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Bank of Abyssinia’s (BoA) profits, deposits and loan disbursements grew 50 percent this fiscal year.
BoA has amassed an 801 million birr profit before tax. This was an increase of nearly 300 million birr compared with the 2015/16 fiscal year.
A year ago the bank earned over 506 million birr profit before tax. The 2016/17 fiscal year achievement is 58 percent more than the 2015/16 fiscal year.
The bank also had over 50 percent growth in deposit mobilization.
BoA’s deposit mobilization was 20.7 billion birr with an additional 7.1 billion birr increase or 52.2 percent growth compared with the 2015/16 fiscal year. The growth of deposit mobilization that BoA registered is unusual in the country.
Since the deposit mobilization registered extraordinary growth the loan and advancement disbursement is expected to register significant growth this year as well.
Based on that, the loan disbursement that BoA allocated during this past fiscal year has registered over 72 percent growth compared with the preceding year.
According to the report in the 2016/17 fiscal year BoA allotted 14.1 billion birr. A year ago it stood at 8.14 billion birr.
The non-performing loan (NPL) ratio did not grow. The report stated that the NPL declined to 1.41 percent from 1.9 nine percent of the 2015/16 fiscal year.
“This performance indicates public confidence in the Bank. Apart from this, with the assistance of the internationally recognized consultant known as Deloitte Consulting PLC, BoA has designed a five-year Strategic and Organizational Transformation Plan with a view to take advantage of the opportunities that exist for the banking industry and to attain better growth,” the bank stated.
The execution of the new strategic plan has begun and the Bank is now in the second year of implementation and the efforts exerted so far are bearing fruit.
In this five-year strategic and organization plan, the Bank has set ambitious, yet achievable target plan with a view to become a prominent force in the market and one of the top competitors in the banking industry.
It said that BoA is also expanding its outreach towards financially excluded sections of the society through varieties of traditional and e-banking channels, including physical branches, mobile banking, agent banking, and Internet banking.
“The Bank is striving hard to develop various savings products to meet the specific needs of different sections of the society,” the statement added. It said that these would enable the Bank to further broaden its customer base and total deposit.
In the past couple of years the bank has been engaged aggressive branch expansion to meet the growing market demand and to be accessible new areas in the country.
In a single year the bank has opened 48 new branches over 25 percent more than a year ago.
The annual performance indicated that the total branch networks of the Bank have reached to 233 by June 30, 2017 from 185 in 2016.
“During the stated period, the Bank has registered commendable growth in customer base, resource mobilization, profit, staff strength and managing non-performing loans,” the statement concludes.
The paid up capital of BoA established in 1996 rose by 41.7 percent in the past year.
In the 2015/16 fiscal year the total paid up capital of the bank was 1.27 billion birr and grew to 1.8 billion birr in the just ended year, while the authorized capital of the bank has reached four billion birr.
The authorized capital growth has a change of 166.7 percent compared with the 1.5 billion birr amount at the end of the 2015/16 fiscal year.
The bank has over 750,000 customers which is over a 28 percent growth for the year. Their staff also grew by 20 percent.