The Tunis International Bank (TIB), a bank that operates mainly with non-residents, has published its financial statements closed as of December 31, 2021 as they will be submitted for approval at the Ordinary General Assembly to be held on April 14, 2022.
The Burgan Bank (Kuwait) subsidiary, a member of the KIPCO Group (Kuwait), saw its net profit fall by 60% in 2021 to $5.9 million.
The subsidiary of Burgan Bank (Kuwait), a member of the KIPCO Group (Kuwait), saw its net profit fall by 60% in 2021 to $5.9 million from $14.1 million in 2020.
This sharp decline in profit is mainly a result of the 40% decline in the bank’s Net Banking Income (NBI) from $24 million to $15.3 million, due to the 37% decline in operating income to $16.6 million, compared to $26.4 million in 2020.
The decline in bank operating revenue is due to a 74% drop in investment portfolio revenue to $3.4 million from $13 million in 2020.
The bank’s operating income came out 50% down to $8.2 million, compared to $16.4 million a year earlier.
Personnel costs came in at $3.9 million, up from $3.7 million in 2020, posting a 6% growth. The compensation granted to the bank’s executives (excluding social security charges) accounted for 18% of the total personnel costs, or $704,000.
Created in June 1982, the Tunis International Bank was the first commercial bank established in Tunisia as a licensed credit institution dealing mainly with non-residents.
Its main shareholder is Burgan Bank SAK Kuwait, which is a subsidiary of Kuwait Investment Projects Company (KIPCO).
