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HomeNewsTunisia: TFBank announces loss of € 722 thousand in 2016

Tunisia: TFBank announces loss of € 722 thousand in 2016

The Tunisian Foreign Bank (Tunis branch), reduced its losses in 2016. The bank announces to have posted a net loss of € 722 thousand after a net loss of € 7 million in 2015.

According to its financial statements for the year ended December 31, 2016, the TFB posted a net banking income (net banking income) € of 1.135 million in 2016, compared with 1.469 million a year earlier, i.e. a decrease of 22.7%.

Total banking income increased from € 2.91 million to € 2.17 million in 2015, while operating expenses amounted to € 1 million compared to € 1.44 million a year earlier.

The operating result shows a loss of € 641 thousand against € -7 million in 2015.

The Tunisian Foreign Bank (TFBank) is a French bank affiliated to the Federation of French Banks.

Its capital is held by Tunisian financial institutions. It has participated since its creation in 1977 in the development of economic and commercial exchanges between Tunisia and France and accompanies Tunisians living abroad (TRE) in their investment projects.

In addition, the bank’s auditors (Tunis branch) reported that their work has highlighted some major deficiencies that could have an impact on the branch’s internal control system.

“A plan to improve the internal control system was initiated in 2016, its implementation as of December 31, 2016 is very partial, which does not guarantee the integrity of the process of producing financial information”, they indicated in their report.

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