Banque de Tunisie – Ratings Affirmed with Stable Outlook
(MENAFN- Capital Intelligence Ltd) 23 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 de Tunisie (BT or the Bank) at ‘C+’ and ‘C’, respectively. At the same time, CI Ratings has affirmed BT’s Bank Standalone Rating (BSR) of ‘c’, Core Financial Strength (CFS) rating of ‘bb-’ and Extraordinary Support Level (ESL) of Moderate. The Outlook for the LT FCR and the BSR remains Stable.
BT’s LT FCR and BSR are 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 tentative signs of stabilising sovereign risk factors, albeit still at a 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 is elevated due to financial stability risks and macroeconomic vulnerabilities.
BT’s BSR of ‘c’ (CI does not append ‘+/-’ modifiers to BSRs in the ‘c’ category) is derived from a CFS rating of ‘bb-’, an Operating Environment Risk Anchor (OPERA) of ‘c+’ (indicating significant risk), and CI’s assessment of the Bank’s capacity to withstand sovereign-linked economic and financial stress. In a sovereign event, the Bank’s liquidity, capital and asset quality would be negatively impacted, as would those of the banking sector.
The ESL is assessed as Moderate. We expect the Bank’s private shareholders to be the first supporter in case of need. Shareholders comprise principally local private investors, although 34% is owned by France’s Credit Industriel et Commercial de Paris Group. By assets, BT is the seventh-largest bank in Tunisia. Accordingly, the Bank would not be regarded as systemically important, in CI’s view.
The CFS is underpinned by the Bank’s relatively good loan asset quality, high and consistent profitability, a solid capital position, and the presence of Credit Mutuel-CIC as an important shareholder. The CFS also takes into account the difficult operating environment, a competitive banking sector, and limited financial disclosure with accounting based on Tunisian standards (as is the case for the sector).
The level of NPLs is satisfactory. However, NPLs rose by 26% in 2025, indicating still challenging credit conditions in Tunisia. The NPL ratio, at 6.1%, is well below the sector NPL ratio of around 14%. The Bank has strong (more than full) loan-loss reserve coverage in place against NPLs, although lower in 2025. BT generates a very good level of operating profit and, in turn, has sound capacity to absorb more provisioning expenses if needed. Credit risks will remain elevated due to the still weak Tunisian economy and the challenging operating environment. Nonetheless, BT has done well over the years, maintaining reasonably good loan asset quality. Treasury bills and government bonds represented 59% of total equity for BT, a level below CI-rated peer banks. The share of government claims in total banking assets has risen to around 21% as the banking sector increased its lending to the government and the sovereign-bank nexus rose in Tunisia.
BT’s earnings strength in terms of revenue generation is good. Operating profit on average assets is high – the second-highest in the peer group, and ROAA is the highest in the peer group of the eight CI-rated banks in Tunisia. The Bank has long maintained amongst the best profitability ratios in the peer group and the sector. Operating income on average assets remains at a high level. Margins are sound, aided by a well-performing asset base, and operating efficiency is very good, despite the higher-than-average increase in Opex in 2025. The Bank’s interest income is driven by its loan activities, with the loan book continuing to perform relatively well. BT has a diversified revenue stream channelled from various sources, including fee and commission income, securities, and insurance. We expect BT’s operating income and operating profit to remain above the peer average. This is also the case with ROAA. For bank-only results in H1 26, operating income was 12% higher. Net profit rose by 12.5% to TND96mn. Net interest improved aided by a fall in interest expenses, with margins remaining sound. We do not believe BT will be impacted to any significant degree by the requirement to provide interest-free loans amounting to at least 8% of the previous year’s net profit to micro, small and medium-sized enterprises.
Capital ratios are considered solid, with the total CAR (16.2%) comfortably above regulatory requirements (10.0%). However, the CAR is largely based on Basel I. The overall capital position of the Bank currently provides some capacity to absorb shocks. The ratio of total capital to total assets is solid at above 17%. BT has some capital flexibility. Shareholders would be expected to participate in any core capital raising if necessary. Increase in paid-up capital in recent years has come from the capitalisation of reserves. BT could issue subordinated debt qualifying as supplementary capital, but this would not be loss absorbing. Internal capital generation is satisfactory, aided by the Bank’s good profitability.
Liquidity and funding are viewed as satisfactory. The customer deposit base has recorded generally good growth over the past few years, and contributes around three-quarters of total funding and equity. Liquidity ratios are satisfactory. BT’s level of liquid assets is adequate, although lower in 2025. The broad liquid asset ratio was healthy, and the liquidity coverage ratio was good at 240%. Capital is a major funding support for the Bank. Liquidity remained satisfactory at end-H1 26.
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 BT to maintain its overall financials at a satisfactory level over the next 12 months.
Rating Dynamics: Upside Scenario
The ratings may be raised or the Outlook revised to Positive in the next 12 months, but this would require further improvement in the operating environment and would need to be preceded by a similar rating action on the sovereign, 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 base line scenario, negatively impacting BT’s financial profile. This is considered unlikely.
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 sources were used to prepare the credit ratings: public information and information provided by the rated entity. 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 January 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 de Tunisie (BT or the Bank) at ‘C+’ and ‘C’, respectively. At the same time, CI Ratings has affirmed BT’s Bank Standalone Rating (BSR) of ‘c’, Core Financial Strength (CFS) rating of ‘bb-’ and Extraordinary Support Level (ESL) of Moderate. The Outlook for the LT FCR and the BSR remains Stable.
BT’s LT FCR and BSR are 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 tentative signs of stabilising sovereign risk factors, albeit still at a 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 is elevated due to financial stability risks and macroeconomic vulnerabilities.
BT’s BSR of ‘c’ (CI does not append ‘+/-’ modifiers to BSRs in the ‘c’ category) is derived from a CFS rating of ‘bb-’, an Operating Environment Risk Anchor (OPERA) of ‘c+’ (indicating significant risk), and CI’s assessment of the Bank’s capacity to withstand sovereign-linked economic and financial stress. In a sovereign event, the Bank’s liquidity, capital and asset quality would be negatively impacted, as would those of the banking sector.
The ESL is assessed as Moderate. We expect the Bank’s private shareholders to be the first supporter in case of need. Shareholders comprise principally local private investors, although 34% is owned by France’s Credit Industriel et Commercial de Paris Group. By assets, BT is the seventh-largest bank in Tunisia. Accordingly, the Bank would not be regarded as systemically important, in CI’s view.
The CFS is underpinned by the Bank’s relatively good loan asset quality, high and consistent profitability, a solid capital position, and the presence of Credit Mutuel-CIC as an important shareholder. The CFS also takes into account the difficult operating environment, a competitive banking sector, and limited financial disclosure with accounting based on Tunisian standards (as is the case for the sector).
The level of NPLs is satisfactory. However, NPLs rose by 26% in 2025, indicating still challenging credit conditions in Tunisia. The NPL ratio, at 6.1%, is well below the sector NPL ratio of around 14%. The Bank has strong (more than full) loan-loss reserve coverage in place against NPLs, although lower in 2025. BT generates a very good level of operating profit and, in turn, has sound capacity to absorb more provisioning expenses if needed. Credit risks will remain elevated due to the still weak Tunisian economy and the challenging operating environment. Nonetheless, BT has done well over the years, maintaining reasonably good loan asset quality. Treasury bills and government bonds represented 59% of total equity for BT, a level below CI-rated peer banks. The share of government claims in total banking assets has risen to around 21% as the banking sector increased its lending to the government and the sovereign-bank nexus rose in Tunisia.
BT’s earnings strength in terms of revenue generation is good. Operating profit on average assets is high – the second-highest in the peer group, and ROAA is the highest in the peer group of the eight CI-rated banks in Tunisia. The Bank has long maintained amongst the best profitability ratios in the peer group and the sector. Operating income on average assets remains at a high level. Margins are sound, aided by a well-performing asset base, and operating efficiency is very good, despite the higher-than-average increase in Opex in 2025. The Bank’s interest income is driven by its loan activities, with the loan book continuing to perform relatively well. BT has a diversified revenue stream channelled from various sources, including fee and commission income, securities, and insurance. We expect BT’s operating income and operating profit to remain above the peer average. This is also the case with ROAA. For bank-only results in H1 26, operating income was 12% higher. Net profit rose by 12.5% to TND96mn. Net interest improved aided by a fall in interest expenses, with margins remaining sound. We do not believe BT will be impacted to any significant degree by the requirement to provide interest-free loans amounting to at least 8% of the previous year’s net profit to micro, small and medium-sized enterprises.
Capital ratios are considered solid, with the total CAR (16.2%) comfortably above regulatory requirements (10.0%). However, the CAR is largely based on Basel I. The overall capital position of the Bank currently provides some capacity to absorb shocks. The ratio of total capital to total assets is solid at above 17%. BT has some capital flexibility. Shareholders would be expected to participate in any core capital raising if necessary. Increase in paid-up capital in recent years has come from the capitalisation of reserves. BT could issue subordinated debt qualifying as supplementary capital, but this would not be loss absorbing. Internal capital generation is satisfactory, aided by the Bank’s good profitability.
Liquidity and funding are viewed as satisfactory. The customer deposit base has recorded generally good growth over the past few years, and contributes around three-quarters of total funding and equity. Liquidity ratios are satisfactory. BT’s level of liquid assets is adequate, although lower in 2025. The broad liquid asset ratio was healthy, and the liquidity coverage ratio was good at 240%. Capital is a major funding support for the Bank. Liquidity remained satisfactory at end-H1 26.
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 BT to maintain its overall financials at a satisfactory level over the next 12 months.
Rating Dynamics: Upside Scenario
The ratings may be raised or the Outlook revised to Positive in the next 12 months, but this would require further improvement in the operating environment and would need to be preceded by a similar rating action on the sovereign, 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 base line scenario, negatively impacting BT’s financial profile. This is considered unlikely.
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 sources were used to prepare the credit ratings: public information and information provided by the rated entity. 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 January 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
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Comments
No comment