Nib Bank posts profit

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Nib International Bank (NIB) SC has earned 378.5 million birr profit before tax for the 2012/13 fiscal year.
The bank has registered a 286.3 million birr net profit after tax for the stated period. While Nib Bank’s profit growth rate is moderate, it is a positive achievement for the bank, especially when compared with the performance of other big private banks, say observers.
In the past fiscal year, some of the biggest private banks have posted lower profits compared to their performance in the preceding year. Local and international economic conditions were noted as reasons for the diminished performances.
At the general assembly the bank held at the Millennium Hall on Saturday November 9, it indicated that it has registered significant growth in terms of deposit mobilization and loan distribution.
The report stated that the total deposit mobilization of NIB has reached 6.7 billion birr, a 14 percent increase, while the loan portfolio stood at 4.5 billion birr, registering a growth of 22.5 percent compared to that of the same period last year.
The bank has continued to expand its branch network to reach its customers in all parts of the country and to provide efficient and timely banking services, say its leaders. According to the report, sixteen branches were opened in various parts of the country, bringing the total number of branches to 71 by June 2013.
The total assets of the Bank as of 30th June 2013 stood at 9.1 billion birr, registering a growth of 10.5 percent compared to that of the same period last year.
The Bank’s total capital, composed of paid-up capital, reserves, retained earnings and undistributed profit, has reached 1.67 billion birr. It showed an increase of 137.9 million birr (9 percent). Out of the total capital, paid-up capital constituted about 60 percent.