reports
- Ranya GNABA
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).
- Ranya GNABA
BNA's investor day debriefing
The investor day of BNA focused mainly on the bank’s transformation plan (2016-2018). Following this plan, the bank will set up a new information system, an organisation of the bank (HR) by targeting a customer focus. The bank’s CEO replied to our question about the BNA’s stake in SFBT (6%) by confirming that they are no longer obliged to sell. This should in our opinion ease the selling pressure on SFBT’s stock.
- Imen YAHIA
A Worrying Q1
Over Q1 2017, BNA’s NBI reported a 7.5% increase to TND90.03m. This increase was fuelled by a 45.1% surge in revenues from commercial and investment portfolios to TND24.5m and by a 14.6% rise in net commissions to TND16.9m. However, the bank’s net interest margin gave up 6.8% to TND48.5m. By the end of 2016, the bank’s deposits were at TND6,683.3m, i.e. a 3.8% decrease compared to the end of 2015. Customers’ loans amounted to TND7,730.9m, i.e.
- Imen YAHIA
Less pressure on liquidity
Over FY2016, BNA’s NBI reported an 11.4% increase to TND373.46m. This increase was fuelled by a 46.7%% surge in revenues from commercial and investment portfolios to TND88.6m and by a 21.6% rise in net commissions to TND65.9m. However, the bank’s net interest margin inched down by 0.8% to TND218.9m. BNA was not definitely the only bank suffering from interest rates volatility. By the end of 2016, the bank’s deposits reached TND6,946.2m, i.e.
- Imen YAHIA
At the mercy of SFBT
Over Q32016, BNA’s NBI reported a 4.5% decrease to TND85.3m. This decline was triggered by a sharp decline of 19.65% in the bank’s net margin to TND50.606m. However, net commissions rose by 31.8% to TND17.3m. Revenues from commercial and investment portfolios grew by 31.5% to TND17.4m. At end September 2016, the bank’s deposits reached TND6364.44m, i.e. a 1.8% increase compared to the end of 2015. Customers’ loans amounted to TND7229.3m, i.e.
A growing NBI (+7%)!!!
BNA has finally managed to register an increase of the NBI in Q2 2016 by 7.2% to TND183.627m, compared to Q2 2015. But the bank was not able to improve its banking cost/income ratio decreasing from 54% to 55.8%, during the same period. This explains the decrease in the operating margin by 173 bps to 44.2%. However, the liquidity ratio (Deposits/Loans) went up by 649 bps from 82.4% to 88.9%, compared to Q1 2016.
Ominous signs seen in 2015
Bad quarter for BNA. Q4 15 NBI fell by 14.3% to TND86.840M, following the collapse in the net interest revenue, which is the dominating activity in the NBI (-24.95% to TND129.227M). The management did not comment on these figures. FY 15 NBI decreased by 0.36% to TND347.500M, driven by higher revenues from the Trading and Investment portfolio, which increased by 28.54% to TND59.971M. However, the interest margin went down by 5.6% to TND234.020M.
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