Banque de Tunisie
Banque de Tunisie, the fourth largest bank among the 12 commercial banks in Tunisia, continues on a steady growth path and showed improved profits in 2003, unlike some of its major competitors. Over the last five years, the bank has shown a steady 15.2% annual profit growth and while the bank has not produced exceptional growth, it compares favourably with its peers and wins the bank of the year award for this year. In 2003 Banque de Tunisie had an 8% market share but its net profits of TD30.2m ($24.5m) represented a significantly large 18.2% of the sector’s total profits, well in excess of most of the other banks. The bank was able to post an acceptable 13.9% return on equity and, although slightly down on the previous year’s 16.2%, it was still in advance of its peers. Standard & Poor’s, in an analysis of the sector last November, noted: “Only one bank in Tunisia truly stands out in terms of consistent financial performance and operating efficiency, Banque de Tunisie.”
