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Kuwait Investment Projects Company: Tunis International Bank achieves $15 million net profits

Friday, 09 April 2010 16:14

Tunis International Bank (TIB) of the Kuwait Investment Projects Company (KIPC0) made net profits of some USD 15 million by the end of 2009, namely a gross revenue amounting to 20 percent of shareholders' equities , Deputy Chairman and Managing Director Mohammad Fiqih.

Dr. Fiqih added in a statement to KUNA that the bank's general assembly decided, in its ordinary session, recently held here distributing 20 percent of such profits as a capital revenue.

He also pointed out that TIB of holding KIPCO made such "encouraging results" thanks to its "conservative policy" on running its assets of loans and investment processes "in spite of the difficulties facing the banking sector at the world level due to the economic crisis arising from the subprime mortgage crisis." Dr. Fiqih also asserted that TIB has been set up with the help of some institutions that are subsidiary of KIPCO as well the United Gulf Financial Services - North Africa (UGFS - North Africa), pointing out that this new company runs the bank's assets and its investment portfolios.

He also revealed that the company managed -- in a comparatively short span of time -- to set up two funds, the first is "Tunisian Equities Fund" at a value of TND 8 million amounting to some USD 6.153 million and the second is "Tunisian Fund for Development" at a value of TND 15 million amounting to some USD 11.5 million.
The banking official went on to say that the company is about to set up a third fund under the name of "Tunisian Fund for Upgrading" at a value of TND 15 million amounting to some USD 19.23 million (1 TND = USD 0.7).

Further, Deputy Chairman and Managing Director of TIB stressed the bank keenness on working hard in the current fiscal year 2010 "which is not much different from its previous" in order to offer best services and ensure liquidity for its clientele and satisfactory returns for its shareholders." He also shed light on the "significant role" played by TIB in its capacity as a shareholder in the Gulf Algeria Bank in order to help Tunisian companies investing in the Algerian market. This comes as part of the bank's efforts aiming at expanding its financial and investment activities in Northern Africa according to the strategy applied by the KIPCO group in this region.

The KIPCO is a pioneering company of outstanding and various investment activities in Middle East and Northern Africa as it contributed through its several branches to a lot of projects covering many economic sectors, particularly on financial services and modern telecommunications. (KUNA)

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