Update of 30 October 2026: see Corrections and versions
1. How to read this publication
A measure has a single formula, the same for every company in a sector and for every publication in the library. Notes, rankings and bricks use it word for word.
Each term is read in the financial statements filed with the Financial Market Council (CMF): the income statement, the balance sheet or their notes. A ratio is multiplied by 100 to be written as a percentage.
Over a half-year, some measures set a six-month flow against a stock: they are then annualised, as an indication, and the formula says so.
Each formula points to the library brick that explains the measure, compares it across companies and redoes the calculation step by step.
2. Banks
Size
Total assets
Formula. Total assets = balance sheet total at the closing date, as published.
Where to read the terms balance sheet (total assets).
Income
Net banking income (NBI)
Formula. NBI = interest margin, plus net fees, plus net gains on the trading portfolio and financial operations, plus income from the investment portfolio.
Where to read the terms income statement.
Further reading Bank net banking income: the brick, with the comparison across companies and the step-by-step calculation
NBI growth
Formula. NBI growth = (NBI for the period − NBI for the same period a year earlier) ÷ NBI for the same period a year earlier × 100.
Where to read the terms income statement, current and comparative columns.
Further reading Net banking income growth of a bank: the brick, with the comparison across companies and the step-by-step calculation
Interest margin
Formula. Interest margin = interest and similar income − interest expense and similar charges.
Where to read the terms income statement.
Further reading Net interest margin of a bank: the brick, with the comparison across companies and the step-by-step calculation
Share of fees in NBI
Formula. Share of fees = net fees ÷ NBI × 100.
Where to read the terms income statement.
Further reading Fees and operating expenses of a bank: the brick, with the comparison across companies and the step-by-step calculation
Weight of the investment portfolio
Formula. Weight of the investment portfolio = income from the investment portfolio ÷ banking operating income × 100.
Where to read the terms income statement.
Portfolio / total assets
Formula. Portfolio / total assets = investment portfolio ÷ total assets × 100.
Where to read the terms balance sheet (investment portfolio, total assets).
Efficiency
Cost-to-income ratio
Formula. Cost-to-income ratio = (staff costs, plus general operating expenses, plus depreciation) ÷ NBI × 100.
Where to read the terms income statement.
Further reading Cost-to-income ratio of a bank: the brick, with the comparison across companies and the step-by-step calculation
Coverage of operating expenses by fees
Formula. Coverage of operating expenses = net fees ÷ operating expenses × 100.
Where to read the terms income statement.
Further reading Fees and operating expenses of a bank: the brick, with the comparison across companies and the step-by-step calculation
Risk
Cost of risk over NBI
Formula. Cost of risk / NBI = provisions and value adjustments on loans, off-balance-sheet items and liabilities ÷ NBI × 100.
Where to read the terms income statement.
Further reading Cost of risk of a bank: the brick, with the comparison across companies and the step-by-step calculation
Cost of risk over average loans
Formula. Cost of risk / loans = provisions on loans, off-balance-sheet items and liabilities (annualised over a half-year) ÷ average customer loans × 100.
Where to read the terms income statement and balance sheet (customer loans).
Further reading Cost of risk of a bank: the brick, with the comparison across companies and the step-by-step calculation
Classified loan ratio
Formula. Classified loan ratio = gross classified commitments, on and off balance sheet (classes 2, 3 and 4) ÷ gross customer commitments × 100.
Where to read the terms notes to the financial statements: commitments by risk class.
Further reading Classified loans and coverage of a bank: the brick, with the comparison across companies and the step-by-step calculation
Coverage ratio of classified loans
Formula. Coverage ratio = (provisions on classified loans, additional provisions included, plus reserved interest) ÷ gross classified loans × 100.
Where to read the terms notes to the financial statements: customer loans (reserved interest, individual and additional provisions).
Further reading Classified loans and coverage of a bank: the brick, with the comparison across companies and the step-by-step calculation
Funding
Loan-to-deposit ratio
Formula. Loan-to-deposit ratio = customer loans ÷ customer deposits × 100.
Where to read the terms balance sheet (assets: customer loans; liabilities: customer deposits).
Further reading Loan-to-deposit ratio of a bank: the brick, with the comparison across companies and the step-by-step calculation
Share of demand deposits
Formula. Share of demand deposits = demand deposits ÷ customer deposits × 100.
Where to read the terms notes to the financial statements: customer deposits.
Further reading Demand deposits of a bank: the brick, with the comparison across companies and the step-by-step calculation
Cost of funding
Formula. Cost of funding = interest incurred (annualised over a half-year) ÷ average third-party funding (total assets − equity) × 100.
Where to read the terms income statement and balance sheet.
Further reading Cost of funding of a bank: the brick, with the comparison across companies and the step-by-step calculation
Profitability
Net profit
Formula. Net profit = NBI − operating expenses − provisions on loans, off-balance-sheet items and liabilities − provisions on the investment portfolio ± other ordinary items − income tax ± extraordinary items.
Where to read the terms income statement.
Further reading Bank net income: the brick, with the comparison across companies and the step-by-step calculation
Change in net profit
Formula. Change in net profit = (net profit for the period − net profit a year earlier) ÷ net profit a year earlier × 100; not meaningful when the sign changes.
Where to read the terms income statement, current and comparative columns.
Further reading Bank net income: the brick, with the comparison across companies and the step-by-step calculation
ROA, return on assets
Formula. ROA = net profit (× 2 over a half-year, as an indication) ÷ average assets (average of opening and closing) × 100.
Where to read the terms income statement and balance sheet.
Further reading Bank ROA: the brick, with the comparison across companies and the step-by-step calculation
ROE, return on equity
Formula. ROE = net profit (× 2 over a half-year, as an indication) ÷ average equity (average of opening and closing) × 100.
Where to read the terms income statement and balance sheet.
Further reading Bank ROE: the brick, with the comparison across companies and the step-by-step calculation
Leverage
Formula. Leverage = average assets ÷ average equity; ROA × leverage = ROE.
Where to read the terms balance sheet.
Further reading Bank leverage: the brick, with the comparison across companies and the step-by-step calculation
Capital
Capital adequacy ratio
Formula. Capital adequacy ratio = net capital ÷ risk-weighted assets × 100 (regulatory minimum, recalled by banks in their 2025 financial statements: 10%).
Where to read the terms management report or notes to the financial statements (ratio published by the bank).
Further reading Capital adequacy ratio and Tier 1 of a bank: the brick, with the comparison across companies and the step-by-step calculation
Tier 1
Formula. Tier 1 = net core capital ÷ risk-weighted assets × 100 (regulatory minimum, recalled by banks in their 2025 financial statements: 7%).
Where to read the terms management report or notes to the financial statements (ratio published by the bank).
Further reading Capital adequacy ratio and Tier 1 of a bank: the brick, with the comparison across companies and the step-by-step calculation
3. All sectors
Placing a company within its sector
Weighted average
Formula. Weighted average = sum of the numerators of all companies ÷ sum of their denominators × 100.
Where to read the terms numerator and denominator of the ratio, read for each company in its financial statements.
Median
Formula. Median = middle value of the ratios ranked in order of size; for an even number of companies, average of the two middle values.
Where to read the terms each company’s ratio, calculated with the same formula.
4. Frequently asked questions
Why do two sources give two different coverage ratios for the same bank? Because some count only the provisions. The formula of the series adds reserved interest, published in the same note of the financial statements as the classified loans.
Does a bank’s cost of risk include provisions on the investment portfolio? No. It is limited to charges on loans, off-balance-sheet items and liabilities; the investment portfolio is a separate line of the income statement.
Why is net income multiplied by two over a half-year? To compare ROE and ROA with annual rates. The calculation is indicative: provisions and one-off items are not spread evenly between the two half-years.
Do the formulas apply to individual or consolidated accounts? To individual accounts, throughout the series: all banks are thus compared on the same basis.
Tunisian companies’ figures,
as soon as they are published
A note with each release of financial statements, and new guides. A confirmation email follows.
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