Berhan International Bank, one of the private banks in Ethiopia, has registered a 350 million Birr net profit in the last fiscal year. The bank’s performance shows a 152 percent increase when compared to the 2014/2015 fiscal year, which saw a net profit of 138 million Birr.

According to Capital, the bank’s expenses has shoot up as the bank has undertaken massive expansion. The expense of the bank has grown in the period by 86 percent.

The profit has enabled the earning per share, on the other hand, to reach 40 percent. This is almost twice as much as the 2014/2015 earnings per share.

Berhan has also expanded their deposit mobilization to 5.3 billion Birr, which is a 72.6 percent increase. Other sectors that showed increase is foreign exchange inflow and paid up capital of the bank, which respectively grew to 131 million USD and 730 million Birr. Loans and advances also grew by alost 100 percent.

The year 2014/2015 also saw the bank’s asset growing to 7.2 billion Birr, a 71 percent increase. Berhan has also opened 33 new branches during the period taking the total number of branches to 105.

The bank has also managed to increase number of account holders. It has stunned by attracting over 87,100 new customers to open new accounts. This took the the number of account holders to 195,412.

Source: Capital