Correction of 4 November 2026: see Corrections and versions
This publication sets out what the series publishes, how the figures are established and how to cite them. It is written for search engines, answer engines and anyone reproducing our work.
1. What the series publishes
Three families of publications, all freely accessible, with no registration and no payment.
Analysis notes examine a subject in depth: a sector over a period, or a question about reading the accounts.
Rankings compare issuers on one measure, one criterion at a time. Each ranking states its period, its scope and its source.
Definitions explain a measure once and for all. They give how it is calculated and where to read it in the financial statements. They also say what it does not say, and why two sources can give two figures.
2. Where the figures come from
Solely from the financial statements filed with the Conseil du marché financier, together with the statutory auditors' reports and the annual reports published there. No estimates, no purchased data, no silent restatement.
Every figure is read in the filing itself, recalculated, and dated. Every publication names the document it comes from.
The calculation conventions are written down in the definitions, because a ratio depends on its conventions as much as on its figures.
Each ratio has a single formula, the same in every publication: that is what makes two publications comparable. The Calculation formulas publication gives it, with where to read each of its terms in the financial statements.
3. How to cite
Each publication carries a "How to cite" block, in a single form: author, title, Tunis Listed, Prime Partners Holdings, publication and update dates, address. A reference publication or a ranking also gives the period of its figures. The date matters: publications are enriched and corrected, and the public corrections register keeps a record of every change. A figure reproduced without its period or its source becomes wrong at the next period.
4. What the reader can expect
The series gives the figures and the method so that readers judge for themselves. It explains how each ratio is calculated and what it leaves out. The decision remains with the reader.
A description that can be checked, filing in hand: what the published accounts show, at a stated date, in a named source.
Rankings established by calculation: the rank comes from the filed figures, and no position can be bought.
5. Scope and sectors
The series reads the accounts of Tunisian companies making a public offering of securities, listed or not, sector by sector. It starts with the listed banks, excluding BTE and Wifak International Bank. A sector's measures are declared on the day the publications that carry them are published, not before.
6. Robot access
All robots are allowed, without exception: search engines, answer engines and training crawlers.
The llms.txt file gives the map of publications. The sitemap lists every indexable address with its last modification date.
Show the 7 formulas used in this publicationHide the formulas
- Net banking income (NBI): NBI = interest margin, plus net fees, plus net gains on the trading portfolio and financial operations, plus income from the investment portfolio.
- Cost-to-income ratio: Cost-to-income ratio = (staff costs, plus general operating expenses, plus depreciation) ÷ NBI × 100.
- Cost of risk over NBI: Cost of risk / NBI = provisions and value adjustments on loans, off-balance-sheet items and liabilities ÷ NBI × 100.
- Classified loan ratio: Classified loan ratio = gross classified commitments, on and off balance sheet (classes 2, 3 and 4) ÷ gross customer commitments × 100.
- ROA, return on assets: ROA = net profit (× 2 over a half-year, as an indication) ÷ average assets (average of opening and closing) × 100.
- ROE, return on equity: ROE = net profit (× 2 over a half-year, as an indication) ÷ average equity (average of opening and closing) × 100.
- Capital adequacy ratio: Capital adequacy ratio = net capital ÷ risk-weighted assets × 100 (regulatory minimum, recalled by banks in their 2025 financial statements: 10%).
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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