NIB records impressive profit

The National Investment Bank recorded GH? 79.39 million in 2014 as profit after tax representing an increase of 106 per cent over the 2013 performance of GH? 38.52 million.

The Bank’s total operating income increased by 74.01 per cent to GH? 315.79 million in 2014 from GH? 182.25 million in 2013 while operating expenses rose to GH? 108.22 million from GH? 61.23 million.

Credit impairment losses fell to GH? 16.99 million from GH? 29.92 million in 2013 as the bank intensified efforts to recover bad loans and improve on credit delivery.

Togbe Afede XIV, Board Chairman of National Investment Bank (NIB), said this at the Bank's Annual General Meeting in Accra.

He said the Bank's total assets grew significantly by 94.93 per cent from GH? 1,189.95 million at the end of 2013 to GH? 2,319.57 million at the end of 2014.

He said the Bank’s balance sheet continues to strengthen as stakeholders funds grew by 70.58 per cent to GH? 486.82 million as at the end of 2014 compared to GH? 285.40 million in 2013.

Togbe Afede XIV said the up-swing in the Banks balance sheet size was largely due to the 77 per cent growth in deposits over the year-end 2013 position from GH? 759.23 million to GH? 1,343.81 million at the end of 2014.

He said the capital adequacy ratio of the Bank registered 21.56 per cent at the end of 2014, which was above the minimum Bank of Ghana (BOG) requirement of 10 per cent.

Togbe Afede XIV, who is also the Paramount Chief of Asogli, said the Bank proposed the payment of a dividend of GH? 0.05 per share to have a positive balance on the income surplus account in accordance with statutory requirements and best practices.

He said a re-capitalisation plan for First Ghana Savings and Loans Limited, a subsidiary in which the Bank holds 54 percent equity stake, has been approved to raise the subsidiary’s minimum capital to GH¢ 15 million required by BOG.

He said the Bank intends to open 22 branches from 2015- 2017 to bring its products and services to the doorsteps of its cherished customers as well as enhance deposit mobilisation and create value for shareholders.

As part of its Corporate Social Responsibility, he said, the Bank has assisted various organisations including Cocoa board, in support of Cocoa Festival; Ministry of Food and Agriculture, in support of 30th National Farmers Day and the National Best Farmer Award.

Others include the Catholic Education Unit, Support Services Brigade Group, Ledzokuku Krowor Municipal Assembly, Methodist Hospital in Wenchi, Christian Council of Ghana, and Institute of Public Relations.

Mr Ernest Mawuli Agbesi, Managing Director of NIB, said the bank is committed to improve the skills and capabilities of its human resource base and that several training programmes are being organised for staff to equip them with the needed skills.