Bunna International nets 250m birr

Bunna International Bank (BIB) who lost its long serving president a few weeks ago has registered massive success in the 2015/16 financial year that ended on June 30, 2016.

The bank held its seventh general assembly at Millennium Hall a week ago and announced that their profits increased by 38 percent during the 2015/16 fiscal year.

According to their report, pre-tax profits rose to 250 million birr, from 182 million birr in the 2014/15 fiscal year.

After tax profits were 187 million birr up from 134 million birr a year ago. BIB earned 735 million birr in revenue during the past fiscal year, a growth of 52 percent.

The past fiscal year, which was successful for most financial institutions, and BIB was no exception. Deposit mobilizations, which are crucial to boosting banking activity, saw a growth of 54 percent at BIB.

The report indicated that deposit mobilization was 5.4 billion birr which is a 1.9 billion birr increase.

“This growth performance was higher than the 31 percent industry average during the fiscal year under review, while savings deposits took a 51 percent share,” the report states.

The outstanding loan and advances dispersed in the past fiscal year went up 51 percent and reached closed to 3.7 billion birr.

New account holders reached 175 thousand which is greater than projected.

In the period the hard currency earnings grew by 23.1 percent standing at 98.5 million USD.

Its assets surged by 53.2 percent or 2.4 billion birr and stood at 6.8 billion birr, while the total capital reached 961 million birr close to 42 percent growth.

Eshetu Fantaye, the long serving president of the bank that opened its doors in 2009 resigned on October 28.

Since then BIB board has assigned Tadesse Chinkel, vice president for operations as acting president.