{"id":138677,"date":"2025-09-07T10:55:20","date_gmt":"2025-09-07T08:55:20","guid":{"rendered":"https:\/\/lexpertjournal.net\/fr\/?p=138677"},"modified":"2025-09-07T10:55:20","modified_gmt":"2025-09-07T08:55:20","slug":"amen-bank-des-resultats-honorables-mais-des-equilibres-encore-fragiles","status":"publish","type":"post","link":"https:\/\/lexpertjournal.net\/fr\/?p=138677","title":{"rendered":"Amen Bank : des r\u00e9sultats honorables\u2026 mais des \u00e9quilibres encore fragiles"},"content":{"rendered":"<h4>Apr\u00e8s une bonne ann\u00e9e 2024, Amen Bank affiche des indicateurs rassurants. Pourtant, derri\u00e8re la fa\u00e7ade, plusieurs signaux appellent \u00e0 la prudence. Ils concernent la structure des ressources, la qualit\u00e9 et le mix de revenus, ainsi que des risques d\u2019ex\u00e9cution sur la transformation en cours.<\/h4>\n<h4><\/h4>\n<h4><span style=\"color: #ff0000;\">\u00a01) Co\u00fbt des ressources encore trop \u00e9lev\u00e9<\/span><\/h4>\n<h4><\/h4>\n<h4>Le diff\u00e9rentiel de co\u00fbt de la ressource par rapport au TMM s\u2019est am\u00e9lior\u00e9 (TMM \u20131,5 % en 2024 contre \u20131,1 % en 2020), mais reste moins favorable que la moyenne du secteur (TMM \u20132,8 %). Cette \u00ab p\u00e9nalit\u00e9 \u00bb tient \u00e0 une structure de d\u00e9p\u00f4ts plus ch\u00e8re que la concurrence : les d\u00e9p\u00f4ts \u00e0 terme et assimil\u00e9s p\u00e8sent encore 37,3 % des ressources (au-dessus du secteur \\~31 %). Tant que ce mix ne basculera pas davantage vers les d\u00e9p\u00f4ts \u00e0 vue et l\u2019\u00e9pargne, la banque restera handicap\u00e9e sur sa marge d\u2019interm\u00e9diation.<\/h4>\n<h4><\/h4>\n<h4><span style=\"color: #ff0000;\">2) Spread et marge d\u2019interm\u00e9diation sous pression<\/span><\/h4>\n<h4><\/h4>\n<h4>Malgr\u00e9 un taux de sortie des cr\u00e9dits sup\u00e9rieur au march\u00e9, le spread ressort \u00e0 3,6 % (vs \\~4,0 % pour le secteur). Autrement dit, la banque facture bien ses cr\u00e9dits\u2026 mais elle paie trop ses ressources. La progression 2024 de la marge d\u2019int\u00e9r\u00eat (+5,5 %) tient pour partie \u00e0 un meilleur mix de d\u00e9p\u00f4ts l\u2019an dernier ; la trajectoire devra \u00eatre confirm\u00e9e alors que la concurrence sur l\u2019\u00e9pargne se durcit.<\/h4>\n<h4><\/h4>\n<h4><span style=\"color: #ff0000;\">3) D\u00e9pendance \u00e9lev\u00e9e aux revenus de portefeuille-titres<\/span><\/h4>\n<h4><\/h4>\n<h4>Les revenus tir\u00e9s des titres repr\u00e9sentent 36,6 % du PNB en 2024 (contre 26,6 % au niveau sectoriel). Cette singularit\u00e9 stabilise le compte de r\u00e9sultat quand la courbe des taux est porteuse, mais elle expose aussi le mod\u00e8le \u00e0 un al\u00e9a de march\u00e9 (rythme d\u2019\u00e9missions souveraines, spreads, liquidit\u00e9, fiscalit\u00e9 des placements). La pr\u00e9pond\u00e9rance des titres souverains (plus de 56 % du portefeuille) ajoute une sensibilit\u00e9 macrosouveraine. En S1-2025, la banque a encore accru l\u2019encours de titres d\u2019investissement (+16,2 %), ce qui renforce cet enjeu de concentration.<\/h4>\n<h4><\/h4>\n<h4><span style=\"color: #ff0000;\">\u00a04) Qualit\u00e9 d\u2019actifs\u2009: mieux, mais encore au-dessus des pairs<\/span><\/h4>\n<h4><\/h4>\n<h4>Le taux de cr\u00e9ances class\u00e9es s\u2019est nettement am\u00e9lior\u00e9 (9,6 % fin 2024 contre 14,4 % en 2019) et la couverture atteint 73,3 %. Reste que ce niveau demeure sup\u00e9rieur \u00e0 celui des autres banques priv\u00e9es cot\u00e9es (\\~7,8 %). Dans un contexte de cr\u00e9dit plus s\u00e9lectif et de secteurs encore heurt\u00e9s (certaines industries, services), la vigilance doit rester de mise pour \u00e9viter un \u00ab effet retour \u00bb du co\u00fbt du risque.<\/h4>\n<h4><\/h4>\n<h4><span style=\"color: #ff0000;\">\u00a05) Commissions atones et effet change en retrait<\/span><\/h4>\n<h4><\/h4>\n<h4>C\u00f4t\u00e9 revenus hors int\u00e9r\u00eat, deux alertes : la marge nette sur commissions n\u2019a progress\u00e9 que de 0,8 % en 2024 (vs +4,9 % pour le secteur) et le r\u00e9sultat de change a recul\u00e9 (\u20137,7 %). Ces lignes, normalement plus r\u00e9silientes et diversifiantes, n\u2019ont pas pleinement jou\u00e9 leur r\u00f4le d\u2019amortisseur. La banque devra r\u00e9acc\u00e9l\u00e9rer sur les services (cash management, mon\u00e9tique, bancassurance\u2026) pour all\u00e9ger la d\u00e9pendance aux titres.<\/h4>\n<h4><\/h4>\n<h4><span style=\"color: #ff0000;\">6) Transformation \u00ab NEXT \u00bb : un pari \u00e0 ex\u00e9cuter sans faux-pas<\/span><\/h4>\n<h4><\/h4>\n<h4>Digitalisation, conformit\u00e9, paiement (First Pay), finance verte : la feuille de route est ambitieuse. Mais l\u2019ex\u00e9cution reste le vrai risque : rationalisation du r\u00e9seau, migration IT, IA de conformit\u00e9, mont\u00e9e en puissance des offres jeunes\/TRE, gouvernance des risques sur de nouveaux m\u00e9tiers\u2026 Tout retard ou surco\u00fbt peut rogner le gain esp\u00e9r\u00e9 sur le coefficient d\u2019exploitation et reporter la normalisation du co\u00fbt de ressource.<\/h4>\n<h4><\/h4>\n<h4><span style=\"color: #ff0000;\">\u00a07) Sensibilit\u00e9s 2025 \u00e0 surveiller<\/span><\/h4>\n<h4><\/h4>\n<h4>* Concurrence sur la collecte : si les banques continuent de \u00ab payer \u00bb l\u2019\u00e9pargne, la d\u00e9tente esp\u00e9r\u00e9e du co\u00fbt des ressources pourrait tarder.<\/h4>\n<h4>* Cycle des taux : un environnement moins porteur sur les placements pourrait freiner la contribution des titres au PNB.<\/h4>\n<h4>* Conjoncture locale : l\u2019exposition majoritaire aux titres souverains et un contexte de liquidit\u00e9 parfois tendu accroissent la d\u00e9pendance aux param\u00e8tres macro et r\u00e9glementaires.<\/h4>\n<h4>* Mix cr\u00e9dits\/placements : en S1-2025, les cr\u00e9dits nets reculent (\u20131,8 %) tandis que les titres progressent fortement ; utile tactiquement, ce choix ne doit pas s\u2019installer au d\u00e9triment de l\u2019activit\u00e9 c\u0153ur.<\/h4>\n<h4><\/h4>\n<h4><\/h4>\n<h4><span style=\"color: #ff0000;\">\u00a0Verdict<\/span><\/h4>\n<h4><\/h4>\n<h4>Amen Bank a fait un vrai travail sur la ma\u00eetrise des charges et l\u2019assainissement du risque. Mais pour transformer l\u2019essai, la banque doit : (1) r\u00e9\u00e9quilibrer plus franchement sa base de d\u00e9p\u00f4ts vers le non-r\u00e9mun\u00e9r\u00e9, (2) r\u00e9duire sa d\u00e9pendance aux revenus de portefeuille-titresau profit de commissions r\u00e9currentes, et (3) ex\u00e9cuter sans d\u00e9rapage son programme de transformation.<\/h4>\n<h4>\u00c0 d\u00e9faut, la soutenabilit\u00e9 de la rentabilit\u00e9 restera\u00a0 vuln\u00e9rable \u00a0aux chocs de march\u00e9 et \u00e0 la concurrence sur l\u2019\u00e9pargne.<\/h4>\n<h4><\/h4>\n<h4><img decoding=\"async\" class=\"size-full wp-image-138678 aligncenter\" src=\"https:\/\/lexpertjournal.net\/fr\/wp-content\/uploads\/2025\/09\/Capture-decran-2025-09-07-105254.png\" alt=\"\" width=\"731\" height=\"541\" srcset=\"https:\/\/lexpertjournal.net\/fr\/wp-content\/uploads\/2025\/09\/Capture-decran-2025-09-07-105254.png 731w, https:\/\/lexpertjournal.net\/fr\/wp-content\/uploads\/2025\/09\/Capture-decran-2025-09-07-105254-300x222.png 300w, https:\/\/lexpertjournal.net\/fr\/wp-content\/uploads\/2025\/09\/Capture-decran-2025-09-07-105254-24x18.png 24w, https:\/\/lexpertjournal.net\/fr\/wp-content\/uploads\/2025\/09\/Capture-decran-2025-09-07-105254-36x27.png 36w, https:\/\/lexpertjournal.net\/fr\/wp-content\/uploads\/2025\/09\/Capture-decran-2025-09-07-105254-48x36.png 48w\" sizes=\"(max-width: 731px) 100vw, 731px\" \/><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>Apr\u00e8s une bonne ann\u00e9e 2024, Amen Bank affiche des indicateurs rassurants. Pourtant, derri\u00e8re la fa\u00e7ade, plusieurs signaux appellent \u00e0 la prudence. Ils concernent la structure des ressources, la qualit\u00e9 et le mix de revenus, ainsi que des risques d\u2019ex\u00e9cution sur la transformation en cours. \u00a01) Co\u00fbt des ressources encore trop \u00e9lev\u00e9 Le diff\u00e9rentiel de co\u00fbt [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":138679,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[29],"tags":[],"class_list":["post-138677","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-actualites"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.9 (Yoast SEO v24.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Amen Bank : des r\u00e9sultats honorables\u2026 mais des \u00e9quilibres encore fragiles - L&#039;expert Journal<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/lexpertjournal.net\/fr\/?p=138677\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Amen Bank : des r\u00e9sultats honorables\u2026 mais des \u00e9quilibres encore fragiles\" \/>\n<meta property=\"og:description\" content=\"Apr\u00e8s une bonne ann\u00e9e 2024, Amen Bank affiche des indicateurs rassurants. Pourtant, derri\u00e8re la fa\u00e7ade, plusieurs signaux appellent \u00e0 la prudence. Ils concernent la structure des ressources, la qualit\u00e9 et le mix de revenus, ainsi que des risques d\u2019ex\u00e9cution sur la transformation en cours. \u00a01) Co\u00fbt des ressources encore trop \u00e9lev\u00e9 Le diff\u00e9rentiel de co\u00fbt [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/lexpertjournal.net\/fr\/?p=138677\" \/>\n<meta property=\"og:site_name\" content=\"L&#039;expert Journal\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Samya.Ayari.tn\" \/>\n<meta property=\"article:published_time\" content=\"2025-09-07T08:55:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/lexpertjournal.net\/fr\/wp-content\/uploads\/2025\/09\/20210419114118_IM__AMEN_BANK.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1170\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Lexpert\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"\u00c9crit par\" \/>\n\t<meta name=\"twitter:data1\" content=\"Lexpert\" \/>\n\t<meta name=\"twitter:label2\" content=\"Dur\u00e9e de lecture estim\u00e9e\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/lexpertjournal.net\/fr\/?p=138677#article\",\"isPartOf\":{\"@id\":\"https:\/\/lexpertjournal.net\/fr\/?p=138677\"},\"author\":{\"name\":\"Lexpert\",\"@id\":\"https:\/\/lexpertjournal.net\/fr\/#\/schema\/person\/65d2c89a6ae700ca94d3873874b3ae31\"},\"headline\":\"Amen Bank : des r\u00e9sultats honorables\u2026 mais des \u00e9quilibres encore fragiles\",\"datePublished\":\"2025-09-07T08:55:20+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/lexpertjournal.net\/fr\/?p=138677\"},\"wordCount\":760,\"publisher\":{\"@id\":\"https:\/\/lexpertjournal.net\/fr\/#organization\"},\"image\":{\"@id\":\"https:\/\/lexpertjournal.net\/fr\/?p=138677#primaryimage\"},\"thumbnailUrl\":\"https:\/\/lexpertjournal.net\/fr\/wp-content\/uploads\/2025\/09\/20210419114118_IM__AMEN_BANK.jpg\",\"articleSection\":[\"Actualit\u00e9s\"],\"inLanguage\":\"fr-FR\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/lexpertjournal.net\/fr\/?p=138677\",\"url\":\"https:\/\/lexpertjournal.net\/fr\/?p=138677\",\"name\":\"Amen Bank : des r\u00e9sultats honorables\u2026 mais des \u00e9quilibres encore fragiles - 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