2015 NIB Annual Report

ANNUAL
AND FINANCIAL
RE201
STATEMENTS
5PORT
NOTICE OF
MEETING
To be the most renowned Ghanaian bank for growth and
VISION MISSION
efficiency
Our mission is to offer the highest-quality, customer-focused

banking services to our clients and to create value for our
OUR CORE
shareholders.
VALUES
• Competence-We will be efficient and effective in our
work to give our best each day.
• Creativity-We will come out with innovative ideas in

providing solutions to our customers’ needs.
Candour-We will act with honesty and integrity in all our

activities.
• Collaboration-We will cooperate with each other to give

the best service to our cherished customers.
•
Community-We will contribute to society by being
• active, generous members of the communities we find

responsible and
ourselves in.
• Commitment-We will be committed to quality in all our

endeavours and to the ideals of this great institution
• Customer Service Excellence-Above all, we will ensure

that we always exceed the expectations of every single
customer, every single time.
Corporate information Ghana
Board of directors Togbe Afede XIV
Mr Ernest Mawuli Agbesi Registered office 37 Kwame
Mr. Stephen Ahor Nkrumah
Mr. Emmanuel Adu- Avenue P. O.
Sarkodie Pimampim Yaw Box GP 3726
Kagbrese V Florence Accra - Ghana
Chambas (Ms) Mr. Seth
Ofori-Ohene Mr. Michael
Ayesu Registrar NTHC Limited
Dr John Gartchie Gatsi Chairman
Hajia Mahama Zaynab Managing Director
Joyce Ernest Tawiah Member (Replaced 24 July 2015)
Nunoo Member (Resigned 4 March 2015)
Mrs Dedaa Wiredu Agyei Member
Member
Member
Board Secretary Sheila Ofori-Diabene Member
Member
Auditors Deloitte & Touche Member
4 Liberation Road Member (Appointed 23 October
P. O. Box GP 453 2015)
Accra Member
Martco House, Okai Mensah Link
P. O. Box 9563, Airport
Accra - Ghana
Bankers Bank of Ghana

BHF Bank – Frankfurt
JP Morgan Chase Bank – New York
Ghana International Bank – London
Standard Chartered Bank - New York
Standard Chartered Bank - Frankfurt
2
National Investment
Bank For the year ended 31 December
Financial Statements
2015 REPORT
OF THE DIRECTORS TO THE
MEMBERS OFNATIONAL
INVESTMENT BANK LIMITED
The Directors have proposed payment of dividend of GH¢0.06 per share to

Dividend
shareholders for the financial year ended December 31, 2015.
Directors
The Directors who held office during the year were as follows:
NameTogbe Afede XIVMr.
Ernest NunooMr. Ernest
Mawuli AgbesiMr. Michael
AyesuMs. Florence
ChambasMrs. Dedaa
Wiredu-AgyeiPimampim
Yaw Kagbrese VHajia
Mahama Zaynab JoyceMr.
Seth Ofori-OheneDr. John
Gartchie GatsiMr. Stephen
Ahor
3
Managing Director
Designation Chairman
Director (Appointed 23rd October 2015)

DirectorDirectorDirectorDirectorDirectorDi
rectorDirectorDirector (Replaced 24th July
2015)
For the year ended 31 December

2015National Investment Bank
4
5
BOARD OF DIRECTORS
Togbe Afede XIV - Board Chairman
ministration (Accounting) from the University of Ghana (School of Administration), Legon, and a Master of Busi-
House of Chiefs. He was educated in Ghana and the United States of America (USA). He received a BSc. Ad-
Togbe Afede XIV is the Paramount Chief of the Asogli Traditional Area, and the President of the Volta
Regionbusiness accomplishments, Togbe founded Africa World Airlines Ltd, Initiatives Strategiques Cote
D'Ivoire, SASness Administration (MBA) from the Yale University School of Management, New Haven, USA.
Among his key
Finance Group Ltd, Sunon Asogli Power Ghana Ltd, World Trade Centre Accra and co-founded the
DatabankVolta-Ningxia Sister Regions Relationship and the founding of the Volta Region Development Agency
and the(Ghana) Limited, among others. His key socio-economic development initiatives include the initiation of
the
Asogli Education Fund. He currently chairs the boards of Accra Hearts of Oak Sporting Club Ltd, Accra
WorldTrade Centre Ltd, Africa World Airlines Ltd, Pioneer Kitchenware Ltd and SAS Finance Group Ltd. He is
also a
member of the boards of Africa Fertilizer and Agribusiness Partnership, Aluworks Ltd, Ensign College of
PublicHealth, SAS Investment Management Ltd and Sunon Asogli Power (Ghana) Ltd. He was the Chairman of
theEconomic Committee and the Head of Ministry of Finance Management Team (Ghana Government
TransitionTeam), January-April, 2009, and a member of the President's Economic Advisory Council, 2009-2012.
Mr Ernest Mawuli Agbesi - MD/CEO
Mr Agbesi joined uniBank (Ghana) Limited in January 2008 where he was Head of Sales & Business
Development
Managing Director of the National Investment Bank Limited in March 2014. Currently he is also a
6
BOARD OF DIRECTORS
Board Chair-Diploma in Accounting. He has ample experience in banking and started his banking career in 1985
with the thenand later Head of Banking Operations. He supervised the organic growth of the Bank until his
appointment as thevast experience. He has a Master’s degree in Business Administration (MBA), a Post Graduate
Diploma and aman at Nestle Ghana Ltd. and the Chairman of the Board of Directors at First Ghana Savings and
Loans CompanyLtd. Ghana Co-operative Bank Limited. He joined International Commercial Bank in 2000 where
he became a Divi-Mr. Ernest Mawuli Agbesi is a banker by profession. He has excelled over the years in the
banking sector with hissional Head in 2006 in charge of Sales & Business Development, Estates and General
Services and Retail Banking.
Mr. Michael Ayesu - Director
Cape Coast. Mr. Ayesu also studied at the University of Glasgow, UK where he graduated with a Diploma andArts
Degree in Social Sciences (Economics & Sociology) and a Diploma in Education from the University ofMr.
Michael Ayesu is an Economist and was educated in Ghana and the United Kingdom. He holds a Bachelor of
istration, Paris. He was a teacher at the St. Martins Secondary School, an Economics Officer at the Ministry of
Fi-and Reporting, International Economic and Financial Negotiations at the International Institute of Public
Admin-M.Phil. in Monetary Economics. He participated in various courses and seminars such as Financial
Management Washington D.C. and Head of the World Bank Unit of the Ministry of Finance. He is currently the
BOARD OF DIRECTORS
Director, Ex-ternal Resource Mobilization Division at the Ministry of Finance.nance; Policy Analysis Division,
a Senior Advisor to Ghana’s Executive Director at the World Bank Group,
Ms. Florence Chambas - Director
Trainer in Entrepreneurship. As Lead Trainer, she has facilitated over 50 Entrepreneurship Development
Training,and Marketing Manager at EMPRETEC Ghana Foundation and an Accredited UNCTAD International
MasterMs. Florence Chambas is a Management Consultant by profession. She is currently, the Business
Development rience, she has designed cutting edge solutions to management problems especially among women
owned SMEshas over 18 years of experience in private sector development. As a Business Development Advisor
of vast expe-and Management Skills Workshops in Ghana, Nigeria, South Africa, Ethiopia and South Sudan since
2006 and and Executive MBA in Entrepreneurial Management. Ms. Chambas is married with three daughters.and
mentored many successful young entrepreneurs. Ms. Chambas has a degree in Psychology and Management
National Investment
2015 Mrs. Dedaa
Wiredu-Agyei - Director
8
BOARD OF DIRECTORS
Budgeting, Public Private Partnership (University of Queensland and University of Pretoria), and SME Develop-
Mrs. Dedaa Wiredu Agyei is a Civil Servant at the Ministry of Enviroment, Science and Technology. She
holdsrector at the Ministry of Enviroment, Science and Technology. Mrs. Dedaa Wiredu Agyei has undertaken
variousan MSc Economics degree (Finance & Credit). Mrs. Wiredu Agyei rose through the ranks and is currently
a Di-training programmes both local and abroad among which are Diploma in Public Administration, Programme
Based ment (JICA Training School, Kitakushu Japan).She has also participated in various workshops, Symposia
andSeminars both local and overseas.
Mr. Seth Ofori-Ohene - Director
Seth Ofori-Ohene is an Activist Journalist and Political Strategist by profession. He has sound background in po-
with the Democratic Youth League of Ghana. He has since been involved in a number of political and youth ac-
litical strategy, policy innovation, political communication and activism. He started political work and activism
2008
tivities including activism with the National Union of Ghana Students, the All Africa Students Union and
theUnited Nations. He also worked on three Presidential campaigns of the National Democratic Congress
(2004,effective strategic decision-making and advocacy. Strategy, innovation and political communication form
the coreof the Third World Youth Forum of the United Nations System in 1998. He has over the years developed
BOARD OF DIRECTORS
skills for and 2012).He is credited at the United Nations for his lead role in drafting of the Braga Youth Action
Plan
of his career. He holds a Diploma in Journalism (Undergraduate Level Professional Course) from the Ghana In-
stitute of Journalism, a Diploma in Journalism (Postgraduate Level: Professional Course) from Thomson Foun-
UK and a Postgraduate Diploma in Strategy and Innovation from University of Oxford, UK. He is a former
Directordation Editorial Study Centre-United Kingdom, Master of Arts in Political Communication from Cardiff
University, of Communications of the National Democratic Congress. Hajia Zaynab Joyce Mahama -
Director
cian. Hajia Mahama holds a Bachelor of Education Degree from the University of Education, Winneba and alsoan
NGO that solicits for funds for women in rural areas. She has participated and represented the country in
Chairperson of Atebubu College of Education, the Treasurer of Ghana Olympic Committee and a member
various
of the
Institute of Local Government Studies. Hajia Zaynab Joyce Mahama is the founder of the Finger of God
Enterprise,a Diploma in Home Economics. She has held many leadership positions for the National Democratic
Congress(ganizer in Accra for four (4) years respectively. She is currently the National Women’s organizer of
the NDC, theworkshops and seminars in Washington D.C and Namibia. She participated in the recent programme
dubbed “Mak-2015.ing Cents International” - helping the poor in the society and the living of women in Africa,
in New York in MarchNDC) and was the Regional Women Organizer in the Brong Ahafo Region and the Deputy
National Women OrHajia Zaynab Joyce Mahama – Hajia Mahama is a graduate teacher by profession, a
Businesswoman and Politi--
10
BOARD OF DIRECTORS
Mr. Ernest Nunoo - Director
worked at Ghana Commercial Bank as the Organisation & Methods (O & M) Officer. Mr. Nunoo obtained a
Bach-elor of Science (BSc.) in Maths from Kwame Nkrumah University of Science and Technology (KNUST)
in 1982.Banking, Merchant Bank and Head of Branch & Credit Control, Metropolitan and Allied Bank. He had
earlierthe Country Director of Michael Stevens Consulting International. His work experience includes Head of
RetailChief Executive Officer of Royal Derby Group of Companies, comprising ten subsidiary companies; he is
alsoMr. Nunoo is a seasoned Banker with over 30 years’ experience in Banking and Finance. He is currently the
Group
He holds a Post-Graduate Diploma in Business Operations from Cranfield School of Management, UK and
anotherChicago, USA.Post-Graduate Diploma in Retail Banking from BAI Graduate School of Retail Banking,
University of Wisconsin,
National Investment
2015 Dr. John
Gartchie Gatsi - Director
Accounting from University of Goteborg, Sweden as well as Master of Business Administration (MBA) from
the
Ghana, Legon. He also holds Master of Science Degree in Finance and Master of Science Degree in
BOARD OF DIRECTORS
Dr. Gatsi holds Bachelor of Science degree in Administration and Bachelor of Laws (LL.B) from
International
University of
of Certified Chartered Economists (ACCE). He was a member of the panel of jury that selected the
2014 InstituteSenior Lecturer at the School of Business, University of Cape Coast. He is also a Chartered
Petroleum Economist,Board and coordinates the MBA Oil and Gas Programme under the Institute for Oil and
Gas Studies, UniversityBlekinge Institute of Technology, Sweden. He further holds a PhD in Finance from
Central University of Nicaraguaof Financial and Economic Journalists Flamingo Awards. Prior to joining
academia, he worked with Value Addedand Doctor of Finance Degree from the SMC University, Switzerland.
Dr. Gatsi is a Chartered Economist andTax Service focusing on Tax Debt Management. He is currently a member
12
BOARD OF DIRECTORS
of the School of Business Advisorymember Institute of Directors-Ghana and Fellow of American Academy of
Financial Management and Association conferences and published in international peer reviewed journals on
financial performance in the Ghanaian fi-Founder and Director of John Gatsi Educational Foundation. He has
presented papers in local and internationalof Cape Coast. He provides training consultancy in Financial
Economics and Oil and Gas Management. He is the nancial industry.
Pimampim Yaw Kagbrese V - Director
where he obtained a Royal Society of Arts (R. S. A.) Stage II. Currently, he is the President of the Brong-
AhafoRegional House of Chiefs and a member of the National House of Chiefs.Pimampim Yaw Kagbrese V is
the Omanhene of the Yeji Traditional Area. He is a farmer and a building contractorby profession. Pimampim
Yaw Kagbrese V was educated at the Yamba and the Bekwai College of Accountancy
EXECUTIVE MANAGEMENT TEAM
Mr Ernest Mawuli Agbesi Mr John Kweku Asamoah

MD/CEO Chief Operating Officer
Mr Gariba Alex Amadu

GM - Risk Mr Martin Amenyezdi Mr. Theophilus Dorgbetor
GM - Operations and Technology GM - Finance & Strategy
7
EXECUTIVE MANAGEMENT TEAM
Mr Ernest Mawuli Agbesi - MD
Mr Agbesi joined uniBank (Ghana) Limited in January 2008 where he was Head of Sales & Business
Development
Diploma in Accounting. He has ample experience in banking and started his banking career in 1985
with the thenand later Head of Banking Operations. He supervised the organic growth of the Bank until his
appointment as thevast experience. He has a Master’s degree in Business Administration (MBA), a Post Graduate
Diploma and aGhana Co-operative Bank Limited. He joined International Commercial Bank in 2000 where he
became a Divi-Mr. Ernest Mawuli Agbesi is a banker by profession. He has excelled over the years in the banking
sector with hissional Head in 2006 in charge of Sales & Business Development, Estates and General Services
and Retail Banking.
Managing Director of the National Investment Bank Limited in March 2014. He is also the Board Chairman
atNestle Ghana Ltd. and the Chairman of the Board of Directors at First Ghana Savings and Loans Company
Ltd.
John Kweku Asamoah - Chief Operating Officer
Industry for the past fifteen (15) years. He started his Banking career at the International Commercial Bank
Limited.He joined uniBank in 2008 and worked in various management roles in Accounts/Finance and Risk
Management.the Institute of Chartered Accountants (Ghana) and a fellow of Institute of Certified Book-Keepers
Is currently the Chief Operating Officer of the Bank. He is a Chartered Accountant and has been
UK. He is also
National Investment
2015
in the Banking
John Asamoah has passion for quality customer service delivery and credit
related functions. He is a member of an MBA in Strategic and Consultancy Management.a member of the
Chartered Management Institute, UK and Chartered Financial Managers (CFM), USA. He has
Mr Gariba Alex Amadu - GM - Risk
(of Cape Coast in 1981. He also has a Master’s degree in Banking and Finance from the FinAfrica
FoundationBachelor of Science degree in Agriculture and a Diploma in Education obtained concurrently from
the UniversityProject Officer and has risen through the ranks to become the General Manager for Risk
Management. He has aMr. Gariba Alex Amadu is currently the General Manager for Risk. He joined the bank in
November 1983 as anow Fondazione Giordano Dell’ Amore) in Milan, Italy.
Mr Martin Kofi Amenyedzi - GM - Operations and Technology
profession and graduated from the University of Cape Coast in 1981 with a Bachelor of Commerce (Hons)
Mr. Martin Kofi Amenyedzi, is currently the General Manager for Operations and Technology. He is a
Degree,
banker by
after a year’s accountancy trainee experience at Peat Marwick, Okoh & Co. (now KPMG) in 1985. He
Tarkwa branches. He was the Head of Marketing in 2000, and later the Deputy Head, International
held various
9 For the year ended 31 December 2015National Investment Bank

Banking. He
and a Diploma in Education. He started his Banking career with the National
Investment Bank in January, 1986positions at the Bank. He was appointed Branch Manager in 1993 and was the
branch Manager for Abeka and also worked in the Audit and Inspection Department for a number of years. He
was appointed the Executive Head,2014.Banking Operations in March 2014, then as the General Manager,
Operations and Technology Department in May,
Mr Theophilus D Dorgbetor - GM - Finance and Strategy
praisal, Treasury Management, International Banking, Accounting and Financial reporting both locally and
abroad.has attended a number of courses/seminars in Banking, Finance, Information Technology, Credit and
Project Ap-ness School with BSc Administration (Accounting) in 1991 and a Master of Business Administration
(1998). Heand a member of the Institute of Chartered Accountants, Ghana. He graduated from the University of
Ghana Busi-Mr. Theophilus Dorgbetor is currently the General Manager for Finance and Strategy. He is a
Chartered Accountant
Finance and Planning, Head, Loan Management Department; Senior Manager in charge of Final Accounts,
branchwith National Mobilisation Programme as a Programme Officer and Auditor (1991-1992) and Christork
Industriescontrol, treasury and officer responsible for Bank of Ghana Prudential returns. Prior to joining NIB, he
workedMr. Dorgbetor joined NIB in 1993 and served in various departments and capacities including Executive
Head of
Ltd, as Accounts Manager at Takoradi (1992-1993). He is also a Director of Nestle Ghana Limited.
National Investment
2015
CHAIRMAN’S
INTRODUCTION
STATEMENT
Distinguished Shareholders, Directors, Management and Staff of
NationalInvestment Bank Limited (NIB), invited guests, ladies and
Statements of your Bank for the financial year ended 31st

gentlemen, it is
December, 2015.
my pleasure to welcome you to the 47th Annual General Meeting of NIB.It is a great honour
for me to present to you the Annual Report and Financial mitment to the pursuit of the strategic growth of the
Bank and their hardwork which has enabled us to achieve impressive results in the yearI take this opportunity on
behalf of the Board, to express our appreciation toall shareholders, management and staff of NIB, for their

dedication and com-.Our 2015 performance showed a consolidation and improvement on
2015the gains and successes of the previous years despite the severe economicchallenges we experienced in the
that your Bank’s transformational agenda is seriously on course and

year under review. Thus, 2015 recorded
yielding
an impressive increase in the after tax profit of the Bank. I am happy to sayfruitful results, and that our
objective to be among the top tier banks in Ghanais also on course.
The global economy in 2015 performed below expectation. Growth fell shortGLOBAL ECONOMYof
projection, slowing to 2.4 percent from 2.6 percent in 2014. This perform-with the downturn in commodity prices,
and slowdown in world trade and capital flows. We expect that commodityance was mainly due to the continued
decline in economic activity in emerging and developing economies coupledmonetary policies, whereas
emerging and developing markets will experience tightness due to currency depreci-ation.prices will gain modest
recovery from the downturn which would encourage investment for global growth espe-cially for commodity
dependent economies. We also expect that the advanced economies will have accommodatingBoard Chairman
Togbe Afede XIV
National Investment
2015
The Ghanaian economy experienced a marginal recovery, though lower than expected in
THE GHANAIAN ECONOMY
2015. The underlyingfactors were: stability, losing 18
percent of its value against the US dollar in 2015, compared with 32.45 percent in
Growth slowed for the fourth consecutive year to an estimated 3.4 percent in 2015 from 4 percent in 2014
2014.
asenergy supply shortfall, higher inflation, and ongoing fiscal consolidation programme with IMF weighed on
eco-
nomic activity. Inflation rose slightly to 17.7 percent by December 2015, from 17 percent in the previous
year.The Bank of Ghana in response increased its policy rate to 26 percent as at the end of December 2015,
from 21percent at the end of 2014.The current account deficit narrowed from 9.6 percent of GDP in 2014 to 7.8
percentof GDP in 2015. The Ghana cedi, following the issuance of Eurobond and Cocoa Syndicated loans,
enjoyed some•••• Deteriorating commodity prices, particularly of gold and oilEnergy supply shortfallsExchange
rate volatility, andInadequate access to credit and markets.
THE BANKING SECTORThe banking sector maintained its competitiveness in service delivery, product
innovation and customer deposit percent at the end of 2015, up from 21 percent at the end of 2014. Treasury bill
rates were however relativelylower in 2015. At the end of December 2015, the yield on the 91-day bill was 22.90
compared with 25.81 percentregulatory regime to meet the sector challenges. As already mentioned, Bank of
Ghana’s policy rate stood at 26mobilization through cutting edge information technology. At the same time, the
Bank of Ghana strengthened its at the end of 2014.
Total assets of the banking sector grew by 23.2 percent to GH¢63.38 billion as at the end of December 2015,
com-2014pared with the 42.2 percent growth recorded in 2014. Domestic assets component of total assets
increased by 24.3percent to GH¢58.07 billion at the end of December 2015, compared with the 39.9 percent
growth recorded in.The industry’s total deposits stood at GH¢41.25 billion at the end of December 2015, having
grown by 27.2

2014as at the end of December 2015, representing a growth of 21.7 percent, compared with
percent compared with the 39.0 percent growth recorded in 2014.
the 44 percent growth in
Net loans and advances was GH¢27.04 billion
. The industry’s fundamentals showed a positive outlook.
The Bank achieved very impressive operational results in 2015. Total operating income for the year increased
byNIB’S OPERATING RESULTSover the 2014 performance of GH¢79.39 million.51.86penses increased by
65 percent to GH¢178.87 million, from GH¢108.22 million in the previous year. Credit im-pairment losses for
the year increased by 43.66 percent to GH¢24.41 million, from GH¢16.99 million in 2014. Asa result, the Bank
recorded a profit after tax for the year 2015 of GH¢120.11 million, an increase of 51.28 percent percent to
GH¢348.83 million in 2015, from GH¢229.70 million in 2014. The corresponding operating exquirement of 10
2015
percent. creased by 32.60 percent, from GH¢1,343.81 million at the end of2014, to GH¢1,781.93

million at the end ofto GH¢2,654.69 million, from GH¢2,319.57 million at end of 2014.The
Bank’s customer deposit liabilities in-GH¢543.18 million, from GH¢486.82 million as at the end of 2014.
The balance sheet of the Bank also continued to strengthen as

Similarly, total assets grew by 14.45 percent
shareholders’ funds grew by 11.57 percent to

. The Capital Adequacy ratio of the Bank was 24.81 percent at the
end of 2015, well above the minimum re-
of GH¢0.06 per share as dividend to shareholders.need to strengthen NIB’s balance sheet and increase its
capitalization, have decided to recommend the paymentThe Directors have analyzed the financial performance

PROPOSED DIVIDEND
of the bank in 2015and after taking into consideration the aimed at attracting the youth
into agriculture. The Ghana Armed Forces and Retired Footballers Association wereIn the course of the year
2015, we supported NADMO to enable them to provide relief items to victims of theJune 3rd flood and fire
disaster. We also supported the National Youth Authority’s plantain project at Mampong,CORPORATE
SOCIAL RESPONSIBILITY Foundation, which undertakes free surgeries for children with birth deformities,
the National House of Chiefs, thealso supported. Other recipients of support are Accra Psychiatric Hospital (for
dormitory renovation), the GRAFTGhana Police Service and Ghana Blood Foundation, among others.

profit of GH¢0.62 million in the year under review, compared to a loss of GH¢3.18 million
in the year 2014.The First Ghana Savings and Loans Ltd (FGSL) is a subsidiary of the bank. The Bank’s equity
stake now standsat 98.98 percent. NIB’s capital injection of GH¢15 million in 2014,as part of the Board of
Directors’ strategy toFIRST GHANA SAVINGS AND LOANSexpand the service delivery network of the Bank
has begun to yield positive returns. FGSL recorded after tax sideration to the prevailing economic conditions. We
aim to improve upon the Bank’s competitiveness, in orderto position it to be able to take advantage of the expected
rebound in economic activity.network in order to increase market share and maximize shareholder value. This
will be approached with due con-The Bank in 2016 will continue to pursue its aggressive strategic plan which
OUTLOOK FOR THE YEAR 2016

aims at expanding its service delivery with our strategy of rigorous

manpower training and development and comprehensive staff reward and motivationas part of our efforts to
enhance our brand and achieve our corporate goals.branches in the year 2015. We are opening more branches
this year as part of our strategy. We shall also continueproducts and services to the doorsteps of our valued
customers is still on course. The Bank opened eleven (11)Our branch expansion strategy for deposit mobilization
aimed at reaching out to the unbanked and bringing our
CONCLUSION
holders, especially our valued customers, for their loyalty throughout the year. For sustainable profitability
andstrategy is working and profitability is increasing. I take this opportunity to thank all shareholders and other
stake-Distinguished Shareholders, your Bank is now on course to become a force to reckon with in the industry.
Our seize the opportunity to also commend colleague directors, management and staff of the Bank for their hard
work.As a Board we are prepared to put in more effort to sustain the Bank’s profitability and growth. And with

God ongrowth of the Bank and for maximization of shareholder value, more hard work is
expected from us. I wish to our side, we know we shall succeed.
Thank you and May God Almighty bless us all.
MANAGING DIRECTOR’S STATEMENT
year 2015. The year 2015 was rather a challenging year for the Financial
Serv-ices Industry especially the Banking sector. National Investment Bank
consoli-buoyed by its aggressive Strategic Pan has begun yielding
results.dated its gains made from the previous years. The Bank’s pursuit for
growthit is of great delight that I present to you, your Bank’s performance
Togbe Chairman, Directors, Distinguished Shareholders, Ladies
for the fiscal
and Gentlemen;INTRODUCTION
Mr Ernest Mawuli Agbesi
The country’s economic challenges have negatively impacted the performanceTHE GHANAIAN ECONOMYof the
banking sector in 2015. The ongoing IMF program brought some fiscalconsolidation and stability in the exchange
rates, though with high inflationarypressures in the last quarter. General economic activities were low largely dueto
high interest rates and the shortages of energy supply which have createdmajor challenges for businesses.
The banking sector continues to experience stiff competition, especially with re-THE BANKING INDUSTRYspect
to deposit mobilization, product development and service delivery channels.First National Bank (owned by First Rand
Bank of South Africa) started operationspolicy rate. Interest on Treasury Bills for 91-day and 182-day closed

the year with 22.90 percent and 24.45 percent re-in Ghana in October, 2015. The sector recorded high Non
Performing Loans andLoan Loss Provisions. Inflationary pressures were high and with response the Bank of Ghana
adjusted the Policy Rateto 26 percent (up from 21 percent for 2014).spectively. One year note registered 21 percent.
In spite of that, the banks employed every available means to bringTreasury bill rates as well as lending rates have
remained relatively high due to high inflation and Bank of Ghana’stheir respective products and services to the
doorsteps of customers. MD/CEO
The strategic growth agenda pursued by the Board and Management of the Bank yielded positive results. The
BankTHE BANK’S OPERATING RESULTSrecorded significant improvement over previous years in all aspects.
The Net profit after tax was GHc120.11 millionfor the year ended 31st December 2015 compared with GH¢79.39m
to GH¢2,654.69 million in 2015. Shareholders’ Fund increased
in 2014. This represented an increase of 51.27 per-
from GH¢486.82 million in 2014 to GH¢543.18 million
cent. Customer Deposits also increased by 32.60 percent to
GH¢1,781.93 million in 2015 from GH¢1,343.81millionrecorded in 2014. Also the Bank registered 14.45 percent
growth in its total assets from GH¢ 2,319.57 million in 2014in 2015. This represented 11.57 percent annual growth.
The Bank at the end of 2015 met Tier One capital required byBank of Ghana.
The Bank adopted best human resource management practices in order to ensure that all members of staff were
wellHUMAN CAPITAL DEVELOPMENTtrained, disciplined and highly motivated. The human resource
management strategy was guided by the philosophy ofmaximizing the potentials of our staff and developing their
skills in order to enhance productivity and growth. The newsystem of the Bank. staff performance evaluation system
based on targets was also implemented to strengthen the performance evaluation

credit delivery and monitoring, product innovations and information technology to deliver
tailor made customer serviceGOING FORWARDOur commitment to growth and complete turnaround as promised
you two years ago are on course. This has been shownin our sterling performance in 2015 despite the industry
challenges. We shall improve on the Bank’s risk management, our market share. Eleven (11) Branches were opened
in 2015. We are on course to add about twenty two (22) newtinguished customers are fast gaining grounds. Our
objective is to expand service delivery networks in order to increasebranches by the end of 2017.to our cherished ever
growing customers.The branch network expansions to bring banking to the door steps of our dis-
for their business and the opportunity to be of service to them and our staff, for their loyalty and commitment to
APPRECIATION
work. On behalf of Management, I thank the Board Directors for their continued guidance and
oversight and our customers
Thank you.

135,120

30th March
24
National Investment Bank
For the year ended 31 December 2015For the

year ended 31 December 2015National
Investment Bank Financial Statements
17 to 87

30th March

(178,874)
subsequent to
subsequent to
23 - 87

23 to 87

30th March
23 to 87

109,057
153,835
124,657
1,023,269
23 to 87

T
o
t

a
l
191,069
33,872 961,756
33,872 193
Total
113,701
108,507
656,093
38,520
190,485
769,594
1,876,904

10,186
757,880 414,341

178, 875
70,858

0

5
870

061 061 069

9 7

2 3 7

1,489,920
1,101,527 2,115,443 2,134,616

3. To approve the appointment of Mr. Ernest Nunoo
7. To fix the remuneration of the Directors

8. To authorize the Directors to fix the remuneration of the Auditors
National Investment
2015
This Proxy Form should not be sent to the
Registrar if the member will be attending the meeting
Notes:
1. to vote by proxy. The Proxy Form has been prepared to enable you exercise your
voteif you cannot personaA member (Shareholder) who is unable to attend the Annual
General Meeting is by lawy attend.
2. whether a Member of the Bank or not who wibehalf instead of the Chairman.Provision
has been made on the form for the Chairman of the Meeting to act as your proxy but if
you so wish, you may insert in the blank space the name of any person attend the
meeting and vote on your
3. In case of joint holders, each holder should sign.
4. on its behalf by a Director.If executed by a corporation, the Proxy Form must bear its
Common Seal or be signed
5. Please sign the above Proxy Form and post it so as to reach the address shown
belownot later than 48 hours.
6. The proxy must produce the Admission Slip sent with the Notice of the Meeting to
obtain entrance to the meeting.
P. O. BOX 9563OKAI MENSAH LINKMARTCO HOUSENTHC LIMITEDTHE
REGISTRAR
GHANAAIRPORT, ACCRA
National Investment
2015

2015 NIB Annual Report

Uploaded by

Document Information

Original Description:

Copyright

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

2015 NIB Annual Report

Uploaded by

Copyright:

ANNUAL

Our mission is to offer the highest-quality, customer-focused

• Creativity-We will come out with innovative ideas in

Candour-We will act with honesty and integrity in all our

• Collaboration-We will cooperate with each other to give

• active, generous members of the communities we find

• Commitment-We will be committed to quality in all our

• Customer Service Excellence-Above all, we will ensure

Bankers Bank of Ghana

The Directors have proposed payment of dividend of GH¢0.06 per share to

Director (Appointed 23rd October 2015)

For the year ended 31 December

Togbe Afede XIV - Board Chairman

Mr Ernest Mawuli Agbesi - MD/CEO

Mr. Michael Ayesu - Director

a Senior Advisor to Ghana’s Executive Director at the World Bank Group,

Ms. Florence Chambas - Director

andSeminars both local and overseas.

Mr. Seth Ofori-Ohene - Director

Mr. Ernest Nunoo - Director

Economics and Oil and Gas Management. He is the nancial industry.

Pimampim Yaw Kagbrese V - Director

Mr Ernest Mawuli Agbesi Mr John Kweku Asamoah

Mr Gariba Alex Amadu

John Kweku Asamoah - Chief Operating Officer

Mr Gariba Alex Amadu - GM - Risk

Mr Martin Kofi Amenyedzi - GM - Operations and Technology

9 For the year ended 31 December 2015National Investment Bank

Operations and Technology Department in May,

Mr Theophilus D Dorgbetor - GM - Finance and Strategy

NationalInvestment Bank Limited (NIB), invited guests, ladies and

Statements of your Bank for the financial year ended 31st

11 For the year ended 31 December 2015National Investment Bank

that your Bank’s transformational agenda is seriously on course and

objective to be among the top tier banks in Ghanais also on course.

Bank of Ghana strengthened its at the end of 2014.

13 For the year ended 31 December 2015National Investment Bank

byNIB’S OPERATING RESULTSover the 2014 performance of GH¢79.39 million.51.86penses increased by

14 For the year ended 31 December 2015National Investment Bank

The balance sheet of the Bank also continued to strengthen as

shareholders’ funds grew by 11.57 percent to

end of 2015, well above the minimum re-

15 For the year ended 31 December 2015National Investment Bank

16 For the year ended 31 December 2015National Investment Bank

OUTLOOK FOR THE YEAR 2016

17 For the year ended 31 December 2015National Investment Bank

aimed at reaching out to the unbanked and bringing our

18 For the year ended 31 December 2015National Investment Bank

expected from us. I wish to our side, we know we shall succeed.

Thank you and May God Almighty bless us all.

MANAGING DIRECTOR’S STATEMENT

Mr Ernest Mawuli Agbesi

19 For the year ended 31 December 2015National Investment Bank

20 For the year ended 31 December 2015National Investment Bank

21 For the year ended 31 December 2015National Investment Bank

22 For the year ended 31 December 2015National Investment Bank

For the year ended 31 December 2015For the

25 For the year ended 31 December 2015National Investment Bank

26 For the year ended 31 December 2015National Investment Bank

27 For the year ended 31 December 2015National Investment Bank

28 For the year ended 31 December 2015National Investment Bank

29 For the year ended 31 December 2015National Investment Bank

32 For the year ended 31 December 2015National Investment Bank

61 For the year ended 31 December 2015National Investment Bank

62 For the year ended 31 December 2015National Investment Bank

64 For the year ended 31 December 2015National Investment Bank