Nib International Bank to Pay Zero Dividend to Shareholders

Nib international bank will not pay any dividends to its shareholders this year. The bank was established in May 1999.

The bank’s net profit after tax was 958 million birr, while its pre-tax profit was 1.2 billion birr this year. Bank’s board of directors has submitted a resolution to the general assembly stating therein that the bank will not have the profit to distribute to its shareholders this year due to expenses exceeding 1 billion birr.

In order to cover up the shortage of cash that the bank has faced in the past several years, the managers have given out huge loans too.

Ethiopian Financial Institutions Struggle with Multiple Challenges