The Tunis International Bank (TIB) has published its financial statements as at December 31, 2016 as they will be submitted for approval at the ordinary general meeting to be held on April 3, 2017. These statements show a Net Banking Income of $15.3 million, up 16.8% from 2015.
This increase in net banking income was mainly due to lower operating expenses by 20.7%, from $2 million dinars in 2015 to $1.586 million at the end of December.
In 2016, the bank’s operating income rose by 54.7% to $8.1 million. As a result, last year TIB achieved a net profit of about $ 7.786 million, an increase of 48.7% compared to 2015.
In addition, customer deposits totaled $ 253.6 million at end-December, while customer receivables amounted to $ 14.4 million.
Staff costs amounted to $ 3.978 million, including $ 2.8 million in net staff remuneration and $ 480 thousand in retirement benefits.
In this context, it should be mentioned that the benefits granted to short-term executives (including members of the Board of Directors) reached a total of 694 thousand dollars at the end of the financial year.
Founded in June 1982, TIB is the first bank established in Tunisia under the regime applicable to non-resident financial institutions.
The majority shareholder is Burgan Bank, the commercial bank of the KIPCO group of Kuwait.