The National Investment Bank Limited (NIB) grew its Total Operating Income by 51.86% to GH¢348.83million in 2015 from GH¢229.70million in 2014. Its Operating Expenses increased by 63% to GH?178.87million, from GH¢108.22million in the previous year.
Togbe Afede XIV, Board Chairman of the bank, announced this at the 47th Annual General Meeting (AGM) in Accra.
He said the company’s impairment loss for the year increased by 43.66% to GH¢24.41million, from GH¢16.99million in 2014. The bank also recorded a profit after tax for the year under review of GH¢120.11million, an increase of 51.28% over the 2014 performance of GH¢79.39million.
“The Balance sheet of the bank also continued to strengthen, with Shareholders Funds up by 11.57% to GH¢543.18million from GH¢486.82million at the end of 2014. Capital adequacy ratio of the bank was 24.81% at the end of 2015, above the minimum requirement of 10% by the Bank of Ghana,” Togbe Afede explained.
He said the bank’s equity stake in First Ghana Savings and Loans, a subsidiary of NIB, stands at 98.98%. This was part of the bank’s capital injection of GH¢15million in 2014, as part of the Board of Directors’ strategy to expand the service delivery network of the bank, and it has begun to yield positive returns.
Togbe Afede said the bank will this year continue to pursue its aggressive strategies aimed at expanding its service delivery network in order to increase market share and maximise shareholder value.
Mr. Ernest Mawuli Agbesi, MD/CEO, said during the year under review the bank adopted best human resource management practices in order to ensure all members of staff are well-trained, disciplined and highly motivated.
He said the human resource management strategy is guided by the philosophy of maximising the potentials of staffs and developing their skills in order to enhance productivity and growth.
Mr. Agbesi said the bank will add about twenty-two new branches by the end of year 2017.
During the year under review, the bank embarked on major Corporate Social Responsibilities (CSR), including provision of relief items to the National Disaster Management Organisation (NADMO) and National Youth Authority plantain project at Mampong, aimed attracting the youth into Agriculture.
Others included the Ghana Armed Forces, Retired Footballers Association, Accra Psychiatric Hospital, the GRAFT Foundation, National House of Chiefs, the Ghana Police Service, and Ghana Blood Foundation.
Source: B&FT Online