Lion International Bank (LIB) earned record profits in the last fiscal year. The bank also experienced growth in all categories of the services it provides.
During their 12th general assembly at Sheraton Addis Hotel on October 29, the bank representatives stated that their profits went up 27 percent from the previous fiscal year. According to their annual report Lion earned 350 million birr before tax, as opposed to 276 million birr the preceding year. The bank’s net profit was 196 million birr, up from 150 million birr a year ago. The earnings per share also went up 13 percent compared with the preceding year. The report indicated that the earning per share is around 12 birr. A single share is worth 25 birr. For a single share the earning per share was 45 percent for the year.
Lion’s revenue has also registered significant growth in the financial year as it generates revenue of 923 million birr with 39 percent growth compared with the 2014/15 fiscal year. The report stated that the revenue growth came from both interest and non interest income sources. From the total amount of interest revenue has taken 57 percent, while the balance was secured from non interest income sources.
During the 2015/16 fiscal year LIB opened 31 branches for a total of 120. The branch expansion has contributed to the bank’s ability to save money. The deposit mobilization of the bank has also shown record growth. According to the report of Lion International Bank, the deposit mobilization has grown to 6.33 billion birr a 42 percent increase compared with the previous year.
A year ago the bank managed 4.46 billion birr savings deposits that have taken the lion’s share at 64 percent followed by demand deposits which consumes 28 percent of the bank’s total deposit mobilization.
More customers are depositing money as well, that number went up 45 percent this year to 275,000.
The lending amount accompanied by the expansion of deposit mobilization has also grown 52 percent.
A year ago the bank dispersed 2.8 billion birr in loans for customers, which increased to 4.3 billion birr during the past year.
The total capital and reserve of LIB has reached over one billion birr, which was 822 million birr a year ago, while the paid up capital of the bank for the 2015/16 fiscal year stood at 642.5 million birr.
During the 2014/15 fiscal year the paid up capital was almost half a billion birr.