Nib Bank profit increases by 381 million Birr

Compared with the previous year’s performance, gross profit of Nib International Bank, one of the 16 private banks in Ethiopia, has increased by 381.2 million Birr for the budget year concluded June 30, 2020.

Nib has held its annual shareholders meeting in the capital, Addis Ababa, and announced that its gross annual profit has reached 1.31 billion Birr, an increase of 41 percent from the previous year. The audited annual report of Nib also shows that its net profit has also increased by about 45 percent to 1.4 billion Birr from around 717 million Birr the previous year.

“This is a record-high profit for the Bank in its two decades of loyal and successful banking services. Despite all odds and challenges confronted with, like COVID-19 pandemic, and paucity of hard currency, the remarkable performance of the Bank during the year is attributed to the commendable work done in mobilizing additional deposit of 6 billion Birr that raised the Bank’s total deposit to 33.7 billion Birr,” said Genene Ruga, President of Nib International Bank in his message to the shareholders and published on the annual report.

During the year concluded June 30, 2020, Nib has disbursed new loans and advances amounting to 10.4 billion Birr, making the total loans and advances mount to 25.8 billion Birr. The total assets of the Bank has increased by 8.75 billion Birr and reached 42.5 billion Birr. Similarly the paid-up capital of Nib has also grown up to 3.4 billion Birr with an increase of 786.2 million Birr during the financial year concluded June 30, 2020.

Creating 1,313 additional jobs during the fiscal year ended June 30, 2020, Nib International Bank currently has a total of some 6,000 employed in over 300 branches across the country.