Abyssinia registers 216 mln birr net profit

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The Bank of Abyssinia (BoA), the oldest private bank since free market policy was introduced to the country, has registered a 21.8 percent higher gross profit for the 2012/13 fiscal year when compared to its previous budget year performance.
The bank’s financial report indicated that BoA earned 351.5 million birr during the past fiscal year, which was 63 million birr more than the performance registered in the 2011/12 fiscal year.
BoA’s financial statement indicated that the net profit after tax in the past fiscal year stood at 264.7 million birr from  215.7 million birr in 2011/12 fiscal year.
The bank’s achievements over the past fiscal year should be considered a success said observers, when compared to some of the big and old private banks’ performances in terms of profit.
Some big banks that have operated for many years have posted lower or stagnant profits in the past fiscal year compared to the preceding year. But BoA’s profit growth is very high compared to others.
Despite the bank registering significant growth in terms of profit, its earnings per share decreased slightly. The earnings per 100 birr shares stood at 50.2 birr, which was 54.4 birr for the 2011/12 fiscal year.
On the other hand, the total capital of the bank reached over 1.1 billion birr, which was about 906 million birr in the 2011/12 fiscal year. The paid up capital of BoA grew by 20.5 percent to 577 million birr.
The total assets of the bank also grew by 1.9 billion birr, reaching 10.2 billion birr.
In terms of deposit mobilization, the bank performed well. The report stated that the total deposit in the past fiscal year grew by 25.5 percent compared to the 2011/12 fiscal year.
Abyssinia’s total deposits for the 2012/2013 fiscal year reached 8.5 billion birr, which is a 1.7 billion birr increase from the 6.7 billion birr in deposits registered in June 2012.
According to the report, the number of deposit account holders at the bank grew by 39,589 and reached 371, 420 from the preceding year’s number of 331, 831.
The bank’s total outstanding loans for the period stood at 4.7 billion birr, growing 20.6 percent from the preceding year. From the total loan and advance, domestic trade took the major share with 47 percent, with imports receiving 18 percent, construction 15 percent, exports 12 percent and industry 5 percent.
As of the end of the past fiscal year the number of BoA branches reached 78, out of these 15 were opened during the 2012/13 fiscal year.