Two other private Tunisian banks have reported disappointing results. On 30 January, privately-owned Banque de Tunisie (BT)announced a marginal four per cent rise in profits to TD 30 million ($23.3 million), and on 31 January, Tunisian-French Union Bancaire pour le Commerce et l’Industrie (UBCI), announced a 59 per cent fall in profits to TD 7.5 million ($5.8 million). Average profits for Tunisia’s ten biggest banks fell 8.3 per cent in the first half of 2002, and the decline was expected to worsen for the full year.