Lion International Bank has announced a pre-tax profit of 940.7 million birr for the recently concluded financial year, marking a significant growth of 26% compared to the previous year. This robust performance underscores the bank’s resilience and commitment to serving its customers amid challenging economic conditions.
The bank’s financial report highlights that it provided loans totaling 5.4 billion birr during the fiscal year, successfully recovering the same amount from loan repayments. This effective management of loans has contributed to the bank’s impressive profit figures.
Lion Bank’s paid-up capital has reached 3.1 billion birr, while its total assets stand at an impressive 43.1 billion birr. The bank also raised 8.3 billion birr in deposits, bringing its total deposits to 35.6 billion birr as of June 30, 2024.
In a significant achievement, Lion Bank opened over 310,000 new accounts in the last fiscal year, increasing its total number of depositor customers to more than two million. This growth reflects the bank’s ongoing efforts to enhance customer engagement and accessibility.
Furthermore, the bank reported a surge in users of its digital and agent banking services, which now number approximately 998,000. The launch of the “Lion School Pay” app has facilitated tuition payments for parents, showcasing the bank’s commitment to leveraging technology for improved customer service.
In addition to its financial achievements, Lion Bank is dedicated to fulfilling its social responsibilities. During the fiscal year 2023/24, the bank allocated approximately 28 million birr—about 2% of its pre-tax profits—to support various organizations and initiatives within the community.
To further enhance its services, Lion Bank has opened 18 new branches, bringing its total number of branches to 306 by June 30, 2024. The bank is also focused on improving cash flow services by installing 80 cash payment ATM machines in various locations across the city.
With a workforce of 6,365 employees, Lion Bank is contributing significantly to job creation in Ethiopia. The bank’s expansion and commitment to customer service are expected to have a positive impact on the local economy while providing essential banking services to a growing population.
