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Ethiopia - NIB International Bank nets 75.6 million birr
By Addis Mulugeta
Addis Ababa, Ethiopia - NIB International Bank S.C held its 8th annual ordinary and 9th extraordinary general meetings of shareholders at the Sheraton Hotel on Saturday, November 24, 2007.
Ato Lemma Haile Giorgis, chairman of the board of directors, stated to the shareholders during the meeting that the profit of NIB International Bank before and after tax stood at birr 105.4 million and 75.6 million respectively. The Bank managed to generate total revenues of birr 207.5 million during the reported period, exhibiting an increase of 31.2 percent compared to the total revenue realized in the preceding year. The aggregate expenses of the bank, including provision for doubtful debts for 2006/7 financial year, reached birr 102.2 million, exceeding that of the previous financial year by 30.1 percent.
Ato Lemma also said that the total assets of the bank reached birr 2.6 billion which exceeded the preceding year by 28.6 percent by the end by of June 2007. The aggregate deposits mobilized by the bank went up by 29.4 percent from the previous year’s birr 1.45 billion to birr 1.9 billion at the end of this financial year.
He articulated that such fundamental tasks as preparation and starting implementation of a five year business strategic plan, networking Star bank software in ten city branches, opening eight new branches in Addis Ababa and other regions, issuing new shares to the existing shareholders and to the public to strengthen the capital base have been accomplished, which enabled the bank to be a leader among the existing private banks.
At the closing of the financial year, the banks outstanding loans and advances showed a balance of birr 1.82 billion exhibiting an increase of 23.2 percent or birr 342.7 million when compared to the previous year.
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