Nib International Bank S.C. held its 8^th Annual and 9^th Extra-ordinary General Meetings of shareholders in Sheraton Addis: Lalibela Hall on November 24, 2007.

 

Ato Lemma H/giorgis, Chairman of the Board of Directors, presented to the shareholders that the year 2006/07, despite high inflation and significant rise in the cost of production and delivery of services, was yet another year of success and gratifying achievement for the Bank in every area of its activities.

 

Important tasks have been accomplished over the financial year: preparation and starting implementation of a Five-year Business Strategic Plan, networking Starbank software in many branches, issuing new Shares to the existing shareholders & the public so as to strengthen capital base and opening eight new branches in Addis Ababa & Regions.

 

The chairman\'s report disclosed that the profit of NIB before and after tax stood at Birr 105.4 million and Birr 75.6 million respectively. The net profit showed an increase of Birr 19 million or 33.4% compared to that of the previous financial year.

 

The Bank managed to generate a total income of Birr 207.5 million, during the reporting period, exhibiting an increase of 31.2% compared to the total income realized in the preceding year. The aggregate expense of the Bank, including provision for doubtful debts for 2006/07 financial year reached Birr 102.2 million exceeding that of the previous financial year’s figure by 30.1%.

 

At the end of June 2007, the total assets of the Bank stood at Birr 2.6 billion. This exceeded the preceding year by 28.6%.

 

The aggregate deposits mobilized by the Bank went up by 29.4% from the previous financial year of Birr 1.45 billion to Birr1.88 billion at the end of financial year 2006/07. 

 

At the close of the reporting financial year, the Bank’s outstanding loans and advances stood at Birr 1.82 billion showing an increase of about 23.2% or Birr 342.7 million when compared with the previous year.

 

Lemma remarked that though NIB is a young bank with just eight years in operation, its growth and operational achievements have been impressive. In recognition of its success and achievement, the known USA based magazine, Global Finance, has named NIB as the Best Bank in Ethiopia for the year 2007, for the second time in a row.

 

 

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