasons, of which in particular the absence
of financial statements or that the relevant
company is under liquidation as indicated in the
Notice 5-3.
In our opinion, the consolidated financial
statements attached hereto are regular and
faithfully reflect, in all significant aspects, the
consolidated financial situation of STUSID BANK
as of 31st December 2009, as well as the results
of its operations and of its cash-flow for the
financial year closed on such date, in accordance
with the accounting principles generally accepted
in Tunisia
2
Specific Verifications and
Informations
We have also proceeded, in accordance with the
trade’s standards, to the specific verifications
provided for by law.
On the basis of such verifications, we have no
comments to formulate on the faithfulness and
the concordance with the consolidated financial
statements of the accounting-related information
provided in the Board of Director’s management
report for the relevant financial year.
Made at Tunis on 29th June 2010
The Auditors
Mourad GUELLATY
Kalthoum BOUGUERRA
Annuel Raport 2009
61
ORDINARY GENERAL ASSEMBLY’S RESOLUTIONS
First Resolution
The Ordinary General Assembly of shareholders of STUSID BANK, after examination of Board of
Directors’ Report on STUSID BANK’s business relating to financial statements as of 31/12/2009, as
well as Auditors’ Reports related to individual and consolidated financial statements as of 31/12/2009,
hereby approves the Board of Director’s report, as well as the individual and consolidated financial
statements as of 31/12/2009, as presented by the Board of Directors..
Such resolution was passed at the unanimity.
Second Resolution
The Ordinary General Assembly hereby gives full and complete discharge to the directors for their
management during the financial year 2009.
Third Resolution
The Ordinary General Assembly decided to allot the results relating to financial year 2009 as
follows:
Net Profit
Results carried forward from previous financial years
First Balance
Statutory Reserves 5% (elective)*
Second Balance
Reserves
Third Balance
4 372 789,452 DT
Dividends
4 000 000,000
DT
Fourth Balance
372 789,452 DT
Social Fund
250 000,000
Fifth Balance
122 789,452 DT
Results carried forward
122 789,452
Sixth Balance
62
11 472 097,558 DT
236 101,865 DT
11 708 199,423 DT
585 409,971 DT
11 122 789,452 DT
6 750 000,000 DT
DT
DT
0,000 DT
Fourth Resolution
Pursuant to the provisions of Article 29 of
STUSID BANK’s Articles of Association, the
Ordinary General Assembly decides to set
the director’s fee for financial year 2009 to
TND 6 600 net of tax per director.
And pursuant to the provisions of Article 12 of
Law No 96-2005, the Ordinary General Assembly
decides to grant a gratuity with an equal amount to
the members and to the secretary of audit standing
committee as wall as to the members and secretary
of the credit executive committee.
Fifth Resolution
Pursuant to the provisions of Article 19 of STUSID
BANK’s Articles of Association, the Ordinary General
Assembly ratifies the nomination, as Directors of
STUSID BANK, of Mr. Mohamed Laaroussi BOUZIRI
in replacement of Mr Brahim SAADA as from
24th March 2010, and of Mr. Mohamed Moez ZOUARI
in replacement of Mr Mouldi Belhaj AISSA as from
11th May 2010, and that for the remaining period of
mandates of their predecessors which will end on
the date of holding the Ordinary General Assembly
which is to proceed on the accounts of financial year
2009.
Sixth Resolution
Pursuant to the provisions of Article 40 of STUSID
BANK’s Articles of Association, the Ordinary
General Assembly decides to nominate the persons
hereunder as members of STUSID BANK’s Board of
Directors for financial years 2010-2011 and 2012.:
- Mr. Abdulaâziz AL-NASRALLAH
- Mr. Mohamed Laâroussi BOUZIRI
- Mr. Abdulaâziz ALOMAR
- Mr. Samir MLAOUHIA
- Mr. Saïd ASSAIRRI
- Mr. Tarek EZZINE
- Mr. Hamed ALNAJACHI
- Mr. Messaoud AL ALOUI
- Mr. Mohamed ALSHAYE
- Mr. Mohamed Moez ZOUARI
Seventh Resolution
The Ordinary General Assembly confers all powers
to the Managing Director or any other person
designated by him in order to complete all formalities
and procedures provided for by law.
Such resolution was passed at the unanimity
Annuel Raport 2009
63

1 - Stusid BANK

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