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Nib Bank’s Profit, Paid-up Capital Beats Expectations

Nib Bank registers a historic-high growth in its paid-up capital, reaching ETB2.6 billion as of June 30, 2019. This is 30Pct higher than the same period last financial year and is also twice the growth witnessed in 2017/18.

Likewise, the Bank’s return on paid up capital (Earnings per Share) has reached 30.8Pct, an increase from 26.8Pct. Such a performance indicates the Bank is enhancing its capability of generating high return on shareholders paid up capital compared to the previous periods, says the Bank’s Board of Directors, Chaired by Woldetensai Woldegiorgis.

Nib also grossed a profit of ETB928 million in the past fiscal year, showing 41Pct rise compared to 2017/18. The growth in profit of the Bank is 20 times higher than what was registered during 2017/18. Similarly, the net profit of the Bank has increased by ETB205.9 million (40Pct) from last year’s balance.  “The operational performance of Nib in the financial year of 2018/19 was very encouraging. The Bank registered a grossed a record-high profit, the highest in its 20 years of successful banking services,” said Genene Ruga, President of Nib.

The growth in income of Nib is slightly higher than its expenses. While the total income of the Bank grew by 34.5Pct to ETB3.3 billion, the Bank’s total expenses has reached ETB2.4 billion, 32.1Pct high compared to similar period last year.

On the other hand, the total outstanding deposit mobilized by the Bank has reached ETB27.6 billion in the past fiscal year, portraying a 28Pct rise compared to 2017/18. Likewise, the total outstanding loans and advances of the Bank stood at ETB19.4 billion in the past fiscal year, reflecting an increase of 42Pct compared to 2017/18.

Founded two decades ago, Nib has a total assets of ETB33.7 billion as of June 30, 2019.

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