NBI higher than the estimates but …
Over this Q1, STB succeeded in improving its NBI by 14% yoy. This performance was driven mainly by a consistent growth in both, the interest margin (+22%) and net commission (+26%). This growth was, nevertheless, offset by the under-performing commercial and investment portfolios, unlike all Tunisian banks (-6.6% vs. +2.76% except for BIAT). STB showed an increase in its operating expenses by 9.6% (following a 6.3% climb in payrolls) without impacting its banking cost to income ratio (improving from 48.1% in Q1 2016 to 46.2%).
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