Profit of Bunna Bank Share company of Ethiopia for the first time surpasses one billion Birr mark during the budget year ended June 30, 2022.
During the year Bunna, one of the private banks in Ethiopia, has generated a total of 1.19 billion Birr profit before tax, according to the financial statement of the bank distributed to the share holders on Sunday December 4, 2022. Return on equity of Bunna (ROE) Bank stood at 21.2 percent on June 30, 2022.
“…The Bank, which has over 13,000 shareholders, has surpassed a billion Birr mark for the first time in its 13 years history…Another major noteworthy achievement has been registered on customer account base, which stood at 1,960,853 growing by 572,334 new accounts,” said Mulugeta Alemayehu, CEO of Bunna Bank. During the year, Bunna Bank has mobilized a total of 6.7 billion Birr deposit boosting its total deposit to 27.2 billion Birr.
The total branch of the Bank has also increased by58 new branches and reached 343 by June 30, 2022. “Similarly, the Bank’s total asset reached about 34.1 billion Birr primarily driven by growth in loan portfolio of the Bank by 7.8 billion Birr or 42.2 percent,” he said.
The total capital and paid-up capital of Bunna Bank has also increased by 32.8 percent to 5.2 billion Birr and by 32 percent to 3.3 billion Birr respectively. “…Our Bank will continue to sustain its growth and seize opportunities through business innovation and improved efficiency, bearing in mind that resource mobilization and digitization are critical imperative to win the competition,” the CEO said in his statement published on the annual report of the Bank.
It is recalled that the Government of Ethiopia has recently opened its door for foreign banks to operate in the country, a decision scared many small local banks. In Ethiopia, currently there are 28 active banks of which two are state owned Commercial Bank of Ethiopia, and Development Bank of Ethiopia with about half the market share in the country.