Business News of 2014-06-19

NIB achieves impressive results for four consecutive years

The National Investment Bank Limited (NIB) has achieved impressive operating results for four consecutive years with a total operating income for 2013 increasing by 38.3% to GH¢ 131.42 million compared GH¢ 95.0 million in 2012.
Togbe Afede XIV, Chairman of the Board of Directors said at the bank’s 45th Annual General Meeting in Accra. A statement issued from the bank and copied to the GNA said the correspond¬ing operating expenses increased by 32.1% to GH¢ 61.2 million from GH¢ 46.3 million in the previous year.
Credit impairment losses continued to plague the fortunes of the bank as total provision for the year amounted to GH¢ 26.1 million compared to GH¢ 37.3 million in 2012. In spite of this, the Bank recorded a net profit after tax for the year 2013 of GH¢ 38.5 million, an increase of 231.1% over 2012 perfor¬mance of GH¢ 11.6 million.
There was, however, no proposed dividend payment was for the year ending December 31, 2013. The statement said this was to allow income surplus account to be¬come positive in accordance with statutory requirement and best practice. The balance sheet of the Bank also continued to strengthen as shareholders’ funds grew by 184.8% to GH¢ 285.4 million by the end of 2013 compared to GH¢ 100.02 million at the end of 2012.
Total Assets grew by 35.7% from GH¢ 876.9 million at the end of 2012 to GH¢ 1,189.9 million at the end of 2013. The Bank continued to live up to its responsi¬bility as a good corporate citizen by assisting various organizations and supporting various causes.
The year 2013 was no exception as several worthy causes were supported finan¬cially and these include the Ghana Heart Foundation, Ghana Red Cross Society, Ministry of Food and Agriculture, Cape Coast Polytechnic, University for Develop¬ment Studies and Takoradi Polytechnic among others.
The Bank is on a good trajectory of growth and profitability as it expects to maintain a strong momentum buoyed by an aggressive Strategic Plan put in place for 2014 to 2016. “This will enable the Bank forge the needed strategic partnerships which will reposition it for further competitiveness and to take ad¬vantage of the emerging improved business environment” the statement noted.
Source: GNA
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