Bunna Bank of Ethiopia profit declines 6 percent

Bunna Bank of Ethiopia profit declines 6 percent

Finance

Compared to the previous year, annual profit of Bunna International Bank of Ethiopia has declined by about 43 million Birr (about 6 percent).

During its annual shareholders meeting held on Sunday at Golf Club in Addis Ababa, the Bank has announced total profit of 582 million Birr for the budget year concluded June 30, 2020. After tax Bunna International Bank has generated net profit of about 440.3 million Birr for the year.



The annual report of the Bank shows that its total equity has increased by about half a billion Birr to over 3 billion Birr on June 30, 2020. Compared to the previous year, the total assets of Bunna International Bank has also increased by some 4.4 billion Birr reaching close to 18.9 billion Birr. The total liabilities of the Bank has also increased to about 15.8 billion Birr from 11.9 billion Birr the previous year.

Bunna International Bank is one of the 16 active private banks in Ethiopia established by over 10,000 shareholders eleven years ago. Banking business in Ethiopia has been an investment area reserved only for Ethiopian nationals until the government has issued a new directive recently that opened the sector for Ethiopians with other countries’ passport.

Following that decision, which also allowed establishment of full-fledged Islamic banking in Ethiopia for the first time, over a dozen banks are currently under-formation to enter the market.