Berhan Bank Shines with 152 Percent Growth in Profit

BERHAN INTERNATIONAL BANK

PRESS RELEASE

Berhan Bank Shines with 152 percent growth in profit

Berhan International Bank conducted the 7th Ordinary and the 3rd Extra Ordinary Annual General Meeting of Shareholders on Saturday, November 5, 2016 at the Millennium Hall in Addis Ababa.

AtoSolomon Alemseged, Chairman of the Board of Directors,presented the annual performance report of the Bank, which was closed on June 30, 2016 to the shareholders. He mentioned that the Bank achieved impressive results in all key performance indicators during the reporting period by designing workable business strategies to tap the available business opportunities and properly address the prevailing challenges.

According to the report, the Bank posted a record high profit before tax of Birr 349.8 million during 2015/16 fiscal year. It was further revealed that the recorded profit showed an annual increment of Birr 211.2 million or 152.4 percent when compared with the preceding year.With this, the Bank’s earnings per share showed remarkable growth from the preceding year level of 20.7 percent and reached 39.9 percent.

In terms of resources mobilization, the report indicated that the Bank’s deposit surged to Birr 5.3 billion, exhibiting an annual increment of Birr 2.2 billion or 72.6 percent. Likewise, the annual foreign exchange inflow reached USD 130.9 millionsurpassing the preceding year by USD 61.7 million or 88 percent.Furthermore, the Bank’s outstanding loans and advances grew to Birr 3.8 billion from its level of 1.9 billion in the preceding fiscal year, registering a net annual increment of Birr 1.9 billion or 97.6 percent. The Bank’s total assets reached Birr 7.2 billion, exhibiting Birr 3 billion or 71.4 percent growth over the preceding year. The paid up and total capital reached Birr 730.6 million and Birr 1.1 billion respectively, depicting a respective growth of 27.5percent and 45.9percent.

With regards to branch expansion, it was reported that the Bank opened 33 new branches during the captioned period. As a result, the total branch network of the Bank reached 105. The number of the Bank’s account holders surged by 87,129 or 80.5 percent and reached 195,412 at the close of the captioned period.In addition, the Bank managed to launch Point of Sales and Mobile Banking services to create more convenience and accessibility to its customers.

Finally, the chairman cited that, the Bank has drawn effective strategies to sustain the growth momentum and register better achievements in the years to come.

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