Ethiopia’s Nib bank makes 928 million birr profit

Nib International Bank Share Company, one of the private banks in Ethiopia announces gross profit of 928 million birr (close $30 million), which is 269 million birr up compared to the previous year.

During the period, the bank has got a net profit of 720.7 million birr (around $23.2 million), which is 206 million birr more than what Nib has made during the fiscal year concluded June 30, 2018. This is announced at the annual shareholders meeting this morning in Addis Ababa.



The annual audited report of the bank distributed to shareholders at the millennium hall this morning shows that net operating income of Nib has increased to 2.054 billion birr (around $66 million) from it was 1.554 billion birr a year ago.

The net interest income of the Bank has reached 1.643 billion birr (around 52.8 million at the prevailing exchange rate) from 1.197 billion birr the previous year.

Compared to the previous year the number of branches of Nib has also increased to 261 from 215 last year with the total number of staff reaching 4,972 from 4,332 last year, according to the report.Five years ago, Nib International bank had a total of 2,622 employees, according to the report.

The total asset of the bank for the fiscal year concluded June 30, 2019 is 33,717 billion birr from 26,689 billion birr last year.

Loan and advances of Nib has also increased to 19.250 billion birr (about $618 million at the prevailing exchange rate) from 13.499 billion birr last year.

The report also shows that the number of total depositors at Nib has increased by close to 200,000 from the previous year reaching 875,000.
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