Buna International Bank doubles its profits

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Buna International Bank (BIB), one of the most recent banks established in the country, has almost doubled its profit during the past fiscal year when compared to its results in the 2011/12 fiscal year.
In the 2012/13 fiscal year, the bank earned 59.2 million birr profit after tax. The previous year, BIB’s net profit  amounted to 30 million birr.
During the general assembly held on Sunday, October 27, the bank declared that its net profit after tax and legal reserve has reached 44.4 million birr, which was 22.5 million birr the previous year.
BIB earned 80.3 million birr profit before tax, a 95 percent increase (39.1 million birr) in performance. According to the report, the Bank’s asset surged by 763 million birr or 60 percent during the stated period and reached 2.128 billion birr as at the end of the past fiscal year.
The total capital and reserves of the bank stood at 374.9 million birr.
BIB generated 192.5 million birr total revenue in the past fiscal year, which is up by 74.7 percent or 82.4 million birr when compared with the 2011/12 fiscal year.
According to the report, earning per share for the year reached 211 birr per 1,000 birr share, which was 132 birr in the 2011/12 fiscal year.
BIB’s total deposit base has gone up by 644.3 million birr (71.3 percent) during the past fiscal year to reach 1.547 billion birr at the end of the year. According to the bank report, deposit mobilization has registered over nine percent increase than the target set.
Total outstanding loans and advance of the bank channeled to various economic sectors has grown by 299.3 million or 46.1 percent during the fiscal year under review and stood at 948.2 million birr.
Term loan constituted the largest portion (85 percent) of the total loan portfolio of the bank and was followed by overdraft (14.4 percent) and merchandise (0.5 percent), respectively.
From the total loan types, short term loans accounted for 56 percent, whereas medium and long-term loans make up the balance