Amen Bank Publishes 2024 Sustainability Report
Amen Bank has released its 2024 sustainability report, marked by a green financing portfolio of 94 million dinars and the completion of its first carbon footprint assessment. As the first fully private Tunisian institution with a social capital of 174.6 million dinars, the bank operates through 148 branches and five business centers.
Acceleration in Renewable Energies
In 2024, the bank financed ten out of thirteen approved projects under the fifth call for projects launched by the Ministry of Industry, Mines, and Energy. These ten projects total a capacity of 17 megawatts, representing an investment of 37 million dinars, and will be deployed in Sidi Bouzid and Médenine. Amen Bank also financed the first private-to-private self-consumption project in Tunisia, with a capacity of 100 megawatts and an investment of 300 million dinars. Located in Kairouan, this photovoltaic solar power plant is expected to produce over 180 gigawatt-hours per year.
In total, 23 projects were financed in 2024, including 22 in renewable energies and one in energy efficiency. The green portfolio reached 94 million dinars, with a total investment of 186 million dinars, divided between 60 million dinars for corporate clients and 34 million dinars for SMEs. The bank structured its first Sustainability-Linked Loan of 40 million dinars, integrated into a global investment of 112 million dinars dedicated to improving energy efficiency.
A fund of 25 million euros, created with the Italian Agency for Cooperation and Development (AICS), supports the ecological transition in fishing and aquaculture through grants ranging from 3,000 to 70,000 euros.
First Carbon Footprint Assessment and International Commitment
Amen Bank's first carbon footprint assessment reported 198,774 tons of CO2 equivalent (tCO2eq) in 2024, with an uncertainty of 36%. The scope covers the headquarters, 148 branches, and five business centers over the period from January 1 to December 31, 2024. Scope 3 accounts for 97.9% of emissions (194,522 tCO2eq), mainly related to fund transportation, purchases, investments, and professional travel. Scope 2 reaches 3,981 tCO2eq (2%), and Scope 1, 271 tCO2eq (0.1%).
The bank has joined the Partnership for Carbon Accounting Financials (PCAF), an initiative that brings together over 500 financial institutions, committing to publish the carbon footprint of its financial activities in accordance with an international standard aligned with the Paris Agreement. Amen Bank was also awarded "Best Green Bank in Tunisia" by Global Banking and Finance in 2024.
Environmental Management
An agreement was signed with the National Agency for Energy Management (ANME) to improve the efficiency of air conditioning systems, optimize the power factor, reduce lighting consumption, and deploy a technical building management solution. In 2024, electricity consumption reached 6,863,657 kWh, fuel consumption reached 975 liters, and water consumption reached 1,068,710 liters. The emission intensity is 22,843 megajoules per employee.
The generated waste totals 174.63 tons, including 50.89 tons from the headquarters and branches, representing 25,613 kg of CO2 equivalent. Paper recycling reached 14 tons, with 13,000 kg collected and treated, avoiding 0.28 tons of CO2 equivalent. The bank prioritizes FSC-certified and EU Ecolabel paper.
Financial Performance
In 2024, the net banking product reached 566.5 million dinars (+4.91%), the turnover reached 1,209.9 million dinars (+5.60%), and the net result reached 229.9 million dinars (+18%). The total balance sheet reached 11,855.7 million dinars (+7.82%), and customer loans reached 7,299.5 million dinars (+1.86%).
The operating expense ratio is 40% (39.76% in 2023). The average return on assets is 2%, and the average return on equity is 17.1%. Shareholders' equity reaches 1,574 million dinars, and net shareholders' equity reaches 1,767.6 million dinars. The capital ratio is 16.17%, with 12.20% in Tier 1.
The short-term liquidity ratio is 160.2%, and the credit-to-deposit ratio is 99.9%. The non-performing loan rate is 9.62%, with a coverage rate of 73.34% and a commitment coverage rate of 8.71%. Provisions and accrued interest total 973 million dinars.
Social Indicators
The staff consists of 1,128 employees at the end of 2024 (952 permanent contracts, 175 temporary contracts, and 1 volunteer contract), compared to 1,133 at the end of 2023. The management rate is 86.4% (890 managers and senior managers). The distribution is 59% men and 41% women.
The turnover rate is 7.5%, with 85 recruitments and 86 departures (including 66 retirements). The stability ratio is 83.7%. Women represent 5.5% of governance bodies and 8% of Board of Directors committees.
Training expenses reach 0.74 million dinars. The Academy provided 1,167 hours, complemented by 3,750 hours of internal and external training, representing 3 hours and 19 minutes per employee. Social fund credits reach 11 million dinars (including 3.84 million dinars for housing). Credits from ordinary resources represent 25.8 million dinars via the HR department and 11.75 million dinars via the retail banking division.
The occupational health service performed 861 interventions. Three work accidents resulted in 84 lost days.
