Berhan International Bank earned Birr 471.4 million profits
in the 2016/17 fiscal year
Berhan International Bank has conducted its 8th Ordinary and 4th Extra Ordinary Annual shareholders’ meeting on December 9th, 2017 at millennium hall in Addis Ababa. The Bank’s Board chairman, Ato Solomon Alemseged disclosed that, the Bank has ended the year 2016/17 heralding glorious results in all areas of its operations proving to be one of the most competitive Banks in the industry. At the end of the year, the Bank reaped a bountiful Profit of Birr 471 million before tax recording a significant increase of 34.8% over the preceding year. It’s paid up capital raised to Birr 1.4 billion indicating a remarkable increase of 91.1% over the last year. Similarly, the number of shareholder reached 14, 841 depicting a significant increase of 53% over that of the last year. Despite significant increase of its paid-up capital, the Bank’s ROE stood at 32.8 %, which is one of the bests in the banking industry.
The Chairman expressed his conviction that with existing commitment of the leadership and staff of the Bank and loyalty of the Bank’s customers, the recorded all-round success of the Bank will be repeated in the succeeding years.
Ato Abraham Alaro, the President of the Bank also remarked that the Bank has registered remarkable performances withstanding the prevailing stiff competition and dynamic financial environment. Accordingly, the president indicated, at the end of the fiscal year ended June 30, 2017, the Bank’s total deposit stood at birr 7.6 billion registering a significant growth of 43.3 percent over the last year. Similarly, the Bank’s outstanding loan financed in support of various economic sectors has stood at birr 5.6 billion revealing a significant growth of 42.1 percent over the preceding year. The president added that due to severe foreign currency shortage facing the country, the bank has mobilized USD 124.9 million during the year under consideration, slightly falling below the last year’s performance by 4.5%.
Ato Abraham also added that by opening a recorded 56 new branches during the year under consideration, the bank has expanded its total branch network to 161 scoring a significant growth of 53.3% over the last year. Correspondingly, the Bank has managed to increase its customer base to 367,379 showing a remarkable growth of 88%.
In support of the Bank’s aggressive expansion, the Bank has recruited 1,154 new employees during the year under consideration making the total employee of the Bank to reach 2,865 revealing a remarkable growth of 36.6 % over the preceding year. Ato Abraham also noted that on the survey made in the year 2016 by Deloitte, an International Consulting Firm, the Bank was awarded as one of the best banks to work for in the country. He also disclosed his strong belief that by working harder and smarter the Bank will score even greater result in the coming fiscal year.
December 9, 2017
Addis Ababa