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.
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