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Bunna International Bank (BIB), one of the youngest private banks in the country, registered a modest profit however shareholders are not satisfied.
In its eighth general assembly on Sunday October 22 at the Millennium Hall the bank disclosed that the profit before tax for the 2016/17 financial year has grown by six percent compared with the preceding year.
However the profit is lagging compared with the target that the bank expected to register. The report presented for the shareholders indicated that the expected growth was not registered due to slow international banking operation as expected. The bank targeted to register a growth of 32.5 percent for the year.
For the stated year the bank has earned 265.2 million birr gross profit before tax, which has increased by close to 15 million birr compared with the 2015/16 financial year.
The result is not welcomed by the shareholders who attend the general assembly. For the year the bank has earned a gross profit of 201 million birr after tax, which stood at 187 million birr a year ago.
For the year the earning per share has also reduced compared with the preceding year, according to the annual report of the bank.
For the year a single share worth 1,000 birr will be paid 242 birr, which is lower by 101 birr compared with the 2015/16 performance. This occurred after additional shares has been floated for the year to grow the bank capital, according the management of the bank.
In the 2016/17 fiscal year the total revenue of the bank has grown by 26 percent and stood at 925.5 million birr, while the interest income on loan has taken the lions share with over 68 percent of the total share.
For the year the bank deposit mobilization has reached at 7.5 billion birr that registered a 2.1 billion birr increment compared with the past year performance, while the number of account holders has reached at 242,000 with 38 percent increment.
On the loans and advances portfolio BIB has registered a 43.2 percent growth. The report stated that during the reported period the total loan and advance that the bank disperses has reached 5.3 billion birr.