Nib Bank records 289 million birr profit
Finalizes plans to erect 33-storey HQs building.
By Birhanu Fikade
Addis Ababa, Ethiopia – Despite the National Bank of Ethiopia (NBE)Ã¢â‚¬â„¢s T-bills directive, which requires private banks to invest 27 percent of their loan disbursement and is blamed for causing both liquidity and lending capacity shortages,Ã‚Â Nib International Bank (NIB) has managed to secure an all-time record of 389.5 million birr gross profit and netted 286 million birr after tax. The net profit grew by more than 40 million birr from the preceding fiscal year, the bank said.
At the end of the 2011/12 fiscal year, NIB earned a total income of 759.4 million birr, according to Tafesse Bogale, chairman of the bank’s board of directors. And the total expenses stood at about 400 million birr.
Though NBEÃ¢â‚¬â„¢s directive is a challenge to private banks, Amerga Kassa, NIBÃ¢â‚¬â„¢s president, told journalists on Wednesday that his bankÃ¢â‚¬â„¢s operations has been remarkable amid the directiveÃ¢â‚¬â„¢s implications. Read more