NIB Posts Impressive Net Profit

NIB PixThe  National Investment Bank Limited (NIB) recorded an impressive net profit after tax of GH¢38.5 million last year, an increase of 231.1 per cent over 2012 perfor­mance of GH¢11.6 million.

Disclosing this at the 45th annual general meeting (AMG) of the bank in Accra, Togbe Afede XIV, chairman of the board of directors of NIB, said total assets of the bank grew by 35.7 per cent from GH¢876.9 million in 2012 to GH¢1,189.9 million in 2013.

He said total operating income increased by 38.3 per cent to GH¢131.42 million in 2013 from GH¢95.0 million in 2012 while the correspond­ing operating expenses increased by 32.1 per cent to GH¢61.2 million in 2013 from GH¢46.3 million in the previous year.

Togbe Afede said the bank’s balance sheet also continued to strengthen as shareholders’ funds grew by 184.8 per cent to GH¢285.4 million in 2013, compared to GH¢100.02 million in 2012.

However, he said credit impairment losses continued to plague the fortunes of the bank as total provision for the year under review amounted to GH¢26.1 million compared to GH¢37.3 million in 2012.

No dividend payment was however proposed for the year ended December 31, 2013. “This is to allow income surplus account to be­come positive in accordance with statutory requirement and best practice,” he said.

Togbe Afede said the bank continued to live up to its responsi­bility as a good corporate citizen as several worthy causes were supported finan­cially and these include the Ghana Heart Foundation, Ghana Red Cross Society, Ministry of Food and Agriculture, Cape Coast Polytechnic, University for Develop­ment Studies and Takoradi Polytechnic among others.

The bank, he said, was on a good trajectory of growth and profitability as it was expected to maintain a strong momentum buoyed by an aggressive Strategic Plan put in place for 2014 to 2016.

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