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Tunisia: solid BIAT, leading BH!

“The slowdown in inflows continues in the banking market. From the beginning of the year, the sector’s deposits stagnated (+ 0.1%), mainly due to the slowdown in term deposits.

“This is what emerged from an analysis by broker, “Tunisie Valeurs” on the Tunisian banking sector in the first nine months of this year.

This is a rather unusual situation, which, even in more difficult “post revolution” periods had not occurred, we read in this study.

Among the worst performers, Amen Bank reported outflows of 8.1%, resulting mainly from a 13% decrease in time deposits. In contrast, the conduct of Attijari Bank is commendable.

With the second best performance of the sector after the BTE, it posted a 6.2% increase in deposits to 4 784 MTD and stabilizes its market share around 10.5%. With a market share of around 17%, BIAT maintains its leadership with a growth of 2.2% in its inflows to 7 680 MTD.

Regarding credits, they increased by 1.9% over the first nine months of the year to 46 398 MTD. This growth rate remains low and reflects a still sluggish investment framework.

Furthermore, and in order to optimize the recovery of investment and the revival of economic activity, the Central Bank decided to cut its key interest rate by 50 basis points bringing it to 4.25%.

BIAT regains its position as leading private bank in terms of loans with an outstanding of 6 151 MTD and a market share of 13.3%. Not far behind, Amen Bank maintains a solid market share of 12.9%, despite a decline by 2.5% of loans. With growth of 7.7%, BH has the highest growth of credit to 5 131 MTD, in line with its annual projections.

For the full year, the bank expects its commitments to grow 7.9% to 5 144 MTD. As a corollary to a more aggressive strategy implemented by the management, BT posted strong growth of 5.9% of its loans to 3 383MTD, earning a market share of 7.3%

In terms of net banking income (NBI), it recorded an increase of 7.3% in the first nine months of the year to 2 031MTD. In line with 2014, the increase mainly emanated from investment income, representing 23% of NBI. The interest margin remains undoubtedly the main source of income of the sector, representing 55% of NBI at end-September 2015.

Second best performance in the market, the NBI of ATB has increased by 14% to 146.3 MTD. In contrast to the sector’s average, growth was driven by the interest margin, which gained 41%. Its weight in NBI has thus increased by 7 percentage points, from 29% to 36% at end-September 2015.

BH also recorded strong growth of its NBI (+ 12.4% to 190.9 MTD). The bank continues to reduce the weight of its credit business, focusing more on investment activity. Over the first nine months of the year, the bank has made a net capital gain of 43 MTD, representing 22.4% of its NBI.

With an increase of 7.4%, BIAT maintains its position as first bank in terms of NBI to 378.1 MTD. On the full year, the bank should post an 8.8% growth in its NBI to 530 MTD.

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