Founded nearly 30 years ago to fight poverty, the Tunisian Solidarity Bank (BTS) has reached a turning point.
For the first time since its creation, it has paid dividends to its 220,000 shareholders and is now preparing to launch a TND 30 million bond issue, signaling growing ambition in financial markets.
Created in 1997 by the Tunisian state, BTS was designed as a “mesofinance” institution, bridging microfinance and traditional banking. It started with around TND 30 million in capital and has since financed hundreds of thousands of micro-projects.
Today, its capital stands at TND 60 million, split between the public (54%) and private sectors (46%).
The bank reported a net profit of TND 10.5 million in 2025. However, this figure is supported by significant retained earnings accumulated over the years, bringing total distributable profits to over TND 58 million. This reflects a long-standing strategy of retaining profits rather than distributing them.
In a historic shift, BTS has now decided to pay dividends, TND 1 per share, totaling TND 6 million. Though modest, this marks its transition into a profit-generating and dividend-paying institution, while still maintaining strong reserves.
The bank continues to follow strict regulatory requirements, including allocating part of its profits to strengthen reserves and contributing TND 400,000 to its social fund, in line with its mission to support low-income populations and microenterprises.
A notable feature remains its large retained earnings, about TND 51 million, which strengthen its financial base but also raise questions about how effectively this capital is being deployed to support its social mission.
The major strategic move comes with the planned TND 30 million bond issuance, approved at its April 30, 2026 general meeting.
The 7-year fixed-rate bond, to be listed on the Bourse de Tunis, aims to diversify funding sources, strengthen capital and support future lending growth.
This move will help BTS secure long-term financing, reduce liquidity risks and better align its resources with investment loans, especially as it targets new areas like green micro-enterprises and the social and solidarity economy.
Long operating quietly compared to major listed banks, BTS is now entering a new phase, remaining a social lender while increasingly adopting market-driven financial strategies. The success of its bond issuance will test investor confidence in this unique institution
