NIB Market Share Soars; Opens USD Branch

NIB.jpg

By Cecil Mensah

The National Investment Bank (NIB), one of the leading financiers of the operations of Small and Medium Enterprise(SMEs), has announced that its deposit grew from GHS 1.34 billion in 2014, to GHS 1.78billion in 2015.

According to the information, even though the industry grew by 32 percent in 2015, NIB, share grew by 32.61 percent.

Mr. Ernest MawuliAgbesi, announced this at the launch of a new branch on the campus of the University of Development Studies (UDS) in the Northern Region.

He said, the bank’s total asset, also grew from GHS 2.32billion in 2014, to GHS 2.72billion in 2015.

He explained that, the bank’s profit after tax, also increased from GHS 79.39million in 2014, to about GHS 122.29 million in 2015.

“Our Loans and Advances also grew from GHS 796million in 2014 to GHS 856million in 2015. Our turnaround time for loans has improved significantly and our Internet Technology infrastructure has been enhanced”, he stressed.

He added that, the bank’s branch network, have seen significant growth in the sector as well, adding “as at January 2015, we had 28 branches, but now, we have 41 branches across the country”.

The UDS Tamale Campus branch is the forty-one Branch, and the third in the Northern region.

In attendance was the Northern Regional Minister, Abdallah Abubakari, the Metropolitan Chief Executive of Tamale, Honan Gundaadow, some traditional rulers, and the Vice Chancellor of the university.

Giving some background information about how the bank has grown; the NIB boss, said the bank was established to primarily support the industrialization drive of Ghana just after independence.

“I can confidently say that, we succeeded with this mandate by setting up over 100 joint enterprises including some of the defunct regional development corporations. Most of the major existing industries including Nestle Ghana Limited, Novotel, Kabel Metal, Aluworks benefited from NIB’s equity participation or funding,” he posited.

He maintained that, the Bank, has diversified its target market and included manufacturing, infrastructure, agriculture and agri-business, construction and the service sectors.

According to him, the financial services industry, and the Banking sector for that matter has witnessed significant competition. This he says, explains the competition for locations for branch expansion, scramble for customer deposits, and demand for the best in terms of human resources for the various players in the sector.

He said, in spite of these, NIB, has held itself above the competition and outdoored a three-year Strategic Plan from 2015 – 2017, under the theme, “Accelerated Growth”.

‘We needed to take action to accelerate the growth of NIB so as to stay in competitive and also meet customer expectations’, he clarified.

He revealed that, the bank intends opening branches in Yendi, Mampong and Suame by the end of the second Quarter of this year, 2016.

These new branches, including that of UDS, will re-enforce the Bank’s capacity to serve its customers, especially those in education and academia, he said.

He noted that, the increasingly competitive banking market was making commercial banks seek to grow their customer base if they are to remain profitable.

He stressed that, one of the most effective ways to do this, is through expansion of their branch networks and that is the step that the bank has taken.

“The expansion of our branch networks will also generate large social benefits, by promoting greater financial inclusion as an important tool for supporting economic development and the improvement in living standards.

“We take pride in the quality of our staff and we would continue to train and recruit the best staff so we can serve you better. We would continue to strive to offer you excellent customer services each time you visit the branches he pledged”.

Share this:

Share News

submit to reddit