Bunna Bank of Ethiopia profit up 46 percent

Gross profit of Bunna International Bank of Ethiopia grew to 625 million birr (over $20 million at the current exchange rate) for the year ended June 30, 2019, which is 46.4 percent increase compared to the previous financial year.

After paying 163.7 million birr (about $5.3 million) tax to the government, the bank has got net profit of close to 461.4 million birr (about $14.8 million). This is stated in the annual report of the Bank, which is distributed to shareholders this morning at the annual meeting in Addis Ababa.



“The growth in profit was the result of surge in all income categories, the concerted effort of the Bank to manage its liquidity and proper management of controllable expenses,” the annual report stated.

The report also stated that earning per share of Bunna International bank, which has over 14,000 shareholders, has reached 28.7 percent. By the end of June 30, 2019, the total paid up capital of the Bank has reached 1.8 billion birr (about $57.8 million) from 1,475 billion birr (about 47.4 million) a year ago.

Loans and advances of the Bank also increased to 8.281 billion birr (about $265 million) from 6.942 billion birr (about $223 million) the previous financial year. The total asset of Bunna International Bank by the end of June 30, 2019 grew up to 10.586 billion birr (about $340 million) from 9.947 billion birr(about 319.4 million), according to the report.

Paid up capital of the Bank during the period July 1, 2018 to June 30, 2019 grew by about 296.3 million birr (about $9.5 million), which is 20 percent up from the previous financial year, according to Mulugeta, Alemayehu, CEO of Bunna International Bank’s statement published on the annual report.

The report also shows that the total number of deposit accounts of Bunna International Bank has reached 541,000.

He further indicated that Bunna has opened 34 new branches during the financial year concluded June 30, 2019, which increased the total number of branches of the Bunna International Bank to 205, of which 99 are found in the capital, Addis Ababa.

Currently the Bank has a total of 1,709 permanent employees and 1,811 outsourced non-clerical staff.

In his message Dr. Sewale Abate, Board Chairperson of Bunna International Bank, indicated that in the coming months and year the Bank shall expedite the process of constructing headquarter building.

He also indicated that last year the Bank has purchased G+3 building in Bahir Dar City of Amhara Region of Ethiopia. “…The Banks has continued its concerted effort to acquire additional land to construct headquarter buildings in Addis Ababa and other regional towns,” he said.

It is now ten years since Bunna International Bank has entered into the finance business of Ethiopia.
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