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Lion International Bank (LIB) has registered a 69 percent increase in profit during the last fiscal year when compared to the previous year. The bank’s financial report indicated that LIB has earned 104.7 million birr profit before taxes in the 2011/12 fiscal year, while in 2010/11, the bank earned 61.8 million birr.
According to the bank’s report, the LIB’s net profit after taxes and legal reserve last year was 56.55 million birr. It paid 29.3 million birr in taxes and the balance, 18.85, million birr went to legal reserve.
The report stated that earnings per share of 25 birr is 6.09 birr, while a year ago they were 4.40 birr. Earnings per share is calculated by dividing net profit after tax but before legal reserve by the number of outstanding shares, the average number of shares as of June 30, 2012 standing at 12,378,089.
The bank’s revenues reached 241 million birr collected from all sectors, showing an increment of 26 percent from the previous year. “This remarkable growth is the result of 48 percent income earned from interest, and 52 percent from non-interest sources,” the report indicated.
By the end of 2011/12, the total assets of the bank had grown to a little under 2.5 billion birr, a 36 percent increase from a year ago. Cash and bank balances, loan and advances, and reserves with the National Bank of Ethiopia (NBE) are items listed as assets which comprise the major share.
According to the LIB report, the liability of the bank has reached over 2 billion birr with a 39 percent increment from the previous year. “The growth of deposits played a major role in the increment of liability since it made up 86 percent of the total,” the financial report stated.
The report indicated that, by the end of the last fiscal year in June, the total net of outstanding balance of loans and advances marked 971 million birr, an increment of 44 percent from the June 2011 balance. According to the LIB report, the total outstanding balance, import, domestic trade, and export sectors lead the portfolio by 42 percent, 28 percent, and 8 percent respectively.
One of the successes of LIB in the last year is in regards to non-performance loans. According to the bank’s report, the non-performing loan ratio has kept declining and reached 0.98 percent from 2.68 percent in June 2011.
The bank, which has 6,600 share holders, has increased its paid up capital by 15 percent from the 2010/11 fiscal year to just under 336 million birr.