Wifak International Bank Sees Remarkable Progress in Tunisia's Banking Sector
According to the latest edition of the Tunisia Values Research Review, Wifak International Bank has made significant strides in the listed banking sector, with a 24% increase in its commitments, reaching 995.9 million Tunisian dinars (Mtnd) by the end of April 2024, surpassing the Tunisian Bank (BTE) for the first time. Mohamed Hédi Ben Ayed, the main shareholder holding 40% of the capital along with other entities, has taken the lead, surpassing the Islamic Development Bank's subsidiary, SID, which holds 30%. Although the Capital Market Authority (CMF) announced a mandatory takeover bid at a price of 7,200 Tnd per share in 2023, this procedure remains suspended pending approval from the Central Bank of Tunisia (BCT) for the new reference shareholder.
Meanwhile, the Tunisian Bank (BT) has continued its commercial momentum started in 2022, with a 10% increase in its loan portfolio, reaching 5.8 billion dinars. This growth has, however, pushed its regulatory transformation ratio to 109.4%, one of the lowest in Tunisia. The bank is also engaging in strategic reflection, assisted by its main shareholder and an external consulting firm, to achieve ambitious development objectives.
On the other hand, Attijari Bank has shown more moderate progress, with a 5.5% increase in its loans, exceeding 7 billion dinars. Thanks to effective resource mobilization, its global transformation ratio has improved by 1.3 points, reaching 69%. Although this ratio remains among the lowest in the sector, it offers the bank significant growth potential as soon as the economy shows signs of recovery.
