Tunisia: NAIB Bank sees its profits decline 30% in 2017 to 2.8 million dollars

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    NAIB Bank Tunisia (North Africa International Bank) has just published its financial statements for the year ended December 31, 2017. These statements show a net profit of $ 2.8 million against $ 4 million dollars a year earlier, i.e. a decrease of 30%.

    At the end of December, the bank’s operating revenues posted a 7.3% increase to $ 7.4 million, compared to $ 6.9 million in 2016. As for operating expenses, they went from $ 615,343 to $ 748,768, up 21.7%.

    To this end, net banking income rose by 6% to reach $ 6.7 million against 6.3 million at the end of December 2016.

    In addition, personnel costs virtually stagnated in 2017 to reach $ 3.8 million, representing 57% of the bank’s net banking income.

    The Bank was created in Tunis in November 1984 as an offshore banking unit, with an authorized share capital of $ 30 million also subscribed between the two Tunisian and Libyan states.

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