Berhan International Bank saw a 152 percent increase in profits last fiscal year. According to the report of Berhan Bank their net profit before tax stood at almost 350 million birr in the 2015/16 financial year. It was just 138 million birr in the preceding, 2014/15, year. The kind of growth that the young bank achieved is rare in the sector.
The report that Capital obtained indicated that the bank’s expenses grew rapidly as well as the bank went through massive expansion. In the stated period the bank was able to amass 786 million birr in total income which is a growth of 111 percent, while their expenses grew by 86 percent.
The earnings per share has already reached 40 percent this is almost double the amount of last year.
The bank, which held their 7th general assembly and 3rd extraordinary meeting at Millennium Hall on Thursday November 3, stated that they have expanded their deposit mobilization to 5.3 billion birr. The deposit mobilization grew by 72.6 percent with an additional 2.2 billion birr in savings.
Outstanding loans and advances grew to 3.8 billion birr, which was 1.9 billion birr in the 2014/15 fiscal year.
As per the performance report loans and advances grew almost 100 percent.
The foreign exchange inflow has also shown an 88 percent increase at USD 131 million.
The paid capital of the bank has reached 730 million birr with 27 percent growth.
The asset of the bank went up to 7.2 billion birr, a 71 percent growth.
The bank has also expanded its branches to 105, opening 33 new branches throughout the country.
One of the surprising features of the Bank’s report is the increasing number of account holders. In a single year over 87,100 new customers opened accounts. This contributed to an 80 percent growth for the year, while the number of account holders reached 195,412 in the 2015/16 fiscal year.
The assets of the bank reached 7.2 billion birr. Berhan started operation in June 2009.