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Ethiopia - Nib mobilizes USD 245mln

By Kaleyesus Bekele

Source: The Reporter

Ethiopia's Nib International Bank (NIB) mobilized 245 million dollars in its foreign banking operation during the 2008-2009 fiscal year, Solomon Assefa, planning and business development manager, told The Reporter.

According to Solomon, the bank earned 154 million birr from international banking service operations. International Banking Department (IBD) contributed 37 percent of the total revenue of the bank. Solomon said the revenue earned from the sector increased by 55 percent. Nib earned a profit of 219.8 million birr during the fiscal year.

At a ceremony held Thursday at the Hilton Hotel, the bank honored 45 exporters who are customers of the bank for outstanding performance in the export sector. Dr. Dembel Balcha, board chairman, handed over trophies and certificates to the exporters.

The president of Nib, Amerga Kassa, said that the bank wanted to acknowledge the contribution the exporters made in terms of increasing the bank’s revenue and assisting the development of the country’s economy. Cabey Plc, Akos Ethiopia Plc, Alfarag Plc, Wallelign Belay and Mamo Kacha Plc ranked one to fifth.