NIB shows strong growth, assets shoot up to GH¢ 2.72 billion

The National Investment Bank (NIB) continues to show strong growth with its total assets hitting GH¢ 2.72 billion, last year.

Mr. Ernest Mawuli Agbesi, the Managing Director, who announced this said that represented an increase of GH¢ 400 million over the 2014 figure of GH¢ 2.32 billion.

Opening a branch of the bank at the Dungu campus of the University for Development Studies (UDS), he said, its profit after tax also rose to GH¢ 122.29 million from GH¢ 79.39 million during the period.

At the same time, its deposits shot up from GH¢1.34 billion to GH¢1.78 billion with loans and advances to customers climbing from GH¢ 796 million to GH¢ 856 million.

Mr. Agbesi said the opening of the new branch was meant to bring banking services closer to the students and save them the trouble of having to travel to Tamale to transact bank business.

It is the third to be opened in the Northern Region and brings to 41, the number of the bank’s branches across in the nation.

The Managing Director spoke of plans to add three more by the close of the first half of the year – Yendi, Mampong and Suame.

Mr. Agbesi said the bank’s upgraded information technology (IT) infrastructure had significantly improved the quality of its services and turnaround time, especially for loan application.

The banking industry, he noted, had become increasingly competitive and that was why it was determined to expand its branch network and strive to offer excellent services to meet customer expectation.

It would continue to support the economic activities of the people to transform their living conditions and work hard to increase its market share, he added.

Professor Gabriel Ayum Teye, the Vice Chancellor, who performed the ceremony to mark the official start of the operation of the bank’s new branch hailed the management of NIB for the decision and pledged the University’s full support.