Nib Bank Bags 1.76 Billion Birr Annual Profit

ADDIS ABABA – Nib International Bank (NIB), one of the mid-sized private banks in Ethiopia, has recorded 1.76 billion Birr in gross profits from its operations in the last 2021/22 financial year.

The figure showed an increase of 139 million Birr when compared with 1.6 billion Birr profit before tax registered in the preceding financial year, according to NIB’s performance report.

The board of directors presented the report to the bank’s over 5,000 shareholders who met at Millennium Hall on Thursday.

The report says the Bank’s total assets reached 61.49 Billion Birr, an increase of 7.3 billion Birr from the previous year’s corresponding balance of Birr 54 billion Birr.

The total deposit mobilized by the Bank reached 49.76 Billion Birr, up by 6.22 Billion Birr or 14% from the previous year’s balance of 43.5 Billion Birr.

Nib International Bank became the sixth private bank in Ethiopia when it commenced operation in October 1999 with 27 employees and a paid-up capital of 27.6 Million Birr.

The bank’s paid-up capital has now reached 4.82 Billion Birr and about 2,000 workers serving in more than 400 branches across Ethiopia.