(Ecofin Agency) - In Tunisia, the operating expenses of Union bancaire pour le commerce et l’industrie (UBCI) reached TND43.4 million on March 31, 2019. On a year to year basis, this represents a 23.67% rise.
The bank explains that this is due to tax adjustment for the 2014-2016 fiscal years. In its 2018 financial report, UBCI indicates that in September 2018, it received a TND17.8 million tax adjustment from the tax administration.
An agreement was reached with the administration in March 2019 for the payment of TND6.5 million.
UBCI also adds that but for the tax adjustment, its operating expenses would have improved by 5.09% at end March 2019.
Its net banking product rose by 14.67% year on year to reach TND61.5 million thanks to interest incomes and commissions.