Nib Faces Liquidity Storm, Weak Governance


Nib Faces Liquidity Storm, Weak Governance

Nib International Bank registered a net profit of 957.9 million Br in the year, declining by 549 million Br and 36pc from the previous year. However, the Bank made a comeback in paid-up capital registering 7.6 billion Br, showing a surge of 25pc. Assets decreased by 13pc to 67 billion Br while deposits fell 24pc to 45.1 billion Br. Loans and advances reached 49.2 billion Br as its equity increased modestly by 16.8pc to 1.5 billion Br, while revenue surged nominally to 6.24 billion Br. Shisema Shewanka, chairperson of the board of directors, attributed the decline to the weak corporate governance the bank had gone through during the previous year, as well as owing to profound liquidity shortages. He stressed that with the newly elected board members, the Bank had developed a three-month recovery plan to increase its service outlets in both physical and digital forms. The chairperson identified both threats and opportunities in the form of a new era for the Bank in the evolving financial landscape. He assured shareholders of a revival with the newly appointed senior executives and executive board members to navigate through the financial storm. Acting CEO Belay Gorfu acknowledged liquidity and funding challenges faced by Nib in the past year. He also noted that rising inflation and foreign exchange shortages are global issues.


Radar

Coffee Exports Bring in $1.5B in Third Quarter

Ethiopia has earned 1.5 billion dollars from coffee exports over the nine months of the fiscal year. The country had set a target to earn a little over a billion dollars by exporting 201,959tns of coffee during the same period. According to Adugna Debella (PhD), director general of the Ethiopian Coffee & Tea Authority, the export strategy continues to focus on major international markets, with the top 10 destinations, including Saudi Arabia, Germany, and the United States (SU), accounting...


Radar

Central Bank Holds Fourth Exchange Auction

The National Bank of Ethiopia(NBE) sold one dollar for 131.4961 birr in its recent auction. It was reported that 26 banks participated in this auction, which took place last week on Thursday. In a statement issued by the National Bank  following the auction, it was indicated that 70 million dollars was offered for the event. Subsequently, it was reported that 96 pc of the foreign exchange needs of the participating banks were met. In the previous auction, held 15 days ago, the bank had of...


Radar

City Registers 64,075 Births in Fiscal Year

The city has exceeded its birth registration target for the first nine months of the fiscal year, registering 64,075 children—71.15pc more than the set goal of 58,342. This success, with a registration coverage rate of 109.63pc, is largely attributed to the efficiency of the one-centre birth registration service system, which has been rolled out across health centres and courts. The total number of vital events registered, including births, adoptions, marriages, divorces, and deaths, reache...