It is with great pleasure that I would like to give a brief description on Nib International Bank’s Annual Report for the year ended June 30, 2019, a period during which our Bank was able to see a historic record of remarkable achievement during the time of its 20th anniversary.
The operational performance of NIB in the financial year of 2018/19 was very encouraging. The Bank registered a gross profit of Birr 928.6 million; which is a record high profit the Bank has registered during its 20 years of successful banking service.
In addition, the Bank continued to expand its service outlets to increase its accessibility to the public and meet the various demands of its customers. In this effort, the Bank opened 46 new branches during the year that brought the total number of branches to 261 by June 30, 2019.
To fulfill the manpower requirement with respect to new branch openings and new positions in the head office, the Bank has created 910 new job opportunities during the year, bringing the total number of employees of the Bank to 4,972.
Furthermore, our various banking products includingInterest Free Banking services and highly valued customer-focused services are growing steadily, backed by the deployment of ATM, POS, Internet Banking system and Mobile Banking solutions.
Alongside the product introductions, technology upgrade efforts and continued aggressive market expansion, the reporting period had been a year of capacity building as part of the development and implementation of the Bank’s 3rd Strategic Plan. The extensive environmental assessments, strategy articulation and validation exercises have culminated in a 5-year strategy plan and 10-year implementation roadmap with aspirations and strategic interventions, which the Bank will be pursuing in the coming five years and beyond. Thus, preparations are in full scale towards successful implementation of the strategy that sets a strategic aspiration for the Bank to become one of the leading private banks in the country.
Corresponding with the New Strategic Plan, a new organizational structure has been developed and implemented and placement of senior management and other middle management members finalized; with the staffing of all other positions already underway. In relation to this, branch re-grading has been done after making a thorough review at higher level on the study conducted in this regard. A new Salary Structure has also been put in place, with a benefit scheme being under review for subsequent implementation. The formulation and review of policy & procedure documents has been undertaken during the year.
The 2018/19 budget year was also a year of success with regards to physical asset building, particularly considering the efforts exerted in construction projects. One of the most remarkable achievements in this endeavor is the Bank’s marvelous 4B+G+32 Storey headquarter’s building project which will be considered as one of an icon for beautifying the city whose finishing tasks are underway.
The Bank’s other building construction works are also well underway elsewhere, with an 11 & 9-storey twin-building being erected in Hawassa City, as well as an 8-storey building in Arat-Kilo area (Addis Ababa), and a 4-storey building in Hossa’ena town. Moreover, the Bank’s 5-storey multi-purpose building in Dukem town and 4-storey building in Wolkite town have already been made functional, and revenues are being generated from them.
The Bank’s achievements registered over the past budget year in a number of parameters, as cited above, were made possible because of the collaborative efforts exerted by all concerned bodies of the Bank.
On this opportune moment, I would like to express my heartfelt gratitude to the shareholders, the supervisory authority and, most of all, to our esteemed customers who have helped us achieve this solid performance. I am immensely grateful to the Board of Directors for their unrelenting engagement, guidance and support. My special appreciations also go to the Management and employees of the Bank for their hard work, enthusiastic team spirit, and dedicated commitment to bring about the commendable success and achievement we registered in this financial year.
I have full confidence that, with the concerted efforts of all employees, shareholders, business partners and other stakeholders, the results achieved this year will encourage us to exhibit a much better performance in the years to come.
Congratulations and thank you!