Q1 2016: looks bad, but well-behaving core business
Apparently, modest figures. The bank achieved a growing NBI in the first quarter of 2016, by 6.3%, reaching TND50.394m (lower than the industry average of 8.4%). However, NBI growth has a better quality. The net interest margin increased during the first quarter, while the sector accused a significant decline (an industry average of -5.7%). the operating margin decreased by 1.9% to 46% in Q1 2016. The liquidity ratio (Deposits/Loans) decreased compared to 2015 by 800 bps, reaching 107.9% in 2015.
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