The financial year 2016/17 has exhibited an environment with opportunities and challenges to the banking industry. The increasing compliance requirements at international and national levels have considerably resulted in decline of foreign currency earning of the Bank. It is believed that a higher level of stiff competition is one of the major challenges that the banking industry will facing in the financial years ahead. To address this critical issue at grass root level, all stakeholders of the Bank should come together and prove their solidarity with the Bank.
The Board of Directors of NIB has a strong conviction that doing business and adhering to the compliance requirements of the country’s regulatory organs and the international corporate governance principles is very crucial.
The different scale construction projects under progress are testimonies that witness NIB is highly engaged in wealth creation through the transformation of its liquid asset into fixed assets which ensures a long term and sustainable growth of the Bank. However; such aggressive move requires a significant amount of financial resources which affects the operation and the return thereof.
The introduction of IFRS, a new reporting standard principle is considered favorable to the endeavor of the Bank in wealth creation, accumulation and promoting its image and recognition at the global level.
In light of the aforementioned facts and the practical governing situations, the overall performance of the Bank is believed to be commendable. Remarkable achievements have been observed in various strategic areas that are believed to lay a firm foundation which enhances shareholders’ value.
The significant growth rate observed in the Bank’s profit coupled with other qualitative achievements, the progress in hiring external consultant to develop the Bank’s 3rd Strategic Plan and 10 year Road map shows how the Bank is determined in facing the upcoming challenges and strategically aligning itself so as to keep the best interest of its esteemed shareholders.
Finally, I would like to assure all stake holders that in the years to come, the Bank will strongly peruse the laid down strategies to bring about excellence. On behalf of the Board, I would like to extend my heartfelt appreciation to our esteemed customers for having us as their partner, the energetic workforce of NIB for their dedicated effort, the NBE for their significance guidance, correspondent banks, public and private institutions for their co-operation and effort. Without all these, the result registered could have not been perceived.
Chairperson, Board of Directors