Nib International Bank S.C, Ethiopia announced that it had made a net profit of 286.2 million birr in the last financial year.
The bank noted that this revenue showed an increase of 16% from the revenue the bank had earned in the previous financial year.
The profits earned by the bank in the last fiscal year are due to the successful efforts it has exerted in its service according to Amerga Kassa, President of the Bank. The bank still has areas that are in need of improvement to maintain this performance or even to surpass it he noted.
The profit earned by the bank ,which is an all time high, in spite of the foreign exchange shortage and the National Bank directive establishing that private banks invest 27% of their loan disbursement in National Bank bills.
The bank is in the process of planning for the construction of the joint headquarters building for the bank and its sister insurance company said Amerga. The architectural design of the inner structure and functionality requirements are completed and agreement has been rejected with consultant engineers.It is to be remembered that Nib has acquired a 2800 meter square plot of land in Addis Ababa city as well as an additional 882.4 meter squares of land for the construction of the 33 storey headquarter building expected to cost more than 600 million birr.
Soil tests, have been completed on the construction site and the bank expects to launch construction activities in the next six months.
Source: Capital
