NIB Bank has announced a net profit of 246.4 million birr in the last fiscal year. The Ethiopian bank showed an increase of 22.7%
from last year.
The total income generated by NIB was said to be 656.6 million with gross profits registered at 344.1 million according to a report from the bank. The gross profits showed and increase of 58.8 million over the last fiscal year.
The bank has increased the total amount of loans and advances to 2.8 billion which is 8.7% higher than last year. 711 million birr of NIB loans have been made to the manufacturing sector and the construction sector received 512 million birr. Other loans included 457 million birr for domestic trade and 392.6 million for the export sector. An estimated 20 million was given in personal loans.NIB registered a reduction of profit from foreign currency exchange in the last fiscal year. The estimated revenue of 124.1 million birr from foreign currency is 6.4 million birr less than the 130.5 million birr the bank earned the previous year.
In related news NIB Bank has purchased National Bank of Ethiopia bills worth 563.2 Million birr as per government directives. The government directives mandate that commercial banks buy National Bank of Ethiopia bills worth 27% of their loan disbursements.
The bank has paid 190 birr per share to its share holders up from 188 birr per share last fiscal year.
NIB opened four new branches in Jimma, Addis Ababa and Shashemene in the past fiscal year. The move has increased the number of NIB branches to 49. 30 of the banks branches and three foreign exchange bureaus are to be found in Addis Ababa.
Source: Capital
