Stunted growth reinforcing the issues
BNA reported a 7.7%, yoy, increase in NBI to TND197.506m, driven mainly by the interest margin (+12%). The increase in its operating expenses impeded BNA to reduce its cost / income ratio to (53% vs. 51.5%). Compared to the end of 2016, BNA saw its credits increase by 6.8% against a decline of 1.7% for deposits. It should be noted that these indicators do not take into account the contribution to the deposit guarantee fund (around TND21m according to our calculation).
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