Qatar National Bank Tunisie (QNB), Tunisian-Kuweitian bank offering commercial and Islamic banking services has announced that next October 30, it will hold an extraordinary general assembly. At this occasion, the lender’s authorities will assess the decision to approve a capital increase, by 98.4 million Tunisian dinars ($40 million).

To increase its capital, the lender plans to issue 9.8 million new shares, at a unit price of 10 dinars. Thus, the capital which currently stands at 160 million dinars will rise to 258.4 million dinars.

QNB published its financial results on December 31, 2016, recording a net loss of 33.36 million Tunisian dinars. Its net banking product for its part slumped by 14.3% from 40.5 million dinars in 2015, to 34.7 million dinars in 2016.

Given these poor performances, the announced capital increase should help the lender reposition itself in the Tunisian banking market.

Chamberline Moko