Tunisia: Tunis International Bank sees its profit drop by 60% to nearly $6 million in 2021
The International Bank of Tunis (TIB), a bank which operates mainly with non-residents, has published its financial statements as of December 31, 2021 as they will be submitted for approval by the Ordinary General Meeting to be held on December 14, 2020. April 2022 .
The subsidiary Burgan Bank (Kuwait), a member of the KIPCO group (Kuwait), saw its net profit drop by 60% in 2021 to $5.9 million.
The subsidiary of Burgan Bank (Kuwait), a member of the KIPCO group (Kuwait), saw its net profit drop by 60% in 2021 to 5.9 million dollars against 14.1 million dollars in 2020.
This sharp drop in profit was mainly due to the 40% drop in the bank’s Net Banking Income (NBI) from $24 million to $15.3 million, due to the 37% drop in operating profit at 16, $6 million, compared to $26.4 million in 2020.
The decline in banking operating income was due to a 74% drop in investment portfolio income to $3.4 million from $13 million in 2020.
The bank’s operating profit fell 50% to $8.2 million from $16.4 million a year earlier.
Personnel costs were $3.9 million, compared to $3.7 million in 2020, showing a growth of 6%. Remuneration granted to the bank’s managers (excluding payroll taxes) represented 18% of total payroll costs, or $704,000.
Founded in June 1982, Banque Internationale de Tunis was the first commercial bank established in Tunisia as a licensed credit institution targeting mainly non-residents.
Its main shareholder is Burgan Bank SAK Kuwait, which is a subsidiary of Kuwait Investment Projects Company (KIPCO).