Addis Bank profit increases to 274 million Birr

Addis International Bank, one of the sixteen private banks operating in Ethiopia, has announced a total of 274.2 million Birr profit before tax for the budget year concluded June 30, 2020.

Compared to the previous year performance, the gross profit of the Bank has increased by close to 69 million Birr, according to the annual report of Addis International Bank. The net profit of the Bank for the year has increased to 213 million Birr from about 159.3 million the previous year.

The total asset of the Bank has also increased to 6.49 billion Birr at the end of June 30, 2020 from 5.5 billion Birr the previous year. The report also shows that the total liabilities of Addis International Bank has increased to 5.13 billion Birr from 4.4 billion Birr the previous budget year.
The total equity of the Bank has also mounted to 1.35 billion Birr from 1.11 billion Birr the preceding year.

Addis International Bank is established ten years ago to provide efficient and effective full-fledged banking services by utilizing qualified, honest and motivated staff and state-of-the-art technology and thereby optimizing shareholders’ interest.

The first General Assembly of the Bank met on February 14, 2002 (Ethiopian Calendar) in the millennium Hall with shareholder owning Birr 152,723,000 and 106,324,040 subscribed and paid up capital respectively. Out of the total paid up capital 64.32% is owned by corporate shareholders (Cooperatives 48.04%, Share companies 11.13%, Iddirs 3.30%) and the rest 35.69% by individual shareholders.

The major shareholders of Addis International Bank are-
– Ethiopian Airlines employees’ saving and credit cooperative
– Addis Ababa saving and credit cooperatives union
– Ethiopian road Authority employees’ saving and credit cooperative
– Ethio telecommunication Corporation (now Ethio Telecom) employees’ saving and credit cooperative
– Ethiopian electric power authority employees’ saving and credit cooperative
– Yirgachefe coffee farmers cooperative union
– Addis Ababa University employees’ saving and credit cooperative
– Ministry of Agriculture employees’ saving and credit cooperative
– World Vision international Ethiopia and
– Ministry of Foreign affairs employees’ saving and credit cooperative etc are among the owner cooperatives etc