Berhan Bank profit increases 22 percent

Compare with the previous budget year gross profit of Berhan Bank of Ethiopia has increased by 22 percent to 707.5 million Birr for the budget year concluded June 30, 2020.

This is indicated at the annual shareholders meeting held this morning in the capital Addis Ababa at Golf Club. During the year Berhan has managed to secure net profit after tax of 553 million Birr, which is increased by 96 million Birr compared to the previous budget year.

The externally audited annual report of the Bank also shows that its total assets has increased to about 21.4 billion Birr by June 30, 2020 from about 19.2 billion Birr by June 30, 2019. Likewise total liabilities of Berhan Bank has gone up to around 17.9 billion Birr from about 16.4 billion Birr the previous year.

The total equity of the Bank, which was about 2.8 billion Birr in June 2019, has increased to over 3.4 billion Birr. “…The Bank’s deposit stock reached 16.6 billion Birr growing by 110 percent from prior’s year position. Also the number of deposit customers of our Bank has reached 789,000, which is 20 percent growth compared with same period last year,” said Abraham Alaro, President of Berhan Bank, in his message to the shareholders published on the annual report.