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CENTRAL BANK of TUNISIA Annual Report on Banking Supervision

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CENTRAL BANK of TUNISIA Annual Report on Banking Supervision 2017RAPPORT SUR LA SUPERVISION BANCAIRE 2017 CENTRAL BANK OF TUNISIA Annual Report on Banking Supervision December 2018 ANNUAL REPORT ON BANKING SUPERVISION 2017 TABLE OF CONTENT NOTE OF THE GOVERNOR ................................................................................................ 4 CHAPTER 1: TREND IN THE REGULATORY, PRUDENTIAL AND OPERATIONAL FRAMEWORK AND THE SUPEPRVISION ACTIVITY ............................................... 6 SECTION I- STRENGTHENING THE REGULATORY, PPRUDENTIAL AND OPERTIONAL FRAMEWORK OF THE BANKING SUPERVISION ....................................................................................................................................................................... 6 SECTION II- INTERNATIONAL COOPERATION ............................................................................................................................ 15 SECTION III- BANKING SUPERVISION ACTIVITY .................................................................................................................. 17 CHAPTER 2: STRUCTURE AND PHYSIONOMY OF THE BANKING SECTOR .... 22 SECTION I- STRUCTURE OF THE BANKING SECTOR PER TYPE OF ACTIVITY .............................................................. 22 SECTION II- STRUCTURE OF THE BANKING SECTOR PER TYPE OF SHAREHOLDING ............................................... 23 SECTION III- ANALYSIS OF THE BANKING SECTOR CONCENTRATION ......................................................................... 25 SECTION IV- USE OF THE BANKING SYSTEM ........................................................................................................................... 27 CHAPTER 3: ACTIVITY AND FINANCIAL SITUATION OF BANKS AND FINANCIAL INSTITUTIONS .................................................................................................................... 29 SECTION I- ANALYSIS OF RESIDENT BANKS’ BALANCE-SHEET STRUCTURE ............................................................... 29 SECTION II- ACTIVITY AND FINANCIAL SITUATION OF RESIDENT BANKS................................................................... 29 SECTION III- ACTIVITY AND FINANCIAL SITUATION OF BANKS CARRYING OUT ISLAMIC OPERATIONS (ISB)..44 SECTION IV- ACTIVITY AND FINANCIAL SITUATTION OF LEASING INSTITUTIONS ................................................. 47 SECTION V- NON-RESIDENT BANKS’ ACTIVITY AND FINANCIAL SITUATION .............................................................. 53 APPENDICES ........................................................................................................................ 58 1 ANNUAL REPORT ON BANKING SUPERVISION 2017 LISTE OF APPENDICES Appendice 1 : General Department of baking supervision’s organizational chart ...................................................... 59 Appendice 2 : Main indicators of the Tunisian banking sector .................................................................................... 60 Appendice 3 : Balance-sheet, off-balance-sheet commitment and statement of result of resident-banks .................... 61 Appendice 4 : Balance-sheet, and statement of result of leasing institutions ............................................................... 64 Appendice 5 : Balance-sheet, off-balance-sheet commitment and statement of result of non-resident banks.............. 66 Appendice 6 : Trend in average effective rates per financing category 2007-2017 ..................................................... 68 Appendice 7: Trend in global effective rate by category of financing and by bank and financial institution over 2017 ..................................................................................................................................... 69 Appendice 8 : Breakdown by region, governorate and bank branches’ network as at 31/12/2017 ............................. 71 Appendice 9 : Breakdown by region, by governorate and by leasing institution of bank branch network up to 31/12/2017.................................................................................................................................................................... 72 Appendice 10 : Trend in TUNINDEX and TUNBANK indexes .................................................................................... 73 2 ANNUAL REPORT ON BANKING SUPERVISION 2017 LISTE DES ABRÉVIATIONS ARP Assemblée des Représentants du Peuple BCT Banque Centrale de Tunisie BEF Banques et Etablissements Financiers BIS Banques s’adonnant à des opérations islamiques CAC Commissaire Aux Comptes CMF Conseil du Marché Financier DGSB Direction Générale de la Supervision Bancaire FMA Fonds Monétaire Arabe FMI Fonds Monétaire International FSB Conseil de la Stabilité Financière GAFI Groupe d'Action Financière IADI L'Association Internationale de Protection des Dépôts ICAAP Internal Capital Adequacy Assessment Process IHH Indice Herfindhal-Hirshman IRRBB Interest Rate Risk in the Banking Book LBA/FT Lutte contre le Blanchiment d’Argents et le Financement du Terrorisme LCR Liquidity Coverage Ratio MD Millions de Dinars md Mille Dinars NSFR Net Stable Funding Ratio PME Petites et Moyennes Entreprises PNB Produit Net Bancaire SNI Système de Notation Interne TEG Taux Effectif Global TMM Taux Moyen Mensuel du Marché Monétaire TPE Très Petites Entreprises 3 ANNUAL REPORT ON BANKING SUPERVISION 2017 Note of the Governor Over 2017, the banking activity was marked by a sharp progress in the lending activity with a double-digit increase of some 12%, a rate that has not been recorded since 2010. This was in a context characterized by ongoing economic difficulties, a virtual stand-still in the effort to raise deposits in dinar (8.3%) and a sharp tightening of bank liquidity. To bridge the gap of resources needed to accompany the important effort of additional financing, banks had to intensify recourse to the Central Bank of Tunisia’s financing, leading to high exposure of banks to transformation risk, as shown through the ongoing deterioration of the « Credit/Deposit » ratio which was around 130% at the end of 2017 compared to 122% at the end of 2016 and 110% at the end of 2013. The major local banks, including public ones, managed to significantly improve their profitability indicators for the second year in a row thanks to an increase in the money market rate, the ongoing control of credit risk and the important income from Treasury bonds portfolio and foreign exchange gains. Concurrently, the sector’s financial soundness indicators pursued their firming up as shown through the 2-percentage point decrease in non-performing loans, coming at below 14%, stabilization of these claims’ provisioning rate at about 57% and the increase in the banking sector’s overall solvency ratio by 0.6 percentage point, coming in at around 12% thanks to the sector’s better profitability. Yet, and despite firmed up performance indicators by the banking sector, the liquidity risk went up in line with excessive maturity transformation. Furthermore, an introduction, as of 2018, of a new macro-prudential norm, proves necessary to lead banks to progressively reduce their « Credit/Deposit » ratio with a view to better mastering their transformation risk and improving their assets-liability management. As for the restructuring of three public banks, and though 2017 had been marked by set up of new organizations, this process has not yet reached its cruising speed mainly with the delay in the information systems’ set up, risk management mechanism development and effective implementation of resolution plans for non-performing loans. On another level, reconfiguration the banking system starts to take shape in 2017, though timidly, through a leasing company’s merger- absorption of its factoring subsidiary and start up, by the State, of the process of withdrawal from the capital in three banks. 4 ANNUAL REPORT ON BANKING SUPERVISION 2017 This process which will undoubtedly be speeded up over the forthcoming years, reflects on the one hand the State willingness to rationalize its presence in the banking sector and on the other hand tightening of the regulatory and prudential requirements governing the banking activity as well as the deep-seated changes that the banking profession is witnessing in line with the technological innovation and the high digitalization of the financial services. The momentum of reforms was pursued in 2017, in compliance with the five-year plan of the banking supervision 2016-2020, against the backdrop of convergence towards international standards and the establishment of transparency, sound governance and ethics principles in management of banking institutions. The 2017 financial year and early 2018 one, which was marked by review for the third time in a row as of 2013 of the circular governing management of risk tied to money laundering and terrorism financing, reveals the BCT willingness to adopt the best practices and gain effectiveness by establishing a risk-based oversight to maintain integrity of the banking sector. At the prudential level, the BCT set up in June 2018 a single regulatory framework of reference for capital adequacy standards similar to what is practiced by all the regulators. This framework defines the fund requirements with respect to «credit, operational and market» risks as per the first pillar of Basel 2 on a social basis. Correlatively with this process and given the interconnection between Basel requirements and IFRS accounting standards, the BCT has, as of 2017, relaunched the project of the adoption of IFRS standards by banks and financial
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