The Tunis International Bank (TIB), a subsidiary of Burgan Bank (Kuwait), a member of the KIPCO Group (Kuwait), reported a net profit up 23% in 2018.
The bank, which operates mainly with non-residents, has just published its financial statements for the year ended December 31, 2018, showing a net profit of $ 12 million, compared with $ 9.8 million a year earlier, representing 23%.
This performance is the result of the increase in net banking income (NBI) by 22% to $ 21.6 million against 17.7 million at the end of December 2017.
This increase results from the growth of operating revenues from 21.2% to 23.3 million dollars.
Operating income was also up 23.7% to $ 13.7 million, up from $ 11 million a year earlier.
In addition, personnel costs were $ 3.86 million in 2018 compared to $ 4 million in 2017, of which $ 694 million were granted to the Chief Executive Officer of the Bank and to the members of the Board of Directors (exclusive of social security fees).
