Nib International Bank S.C. held its 9^thOrdinary and 10^thExtra-ordinary General Meetings of shareholders on 29 November 2008, at Sheraton Addis: Lalibela Hall.  

 

Dr. Dembel Balcha, temporarily delegated chairman of the Board of Directors, presented the Annual Report to the shareholders. According to him, though there were formidable global and domestic challenges for business and investment during the financial period, the Bank managed to register gratifying achievements in every area of its activities.

 

According to the Report, the Bank posted a record of high net profit of Birr 113.038 million during 2007/08 financial year. The net profit showed an increase of Birr 49% compared to that of the previous year. Total assets, deposits and loans & advances also surged by 40.0%, 31.5% and 16.1%, to reach Birr 3.65 billion, Birr 2.47 billion and Birr 2.11 billion respectively.

 

With respect to branch expansion, Dr. Dembel mentioned that the Bank was more aggressive in branch opening in 2007/08 than the previous years. Consequently, it managed to open twelve branches during the reporting period. Currently the Bank is providing services through a total of 41 branches and 2 Foreign Exchange Bureaus.

 

The Chairman also reported that the Bank has successfully completed the first phase of the ongoing computerization program and further networked four more branches during the financial year. Besides, he noted that the necessary arrangements have been finalized to network the remaining branches in shortly.

 

In recognition of the Bank’s outstanding performance of the budget year, the renowned New York based- Global Finance and UK based- The Banker have awarded NIB “The Best Bank- in Ethiopia for the Year 2007/08”, which were warmly accepted by the Board and Management of the Bank.

 

Dr. Dembel stressed that this success so achieved during the reporting period wouldn’t have been possible without the strong support of shareholders, loyalty of customers and the concerted effort of the Board, Management and staff of the Bank to whom he expressed his sincere thanks on behalf of the Board of Directors.

 

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