Banque Nationale Agricole – Ratings Affirmed with Stable Outlook
(MENAFN- Capital Intelligence Ltd) 16 October 2026
Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the Long-Term Foreign Currency Rating (LT FCR) and Short-Term Foreign Currency Rating (ST FCR) of Banque Nationale Agricole (BNA) at ‘C+’ and ‘C’, respectively. At the same time, CI Ratings has affirmed BNA’s Bank Standalone Rating (BSR) at ‘c’, and the Core Financial Strength (CFS) at ‘b’. BNA’s Extraordinary Support Level (ESL) of Moderate has been affirmed. The Outlook for the LT FCR and BSR remains Stable.
BNA’s LT FCR is constrained by CI’s internal assessment of sovereign credit risk for Tunisia. The Stable Outlook for the LT FCR is in line with CI’s internal assessment of sovereign risk for Tunisia, reflecting signs of stabilising sovereign risk factors, albeit still at a very high level. The outlook takes into consideration the narrowing current account deficit, supported by an increase in agricultural exports and tourism receipts. However, external refinancing risks remain high, aggravated by large external financing needs and limited financing options given the absence of direct access to capital markets. Political risk remains elevated and public finances remain weak. Downside risks for the banking sector remain high and pressure on banks’ credit profiles elevated, due to financial stability risks and macroeconomic vulnerabilities.
BNA’s BSR of ‘c’ (CI does not append ‘+/-’ modifiers to BSRs in the ‘c’ category) is derived from a CFS rating of ‘b’ and an OPERA of ‘c+’, with the latter indicating significant risk. The BSR incorporates CI’s assessment of BNA’s capacity to withstand sovereign-linked economic and financial stress. In a sovereign event, in common with peers, the Bank’s liquidity position would be impacted.
BNA’s ESL of Moderate balances the weak financial strength of the sovereign against the strong willingness of the government to assist the Bank in the event of need. The latter reflects the government’s majority ownership of BNA and its systemic importance, controlling a significant share of sector assets.
BNA’s significant market franchise in the Tunisian banking sector as the second-largest bank in the country is considered a credit strength. The CFS is also underpinned by BNA’s satisfactory level of operating income and profitability. Operating income is at a good level relative to average assets, driven by interest income from the loan book and government securities. The latter has risen over the past three years, in line with the increased government securities portfolio. The Bank’s net interest margin (NIM) is reasonable and widened slightly in 2025, but is impacted by a high cost of funds, which is the highest in the peer group. The ROAA is satisfactory and rose last year. The ROAA is of course subject to the low provision charges taken in respect of loans, and the weak coverage of NPLs should be borne in mind. Bank-only figures at end-June 2026 showed net profit 14% higher at TND156mn. Operating income rose by 4%, led by gains from the securities portfolio. The provision charge was similar to the corresponding period of 2025.
BNA’s principal credit challenges include the very high level of NPLs, together with low loan-loss coverage, a high level of Tunisian government securities with associated concentration risk, and still significant central bank funding, although we view this as stable funding. NPLs are significant. The NPL ratio, at 28%, is very high (twice that of the sector NPL ratio), and loan asset quality remains very weak. NPL coverage by provisions remains modest, partly due to the availability of official guarantees and collateral, and unprovided NPLs to equity is high. The large stock of NPLs reflects the weak economy and government-directed lending, together with exposure to problematic sectors such as manufacturing, agriculture, and industry. CI expects pressure on BNA’s loan asset quality metrics to remain despite some recovery and stability in the Tunisian economy. Banks must comply (theoretically) with an NPL ratio of 7% by end-2026. It would seem very unlikely that BNA will meet this requirement and moreover, government banks are likely to be exempted.
Government debt securities represent a high 31% of total assets and an elevated 2.9x equity, the highest in the peer group. Thus, there is significant concentration risk to the low-rated sovereign. The share of government claims in total banking assets has risen over the last few years, as the banking sector increased its lending to the government and the sovereign-bank nexus rose in Tunisia.
Liquidity is no longer a credit challenge. That said, BNA still has a significant reliance on funding from the central bank. Higher customer growth over recent years has improved the loan-to-deposit ratio (LDR). The latter remained elevated at end 2025, but strong growth (+11%) in customer deposits in H1 26 in association with flat loan growth resulted in the LDR falling to 95% at end June 2026. Central bank funding declined in H1 26, but still represented a high 17% of total assets. Other funding includes bonds issued on the local market, as well as loan facilities from agencies such as the EIB. The liquid assets ratio is high, reflecting the portfolio of government securities.
Capital ratios are high, in fact the highest in the peer group, although the capital base remains eroded by the shortfall in loan-loss provisions against NPLs, and hence buffers are limited. The total CAR was 22.1% at YE25, considerably above minimum requirements. The CAR is based on Basel I methodology for credit risk, and Basel II standardised for market and operational risks. BNA has some capital flexibility, but there is a lengthy decision-making process in agreeing strategies, particularly given the political environment. Substantial fresh capital was last injected by shareholders in 2019. Internal capital generation has been satisfactory.
Rating Outlook
The Outlook for LT FCR is Stable and is in line with CI’s internal assessment of sovereign credit risk for Tunisia. CI expects BNA to maintain its overall financials commensurate with its current ratings.
Rating Dynamics: Upside Scenario
A revision of the Outlook to Positive, or a rating upgrade, would need to be preceded by an upward revision of our internal assessment of sovereign credit risk for Tunisia, all other factors remaining unchanged.
Rating Dynamics: Downside Scenario
The Outlook could be revised to Negative or the ratings reduced by one notch in the next 12 months if the operating environment and/or economy deteriorate beyond our baseline scenario, negatively impacting the Bank’s financial profile. The CFS could under pressure if unprovided to NPLs increased and/or loan asset quality deteriorated further.
Contact
Primary Analyst: Darren Stubing, Senior Credit Analyst; E-mail: ...
Secondary Analyst: Karti Inamdar, Senior Credit Analyst
Committee Chairperson: Morris Helal, Senior Credit Analyst
About the ratings
The credit ratings have been issued by Capital Intelligence Ratings Ltd, P.O. Box 53585, Limassol 3303, Cyprus.
The following information source was used to prepare the credit ratings: public information. Financial data and metrics have been derived by CI from the rated entity’s financial statements for FY2022-25. CI may also have relied upon non-public financial information provided by the rated entity and may also have used financial information from credible, independent third-party data providers.
CI considers the quality of information available on the rated entity to be satisfactory for the purposes of assigning and maintaining credit ratings. CI does not audit or independently verify information received during the rating process.
The principal methodology used to determine the ratings is the Bank Rating Methodology, dated 3 April 2019. For the methodology and our definition of default see Information on rating scales and definitions and the time horizon of rating outlooks can be found at Historical performance data, including default rates, are available from a central repository established by ESMA (CEREP) at
This rating action follows a scheduled periodic (annual) review of the rated entity. Ratings on the entity were first released in March 1994. The ratings were last updated in October 2025. The ratings and rating outlook were disclosed to the rated entity prior to publication and were not amended following that disclosure.
The ratings have been initiated by CI. The following scheme is therefore applicable in accordance with EU regulatory guidelines.
Unsolicited Credit Rating
With Rated Entity or Related Third Party Participation:No
With Access to Internal Documents: No
With Access to Management: No
Conditions of Use and General Limitations
The information contained in this publication including opinions, views, data, material and ratings may not be copied, distributed, altered or otherwise reproduced, in whole or in part, in any form or manner by any person except with the prior written consent of Capital Intelligence Ratings Ltd (hereinafter “CI”). All information contained herein has been obtained from sources believed to be accurate and reliable. However, because of the possibility of human or mechanical error or other factors by third parties, CI or others, the information is provided “as is” and CI and any third-party providers make no representations, guarantees or warranties whether express or implied regarding the accuracy or completeness of this information.
Without prejudice to the generality of the foregoing, CI and any third-party providers accept no responsibility or liability for any losses, errors or omissions, however caused, or for the results obtained from the use of this information. CI and any third-party providers do not accept any responsibility or liability for any damages, costs, expenses, legal fees or losses or any indirect or consequential loss or damage including, without limitation, loss of business and loss of profits, as a direct or indirect consequence of or in connection with or resulting from any use of this information.
Credit ratings and credit-related analysis issued by CI are current opinions as of the date of publication and not statements of fact. CI’s credit ratings provide a relative ranking of credit risk. They do not indicate a specific probability of default over any given time period. The ratings do not address the risk of loss due to risks other than credit risk, including, but not limited to, market risk and liquidity risk. CI’s ratings are not a recommendation to purchase, sell, or hold any security and do not comment as to market price or suitability of any security for a particular investor. Further information on the attributes and limitations of ratings can be found in the applicable methodology or else at
The information contained in this publication does not constitute investment or financial advice. As the ratings and analysis are opinions of CI they should be relied upon to a limited degree and users of this information should conduct their own risk assessment and due diligence before making any investment or other business decisions.
Copyright © Capital Intelligence Ratings Ltd 2026
Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the Long-Term Foreign Currency Rating (LT FCR) and Short-Term Foreign Currency Rating (ST FCR) of Banque Nationale Agricole (BNA) at ‘C+’ and ‘C’, respectively. At the same time, CI Ratings has affirmed BNA’s Bank Standalone Rating (BSR) at ‘c’, and the Core Financial Strength (CFS) at ‘b’. BNA’s Extraordinary Support Level (ESL) of Moderate has been affirmed. The Outlook for the LT FCR and BSR remains Stable.
BNA’s LT FCR is constrained by CI’s internal assessment of sovereign credit risk for Tunisia. The Stable Outlook for the LT FCR is in line with CI’s internal assessment of sovereign risk for Tunisia, reflecting signs of stabilising sovereign risk factors, albeit still at a very high level. The outlook takes into consideration the narrowing current account deficit, supported by an increase in agricultural exports and tourism receipts. However, external refinancing risks remain high, aggravated by large external financing needs and limited financing options given the absence of direct access to capital markets. Political risk remains elevated and public finances remain weak. Downside risks for the banking sector remain high and pressure on banks’ credit profiles elevated, due to financial stability risks and macroeconomic vulnerabilities.
BNA’s BSR of ‘c’ (CI does not append ‘+/-’ modifiers to BSRs in the ‘c’ category) is derived from a CFS rating of ‘b’ and an OPERA of ‘c+’, with the latter indicating significant risk. The BSR incorporates CI’s assessment of BNA’s capacity to withstand sovereign-linked economic and financial stress. In a sovereign event, in common with peers, the Bank’s liquidity position would be impacted.
BNA’s ESL of Moderate balances the weak financial strength of the sovereign against the strong willingness of the government to assist the Bank in the event of need. The latter reflects the government’s majority ownership of BNA and its systemic importance, controlling a significant share of sector assets.
BNA’s significant market franchise in the Tunisian banking sector as the second-largest bank in the country is considered a credit strength. The CFS is also underpinned by BNA’s satisfactory level of operating income and profitability. Operating income is at a good level relative to average assets, driven by interest income from the loan book and government securities. The latter has risen over the past three years, in line with the increased government securities portfolio. The Bank’s net interest margin (NIM) is reasonable and widened slightly in 2025, but is impacted by a high cost of funds, which is the highest in the peer group. The ROAA is satisfactory and rose last year. The ROAA is of course subject to the low provision charges taken in respect of loans, and the weak coverage of NPLs should be borne in mind. Bank-only figures at end-June 2026 showed net profit 14% higher at TND156mn. Operating income rose by 4%, led by gains from the securities portfolio. The provision charge was similar to the corresponding period of 2025.
BNA’s principal credit challenges include the very high level of NPLs, together with low loan-loss coverage, a high level of Tunisian government securities with associated concentration risk, and still significant central bank funding, although we view this as stable funding. NPLs are significant. The NPL ratio, at 28%, is very high (twice that of the sector NPL ratio), and loan asset quality remains very weak. NPL coverage by provisions remains modest, partly due to the availability of official guarantees and collateral, and unprovided NPLs to equity is high. The large stock of NPLs reflects the weak economy and government-directed lending, together with exposure to problematic sectors such as manufacturing, agriculture, and industry. CI expects pressure on BNA’s loan asset quality metrics to remain despite some recovery and stability in the Tunisian economy. Banks must comply (theoretically) with an NPL ratio of 7% by end-2026. It would seem very unlikely that BNA will meet this requirement and moreover, government banks are likely to be exempted.
Government debt securities represent a high 31% of total assets and an elevated 2.9x equity, the highest in the peer group. Thus, there is significant concentration risk to the low-rated sovereign. The share of government claims in total banking assets has risen over the last few years, as the banking sector increased its lending to the government and the sovereign-bank nexus rose in Tunisia.
Liquidity is no longer a credit challenge. That said, BNA still has a significant reliance on funding from the central bank. Higher customer growth over recent years has improved the loan-to-deposit ratio (LDR). The latter remained elevated at end 2025, but strong growth (+11%) in customer deposits in H1 26 in association with flat loan growth resulted in the LDR falling to 95% at end June 2026. Central bank funding declined in H1 26, but still represented a high 17% of total assets. Other funding includes bonds issued on the local market, as well as loan facilities from agencies such as the EIB. The liquid assets ratio is high, reflecting the portfolio of government securities.
Capital ratios are high, in fact the highest in the peer group, although the capital base remains eroded by the shortfall in loan-loss provisions against NPLs, and hence buffers are limited. The total CAR was 22.1% at YE25, considerably above minimum requirements. The CAR is based on Basel I methodology for credit risk, and Basel II standardised for market and operational risks. BNA has some capital flexibility, but there is a lengthy decision-making process in agreeing strategies, particularly given the political environment. Substantial fresh capital was last injected by shareholders in 2019. Internal capital generation has been satisfactory.
Rating Outlook
The Outlook for LT FCR is Stable and is in line with CI’s internal assessment of sovereign credit risk for Tunisia. CI expects BNA to maintain its overall financials commensurate with its current ratings.
Rating Dynamics: Upside Scenario
A revision of the Outlook to Positive, or a rating upgrade, would need to be preceded by an upward revision of our internal assessment of sovereign credit risk for Tunisia, all other factors remaining unchanged.
Rating Dynamics: Downside Scenario
The Outlook could be revised to Negative or the ratings reduced by one notch in the next 12 months if the operating environment and/or economy deteriorate beyond our baseline scenario, negatively impacting the Bank’s financial profile. The CFS could under pressure if unprovided to NPLs increased and/or loan asset quality deteriorated further.
Contact
Primary Analyst: Darren Stubing, Senior Credit Analyst; E-mail: ...
Secondary Analyst: Karti Inamdar, Senior Credit Analyst
Committee Chairperson: Morris Helal, Senior Credit Analyst
About the ratings
The credit ratings have been issued by Capital Intelligence Ratings Ltd, P.O. Box 53585, Limassol 3303, Cyprus.
The following information source was used to prepare the credit ratings: public information. Financial data and metrics have been derived by CI from the rated entity’s financial statements for FY2022-25. CI may also have relied upon non-public financial information provided by the rated entity and may also have used financial information from credible, independent third-party data providers.
CI considers the quality of information available on the rated entity to be satisfactory for the purposes of assigning and maintaining credit ratings. CI does not audit or independently verify information received during the rating process.
The principal methodology used to determine the ratings is the Bank Rating Methodology, dated 3 April 2019. For the methodology and our definition of default see Information on rating scales and definitions and the time horizon of rating outlooks can be found at Historical performance data, including default rates, are available from a central repository established by ESMA (CEREP) at
This rating action follows a scheduled periodic (annual) review of the rated entity. Ratings on the entity were first released in March 1994. The ratings were last updated in October 2025. The ratings and rating outlook were disclosed to the rated entity prior to publication and were not amended following that disclosure.
The ratings have been initiated by CI. The following scheme is therefore applicable in accordance with EU regulatory guidelines.
Unsolicited Credit Rating
With Rated Entity or Related Third Party Participation:No
With Access to Internal Documents: No
With Access to Management: No
Conditions of Use and General Limitations
The information contained in this publication including opinions, views, data, material and ratings may not be copied, distributed, altered or otherwise reproduced, in whole or in part, in any form or manner by any person except with the prior written consent of Capital Intelligence Ratings Ltd (hereinafter “CI”). All information contained herein has been obtained from sources believed to be accurate and reliable. However, because of the possibility of human or mechanical error or other factors by third parties, CI or others, the information is provided “as is” and CI and any third-party providers make no representations, guarantees or warranties whether express or implied regarding the accuracy or completeness of this information.
Without prejudice to the generality of the foregoing, CI and any third-party providers accept no responsibility or liability for any losses, errors or omissions, however caused, or for the results obtained from the use of this information. CI and any third-party providers do not accept any responsibility or liability for any damages, costs, expenses, legal fees or losses or any indirect or consequential loss or damage including, without limitation, loss of business and loss of profits, as a direct or indirect consequence of or in connection with or resulting from any use of this information.
Credit ratings and credit-related analysis issued by CI are current opinions as of the date of publication and not statements of fact. CI’s credit ratings provide a relative ranking of credit risk. They do not indicate a specific probability of default over any given time period. The ratings do not address the risk of loss due to risks other than credit risk, including, but not limited to, market risk and liquidity risk. CI’s ratings are not a recommendation to purchase, sell, or hold any security and do not comment as to market price or suitability of any security for a particular investor. Further information on the attributes and limitations of ratings can be found in the applicable methodology or else at
The information contained in this publication does not constitute investment or financial advice. As the ratings and analysis are opinions of CI they should be relied upon to a limited degree and users of this information should conduct their own risk assessment and due diligence before making any investment or other business decisions.
Copyright © Capital Intelligence Ratings Ltd 2026
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