NIB earns 415mln birr gross profit

Nib International Bank (NIB) earned 9.5 percent higher gross profits in the past fiscal year, while its earnings per share slightly declined.
In the stated period NIB earned 415 million birr in gross profits with 36 million birr or 9.5 percent growth compared with the 2012/13 fiscal year, according to its annual report.
The report added that the net profits after tax stood at 314 million birr, which was an increase of 9.6 percent.
Even though the bank registered growth in terms of profit in the past fiscal year, the earnings per share went down slightly.
According to NIB annual report, the earnings per share for the 2013/14 fiscal year was 143 birr, which was 147 birr a year ago; a single share is 500 birr.
In the past fiscal year the bank’s total deposit grew by 19.1 percent from 6.6 billion birr to 7.9 billion birr.  The number of deposit accounts in the stated period grew by 16.3 percent and stood at 278,629.
As of June 30, 2014 the total outstanding loans and advances stood at 5.5 billion birr, which is a growth of 21.6 percent compared with 2012/13 fiscal year.
According to the annual report of the bank, Nib’s income rose to over one billion birr which is a 22.1 percent growth.
Interest income from loans and advances was 67 percent of the total amount. This is a growth of 22 percent compared with the previous year’s achievement.
The total assets of the bank reached 10.7 billion birr with a growth of 17.5 percent compared with the 2012/13 fiscal year.
Liquidity assets constitute 17.8 percent of total assets, this is a nine percent decrease compared with the preceding year. This likely occurred as a result of the NBE Bill purchase for loans and advances dispersed in the stated period.
The share of loans and advances increased by 50.3 percent during the fiscal year from 48.4 percent, according to the annual report.
From the bank’s total capital comprised of paid up, reserves, retained earnings and undistributed profit the paid up capital is 61.2 percent.
The total capital of 1.9 billion has grown by 18 percent, which is almost 300 million birr more when compared with the preceding year.