Apr 1 , 2024
Nib Bank shareholders voted to raise the bank's paid-up capital to 20 billion Br, during their 20th emergency shareholders meeting held at Millenium Hall last week. Shisema Shewaneka, the newly elected chairman of the board, outlined their plans to restore the bank's reputation. He said the importance of shareholder participation in this journey and acknowledged the liquidity management difficulties they have faced. Shisema pledged to move Nib on a positive trajectory following the governance issue that brought him to the front. He encouraged shareholders to actively use the bank's services. Founded 24 years ago with a much smaller paid-up capital of 27.6 million Br raised from its initial 717 shareholders, Nib Bank has experienced impressive financial growth. Last year, it posted a net profit of 1.51 billion Br, a 12.7pc increase compared to the previous year. Deposits also grew significantly, reaching 59.36 billion Br, reflecting a 19.3pc increase. Loan and advance portfolios witnessed a substantial expansion of 36.8pc to reach 53.27 billion Br while total assets grew by 25.3pc to 77 billion Br.
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