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Series of steps:
The results published by the International Trade and Finance Bank in its disclosures for the first and second quarters of 2024 are striking…especially since the bank has been standing on a new threshold for the past two years. After years of falling into a downward spiral in its business and performance, perhaps the new disclosures mean more than just numbers, because they bring another horizon of trust, because banking in general is built on trust.
Perhaps the lesson we want to record before we start discussing the numbers is the role of management, not just the changes that occurred during the period of loss and profit of this bank. The top of the pyramid”… The new mentality of the CEO of the bank, came up with new and correct tools for the job, which led to the good results we will list.
Qualitative change
When comparing the results to the disclosures released at the end of 2023, some interesting data emerges:
First – the bank achieved a pre-tax net profit (after excluding unrealized profits) of SYP 20.8 billion, an increase of 84% over the same period last year (2023).
Secondly – operating revenue reached 47.5 billion Syrian pounds, an increase of 103% over the same period of 2023.
Third – assets grow by 11.3% to SYP 2.4 trillion by the end of 2023.
Fourth, direct credit lines reached 123 billion Syrian pounds, an increase of 24.4 billion Syrian pounds from the end of last year, a growth rate of 25%.
Looking at the distribution of the portfolio by stage, it is clear that 91% of the loans belong to stage 1, only 5.4% belong to stage 2 and 3.5% belong to stage 3, which shows the credit quality with previous non-performing rates being very high in stage 3 and also high in stage 2.
High market ranking
When comparing the bank’s performance at the end of 2023 to that of other traditional banks, we find some notable features that are worth considering.
After excluding the unrealized profit of the structural parts center, the bank achieved a net profit of 33.9 billion Syrian pounds after tax, ranking second among conventional banks in terms of net profit. Taking into account the performance of Islamic banks, the bank’s net profit ranked fifth among all private banks (conventional and Islamic).
The bank ranked third in return on assets and second in return on equity.
The bank ranks fourth in total assets
The bank ranks sixth in total shareholders’ equity
The bank’s earnings per share were SYP 322.98, ranking third in terms of earnings per share (without considering the impact of structural segment positions).
Racing with the market
When comparing the bank’s performance at the end of the first quarter of 2024 with that of other traditional banks, the following becomes clear:
The bank ranks second in terms of net profit among traditional private banks (net profit after tax is 9.6 billion Syrian pounds)
Ranked first in return on equity and second in return on assets
The bank ranks third in total assets.
The bank’s non-performing loans accounted for a relatively low proportion of total credit, at only 3.64%, ranking third.
The bank ranks fifth in total shareholders’ equity.
International Trade Finance Bank ranked second in terms of earnings per share with SYP 91.80.
Earnings per share at the end of the first half of 2024 reached 198.1SYP, an increase of 84% over the same period last year.
The second largest capital
After the approval of the 100% capital increase at the bank’s Extraordinary General Meeting of Shareholders held on August 6, 2024, the capital became /21/ billion Syrian pounds, as a result, the bank distributed shares worth /15.750/ billion Syrian pounds to shareholders for free By the end of the first quarter of 2024, the capitalization of Syrian pounds will occupy the second place among traditional private banks within three years.
In terms of interest rate spread (interest received – interest paid), the bank ranks first among traditional private banks with an interest rate of 88.8% as of the end of 2023, which shows that the bank has the best asset-liability management efficiency.
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