National Investment Bank targets more growth
For the second time in as many years, the National Investment Bank (NIB) has posted impressive results
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At its 46th Annual General Meeting (AGM), held in June, 2015, at the La-Palm Royal Beach Hotel, to deliberate on its 2014 operations, the bank declared after tax profit of GH¢79.39 million, which represented 106 per cent over that of 2013, which stood at GH¢38.52 million.The bank at the 46th AGM, also for the first time in 12 years, paid a dividend of GH¢0.05 per share to its shareholders, in fulfilment of a pledge made by the Managing Director, Mr Ernest Mawuli Agbesi, at its 45th AGM to shareholders, that the board and management of the bank would be fully committed to working hard to ensure growth and complete turnaround in its operations.
Profit
At the 47th AGM of the bank held earlier this month, the Board Chairman, Togbe Afede XIV, told shareholders that the bank’s performance in 2015 showed a consolidation and improvement on the gains and successes of the previous years despite the severe economic challenges they had to confront with in the year under review.
This was reflected in a profit after tax of GH¢120.11 million, an increase of 51.28 per cent over the 2014 performance of GH¢79.39 million. The board also approved GH¢0.06 per share as dividend to shareholders.
“I am happy to say that your bank’s transformation agenda is seriously on course and yielding fruitful results, and that our objective to be among the top tier banks in Ghana is also on course,” Togbe Afede said.
The bank’s performance and achievements so far have been anchored on a strong and dedicated management team led by Mr Agbesi operating under a philosophy of recovering delinquent loans and to avoid bad and dubious loans.
More branches opened
The bank has also strengthened its operational capacity by opening more branches all over the country in order to bring its services as close as possible to many Ghanaians. Some of these branches are at Mampong Ashanti, Ashaiman, Asokwa, Hohoe, Airport City, Parliament House, Law Court Complex, Agona Swedru, Nkwanta, Sawla, Tamale UDS and Mallam.
According to Mr Agbesi, by the end of 2017, 22 new branches will join mainstream operations of the bank.
Mr Agbesi said the bank had not relented in its Corporate Social Responsibility (CSR).
In 2014 and 2015 alone, it extended financial and material support to several institutions and organisations, both public and private.
They include the Ghana Army, the Ghana Navy, NADMO, the Ghana Police Staff and Command College, the Accra Psychiatric Hospital, the National House of Chiefs, the Ghana Blood Foundation and many others.
Strategic plans
For the future, Togbe Afede gave an assurance that the bank would continue to pursue its aggressive strategic plan which aims at expanding its service delivery network in order to increase market share and maximise shareholder value.
“We aim to improve upon the bank’s competitiveness in order to position it to be able to take advantage of the expected rebound in economic activity,” Togbe Afede said.
