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04.04.2007 Business & Finance

NIB pays 15 billion cedis dividend to Government

By gna
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Ghana's only mainstream investment bank, National Investment Bank (NIB), on Wednesday paid 15 billion cedis dividend to the Government on its 2006 accounts.

This is after recording a profit after tax of 44.2 billion cedis.

Making the presentation, Dr Charles D. Jebuni, Board Chairman, NIB, said total deposits grew by 35.3 per cent from 1,254.4 billion cedis as at 31st December 2005 to 1,697.54 billion cedis at the end of December 2006.

He said the strategic posture of the Bank to be a catalyst in industrial and economic development was given a further boost with the appointment of the Bank as the financial operator for the implementation of the project on perennial crops, namely oil palm and rubber plantations development in the Western and Central Regions.

Dr Jebuni said they had plans with the Ministry of Road Transport and BHF Bank to provide more road equipment for Ghanaian road contractors to enhance their operational capacity and competitiveness.

"The banking industry,” he explained, “is gradually becoming more competitive and our ability to offer good returns to our stakeholders will largely depend on our skills as bankers with the business acumen for creating and enhancing niches in target markets," he said.

Dr Anthony Akoto-Osei, Deputy Minister of Finance and Economic Planning, said the Government had over the past few years committed itself to improving the financial sector through institutional, legal and regulatory reforms to give further impetus to the deepening of financial intermediation.

He said the Government would continue to create the enabling environment to improve the banking sector and the delivery of services to the general public at competitive cost for all sectors to thrive.

"It is our hope that NIB will continue to work harder and partner the Government in its effort to bring development to the people" he said.