Berhan Bank of Ethiopia profit up 41 percent

During budget year concluded June 30, 20219, Berhan Bank, one of the private banks in Ethiopia, has registered a gross profit of 580.1 million birr (about $18.4 million at the current exchange rate).

The profit before tax is 41.2% compared to the previous year. This is stated on the annual report of the bank distributed to shareholders last week.

“…On top of this our bank has achieved the 2 billion birr [about $63.2 million at today’s exchange rate] paid-up capital requirements a year ahead of the cutoff date (June 2020) set by the National Bank of Ethiopia,” said Gumachew Kussie, Board Chairperson of Berhan Bank, in his message published on the annual report.

Earnings per share of the Bank for the year concluded June 30, 2019 was 246.5 birr (about $7.8) with par value of 1,000 birr (about $31.9), according to the report.

The total asset of the Bank has increased 19.2 billion birr (about $607 million) growing by 5.1 billion birr (about $161.2 million) or 36.3 percent from the previous year.

The report also shows that outstanding loan stock of the Bank has increased to 10.2 billion birr (322.4 million) from 7.2 billion birr (about $227.6 million) the previous year.

“Steady annual growth of our outstanding loan is a clear indication for the promising growth of our bank’s capacity in providing finance for various sectors of the economy,” said Abraham Alaro, President of Berhan Bank in his message published on the annual report.

Mr. Abraham indicated that Berhan Bank, which is now celebrating its 10th anniversary, has more than 657,000 account holders of which, 108, 771 are cardholders and 108,680 are mobile service subscribers.

It is also indicated that the Bank’s total deposit has reached 14.9 billion birr (about $471 million) from 10.8 billion birr (about $341.4 million) the previous budget year.

During the year concluded June 30, 2019, Berhan Bank Share Company has also mobilized $161.7 million foreign currencies, which is 49% more than the previous year performance.