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Bank of Abyssinia (BoA), which is one of the three most profitable financial firms, announced that it earned close to 2.4 billion birr last fiscal year.
During its general assembly held at Hilton Hotel on Saturday November 18 Messeret Taye, Board of Director and Mulugeta Asmare, President of BoA, told shareholders the bank had made unprecedented improvements.
The bank excelled in all aspects of performance, including income growth, profit, deposit mobilization, loans and non performing loans.
Mulugeta said that in the 2016/17 financial year the bank earned 2.38 billion birr in total income, with 45.6 percent growth compared with the 2015/16 fiscal year. This makes them one of the most profitable private banks. The report stated that the profit before tax increased by nearly 45 percent to 708 million birr.
The deposit mobilization for the year also grew by over half compared with the preceding year. The bank was able to open 48 additional branches, which it is naming after famous Ethiopians like Yidnekachew Tessema, former head of the African Football Federation.
It is has 750,387 account holders who deposited 20.7 billion birr, a 28 percent increase, deposit mobilizations also registered a 52 percent increase since the end of June 2016.
The total number of bank branches, which played crucial role for the expansion of deposit collection, has also reached 233 as of June 30, 2017.
During the fiscal year the bank dispersed 14.1 billion birr in loans, which is an increase of 73.7 percent. The new increase on loans and advances is 5.9 billion birr, according to the report.
Domestic traders took out the most loans at 36 percent followed by exporters at 25.
In its report the bank said that foreign exchange inflow increased dramatically compared with the previous fiscal year, 2015/16. “To this end, the average foreign currency inflow per month reached USD 35 million or 795 million birr and thus BoA mobilized a total foreign currency of 9.5 billion birr during the business year, exhibiting an increase of 2.2 billion birr or 29.8% as compared to the previous fiscal year, 2015/16,” the bank stated.
It has also stated that in recognition of the growing demand for Interest- Free Banking (IFB) in Ethiopia, BoA will soon officially launch IFB in the new fiscal year.
BoA’s total assets and capital is now 25.3 billion birr and 2.90 billion birr, respectively.