Abyssinia Bank makes one billion birr profit

Abyssinia Bank makes one billion birr profit

By

Bank of Abyssinia, one the private banks in Ethiopia, makes the biggest gross profit in the Bank’s history, 1.02 billion birr (close to $32.8 million at the current exchange rate), for the financial year concluded June 30, 2019. The gross profit for the year is 258 million birr higher (close to $8.3 million) than the…

Bank of Abyssinia, one the private banks in Ethiopia, makes the biggest gross profit in the Bank’s history, 1.02 billion birr (close to $32.8 million at the current exchange rate), for the financial year concluded June 30, 2019.

The gross profit for the year is 258 million birr higher (close to $8.3 million) than the amount the Bank generated the previous year, according to the audited financial report presented to shareholders at the annual meeting last week. The Bank has got a net profit after tax of 777 million birr (close to $25 million).



Compared to the previous year, outstanding loans and advances of Bank of Abyssinia increased by 25% ad reached birr 23.74 billion birr (about $762.4 million) in 2018/19 financial year concluded June 30, 2019.

While total asset ad capital of the Bank has gone up 23% and 17% registering 39.29 billion birr (close to $1.3 billion) and 4.95 billion birr (about $159 million).

In his message to shareholders, Messeret Taye, Board Chairman of Bank of Abyssinia, stated that the Bank has embarked on various construction works including finishing works of the headquarter in Addis Ababa.

By opening 51 additional branches I 2018/19 financial year, bank of Abyssinia has increased its total number of branches to 337. The total number of deposit accounts of the Bank has also reached 1.3 million from about 1 million the previous financial year.

The total net deposit mobilized in the review period has reached 6.35 billion having an accomplishment of 128% against last year same period, according to Bekalu Zeleke, CEO of Bank of Abyssinia.

“I a nutshell, it is promising how much we have accomplished, not only in terms of financial performance but in our steadfast dedication and readiness to enable the bank anchor its strategy on the main thematic areas of growth, digitization and operational excellence,” he said, in his message to the shareholders in the report.
………………..
EDITOR’S NOTE– TO BANKS, INSURANCE COMPANIES AND MICROFINANCE INSTITUTIONS OPERATING IN ETHIOPIA. PLEASE EMAIL US YOUR LATEST ANNUAL REPORTS SO THAT WE WILL WRITE NEWS STORY BASED ON EACH REPORT.

EMAIL andualemsis AT gmail.com
OR editor AT newbusinessethiopia.com
or call us Tel: +251 11 893 2529 +251 91 140 7539 /
THANKS

Related Articles