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Dashen Bank’s dash towards top flight performance

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Dashen Bank’s dash towards top flight performance

Massive Earning Per Share recorded

Dashen Bank, one of the two top profitable private financial firms in the country, achieves massive earnings per share (EPS) in the past financial year. The profit after tax has also advanced by half compared with the preceding period.
Shareholders have agreed to expand the capital to 5.5 billion birr this finance year.
In the operational evaluation for 2019/20 and the general assembly that was held at Mechare Meda, the bank leadership announced that the performance of Dashen for the past financial year was very massive and impressive.
Neway Beyene, Chairperson of the Board of Directors of Dashen, highlighted that although the financial year that ended in June had been scorched with the unforeseen pandemic of COVID 19 as a major challenge for the global economy, the bank’s performance remained sound.
“Reflecting on the previous year’s performance, the bank remained resilient despite an otherwise difficult operating environment,” Asfaw Alemu, President of Dashen says on his report, “The review of our financial position reveals positive performance in terms of key performance metrics.”
The bank’s total assets in the stated period that ended on June 30, 2020 has expanded by 21.4 percent over last year position and climbed to 68.3 billion birr.
Dashen’s annual reported indicated that the deposit mobilization has been boosted by one fifth or by 8.8 billion birr in the 2019/20 financial year. As of June 30 the total deposit mobilization stood at 53.5 billion birr, which is one of the highest amounts in the industry regarding deposit mobilization.
From the total deposit, the interest-free banking (IFB) sector, which Dashen introduced and one of the leading in the sector, has taken 4.4 percent share or 2.4 billion birr.
In the reported year the banks had opened a full-fledged IFB branch in Adama that aims to maximize the promising IFB sector.
In the reported year the outstanding loans and advances stood at 42.6 billion birr, which makes it one of the unique performances not only for the bank but in the sector as a whole.
A year ago the total loans and advances were accounted at over 32 billion birr, while in the year ended June 30 the fresh loans and advances disbursement accounted 17.4 billion birr.
From the total loans and advances domestic trade and services, manufacturing, export and real estate have taken 11 billion, 10 billion and 5.1 billion and 5 billion birr respectively.
The loans and advances for domestic trade and services and manufacturing registered massive increment compared with the preceding year. The manufacturing sector loans and advance has increased by more than 3.5 billion birr, while domestic trade and services increment is over 2.6 billion birr for the year.
In the IFB financing, 542 million birr has also been disbursed for the year only.
According to the annual performance indicator, Dashen’s total capital increased by over 21 percent and surpassed over 8.3 billion birr.
“The capital increment, in turn, has enabled the bank to increase its capacity to lend to a single borrower and maintain a buffer to absorb shocks,” the bank president said on his annual report addressing.
From the total equity, the share capital has a stand of 3.5 billion birr that was 2.7 billion birr a year ago.
For the year, the total revenue has expanded by over 30 percent compared with the 2018/19 financial year. The report shows that in the 2019/20 financial year the total revenue stood at close to 7.3 billion birr from 5.6 billion birr of a year ago. The interest income has taken the lion share as usual and reached at 5.8 billion birr that was 4.3 billion birr a year ago. It is then followed by 1.5 billion birr of fee and commission income.
In relation to the expansion of operation and deposit mobilization, the bank expense has also increased by more than 27 percent in the reported year and reached 5.5 billion birr.
The annual report indicated that the interest expense for the year reached at about 2.5 billion birr from over 1.9 billion birr in 2018/19 financial year, while employee benefits expense surge by almost half a billion birr and stood at 1.9 billion birr and followed by other operating expenses of over a billion birr.
In the year the bank profit before tax has reached close to 1.8 billion birr that increased by 40 percent from 1.3 billion birr of 2018/19.
Similarly, the profit after tax has registered a massive increment like other operations in the bank operation for the financial year that ended on June 30.
The report indicated that the bank profit has been boosted by more than half from the 2018/19 financial year and reached at 1.53 billion birr from over a billion birr of the preceding year.
The EPS for the year has also reached almost half of a share value, which is the highest for the industry. The ERS for the year has increased to 49 percent per share value that surged by over 20 percent from 40.8 percent of the 2018/19 performance.
At the general assembly held on Thursday, December 24, shareholders have agreed to expand the bank capital to 5.5 billion birr from the current 3.5 billion birr.

Lion International Bank roars remarkable results

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Lion International Bank roars remarkable results

Lion International bank exerted great efforts to boost its deposit in the fiscal year 2019/20, and as a result has the deposit balance has significantly grown by 9.7 billion birr or 59.4 percent from the preceding year similar period and reached 26.1 billion birr as of June 30, 2020. The growth was practically attributed to the rise in savings deposits, which went up by 8.6 billion birr (70.5 percent).
Furthermore, the bank’s total number of account holders reached 1.2 million as of the 30th of June, 2020, which grew by 369 thousand 0r 46 percent as compared to the recorded number last year.
In matters of credit management, the bank has continued to play a key intermediary role in the Ethiopian economy through mobilizing resources to different economic sectors. Accordingly, the total net outstanding loans and advances of the bank markedly rose to 19.1 billion birr, which is an expansion of 7.5 billion birr (64.2 percent) during the ended fiscal year.
In the fiscal year 2019/20, the bank earned a total income of 3.1 billion birr, which increased by 892.2 million birr or 40.2 percent from the preceding year’s performance of 2.2 billion birr.
The total expense spent during the fiscal year 2019/20 posted 2.3 billion birr which soared by 807.1 million or 53 percent from 1.5 billion birr incurred a year earlier.
LIB completed the 2019/20 fiscal year with a remarkable achievement registering a gross profit after provision, deprecation, and before tax of birr 780.6 million, exceeding the last year’s same period performance by birr 85.1 million or 12.2 percent.
In the year under review, the bank had maintained a strong standing measured by key performance indicators. Return on assets ROA expressed as the ratio of profit after tax to the average asset of LIB stood at 2.5 percent during the ended fiscal year while the return on equality ROE articulated as the of profit after tax to average stakeholders’ equity was 25.6 percent. This profitability ratio, in this perspective, shows that the bank has continued to be capable enough to convert every invested resource into return.
Total assets of the bank have continued to expand considerably in the ended fiscal year. The bank has accumulated total assets of 31.8 billion birr exhibiting an increment of 55.9 percent (Birr 11.4 billion), over the beginning of the year balance of 20.4 billion. The expansion in the assets of the bank was attributed to growth in major components such as outstanding loans and advances, cash and bank balance, NBE bills and fixed assets.
On matters of capacity growth, the bank’s total capital and reserve rose to birr 3.5 billion, reflecting a 36 percent growth from last year same period. Similarly, the paid-up capital increased to 2.2 billion birr, which showed an increase of 621.1 million birr (40 percent) year-on-year. On the other hand, the number of shareholders reached 11,348 as of June 30, 2020.
As part of sustainable growth endeavors, the bank has been expanding its tangible assets by purchasing and constructing its buildings. The assets range from ongoing construction in Mekelle to procurement of a semi-finished building in Addis Ababa. Furthermore, as part of the effort to increase its accessibility and expand its service outreaches, the bank has opened thirty-three new branches in different parts of the country during the fiscal year under review.

Nyala Insurance unveils another stride performance

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Nyala Insurance unveils another stride performance

Paid-up capital soars to 600 Million Birr

Despite the COVID-19 Pandemic and social unrests in the country, Nyala Insurance S.C. (NISCO) declared it has collected more than half a billion Birr premium income from its general and long-term insurance businesses, an increase of 15 per cent over the preceding similar period.
During presenting the company’s annual performance report to the company’s shareholders who attended the 26th General and the 19th Extra Ordinary General Meeting held at Sheraton Addis on 22nd December 2020, Getachew Birbo, the Chairman of the Board of Directors, disclosed that NISCO has earned Birr 565.3 million premium income, a noteworthy sum as contrasted with the very big challenges in the country.
Moreover, the chairman underlined that the gross profit also jumped from Birr 146.8 million to Birr 149.3 million, and the total asset of the company reached Birr 2.2 billion, depicting an increase of 8 per cent over the last similar period.
According to the chairman’s report, the underwriting surplus generated from the general insurance businesses surpassed Birr 123 million, showing a total growth of 6 per cent as weighed against the preceding year’s records.
By the same token, the chairman revealed NISCO also registered a 28 per cent growth in its long-term (life and health) insurance business and thereby secured Birr 101 million.
Of course, the net claim expenses of the company increased from about Birr 31million to Birr 50 million, a 62 per cent rise from the last year, he added.
In his report, the chairman indicated that the reasons for the noteworthy achievements in the premium income were due to the company’s prudent underwriting practices and implementation of business innovations based on the customers’ needs and concerns.
The shareholders of the company have also decided to increase the paid-up capital to Birr 600 million, currently the highest in the Ethiopian insurance industry.
Yared Mola, the Chief Executive Officer of Nyala Insurance S.C., on his part said the outstanding achievements so far realized within the company are the results of thoughtfully designed business development strategies, risk management techniques and efficient claim handling processes that NISCO has keenly put in place.
According to the CEO, NISCO’s being prior in providing COVID-19 insurance policies to cover deaths and related risks of the pandemic has enabled it to attract interests and attentions from many international and domestic clients.
Yared went on to say his company is dedicatedly exerting utmost efforts to ensure quality services and innovative insure-tech products by focusing on the insurance needs of the digital natives.
Established in 1995 with a paid-up capital of Birr 7 million, Nyala Insurance is now near to finalizing the construction of its 18-floor headquarter building on Bole Road, Africa Avenue.

Berhan lights up in success despite pandemic year

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Berhan lights up in success despite pandemic year

Significant earning per share and profit registered

Berhan Insurance registered significant earnings per share and profit for the 2019/20 financial year with higher premium.
The company that issued its annual performance in the general assembly held two weeks ago indicated that its operation for the past financial year was successful in different aspects of operation in the industry.
Tewodros Meheret, Board of Directors Chairperson, said that in spite of the challenges posed by the coronavirus and political instability the company has performed well and registered profit.
The company’s gross written premium income stood close to 140 million birr with 15 percent increment compared with the preceding year.
In the 2018/19 financial year the gross written premium was 122 million birr.
The motor class of business written premium has took the top by 57 percent share or 80 million birr that was 71 million birr a year ago as the usual trend in the insurance sector and flowed by pecuniary with 15 percent share.
In the 2019/20 financial year the gross claim paid has expanded to 71 million birr from 44 million birr of a year ago. The ration has also increased to 51 percent from 36 percent of the preceding year.
The annual report of Berhan Insurance indicated that the gross incurred claim, which includes movement in outstanding claims provision, amounted to 64 million birr in 2019/20 as against 66.6 million birr in 2018/19 meaning that the gross loss incurred has dropped from the preceding year.
The gross earned premium has increased to 133 million birr from 113.4 million birr of 2018/19 financial year.
The underwriting surplus has surpassed 61.4 million birr during the reported period with 37 percent growth from the preceding year that was 45 million birr. The underwriting surplus on the motor sector and pecuniary stood at 41 and 25 percent respectively.
The company profit for the year has grown by over 10 million birr and stood at close to 36 million birr before tax. A year ago the company profit before tax was 25.5 million birr.
In the reported period the company has amassed 34 million birr net profit after tax that was 24.4 million birr a year ago.
The earnings per share have also expanded to 29 percent from 24 percent of the 2018/19 financial year. The growing of earnings per share shall be registered as one of the few companies who attained growth in the year.
Berhan’s paid up capital as of June 30, 2020 has reached at 117.7 million birr that was 100 million birr a year ago, while the total equity capital amounted 159 million.
Its assets has also climbed by over 30 million birr and reached at 440 million birr.

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