NIB posts positive results in 2015
The National Investment Bank (NIB) has recorded a profit after tax of GH¢120.11 million for the year ending 2015.
Advertisement
The 2015 profit represents a 51.28 per cent increase over the 2014 profit of GH¢79.39 million.
Addressing shareholders at the 47th annual general meeting (AGM) in Accra, the Board Chairman of the bank, Togbe Afede XIV, said the bank’s 2015 performance showed a consolidation and improvement on the gains of the bank despite the economic challenges in the year under review.
“2015 recorded an impressive increase in the after tax profit of the bank. I am happy to say that your bank’s transformational agenda is seriously on course and yielding fruitful results, and that our objective to be among the top tier banks in Ghana is also on course,” he said.
Total operating income of the bank for 2015 increased by 51.86 per cent to GH¢348.83 million from GH¢229.70 million. The corresponding operating expenses also increased by 65 per cent to GH¢178.87 million, from GH¢108.22 million in the previous year.
The balance sheet of the bank also continued to strengthen as shareholders’ funds grew by 11.57 per cent to GH¢543.18 million, from GH¢486.82 million as of the end of 2014. Total assets grew by 14.45 per cent to GH¢2,654.69 million, from GH¢2,319.57 million at the end of 2014.
The capital adequacy ratio of the bank was 24.81 per cent at the end of 2015, well above the minimum requirement of 10 per cent.
CSR
In terms of Corporate Social Responsibility (CSR) in 2015, the bank supported NADMO to enable it to provide relief items to victims of the June 3 flood and fire disaster.
Other Trending Stories
“We also supported the National Youth Authority’s plantation project at Mampong aimed at attracting the youth into agriculture. The Ghana Armed Forces and Retired Footballers Association were also supported,” he said.
Other recipients of support are: Accra Psychiatric Hospital (for dormitory renovation); the GRAFT Foundation, which undertakes free surgeries for children with birth deformities; the National House of Chiefs, the Ghana Police Service and the Ghana Blood Foundation, among other beneficiaries.
Outlook for 2016
The bank, he said, would continue to pursue its aggressive strategic plan, which aims at expanding its service delivery network, in order to increase market share and maximise shareholder value.
“This will be approached with due consideration of the prevailing economic conditions. We aim to improve upon the bank’s competitiveness, in order to position it to be able to take advantage of the expected rebound in economic activity,” he said.
He said the bank would continue to embark on its branch expansion strategy to enable it to increase its deposit mobilisation in order to reach out to the unbanked and to bring its banking products and services to the doorstep of customers.
“The bank opened 11 branches in the year 2015. We are opening more branches this year as part of our strategy. We shall also continue with our strategy of rigorous manpower training and development and comprehensive staff reward and motivation as part of our efforts to enhance our brand and achieve our corporate goals,” he added.
He said the bank was on course to becoming a force to reckon with in the banking industry since its strategy to increase its profitability and turn around the fortunes of the bank was working.