Addis International Bank (AdIB), reported 27.2 million birr profit after tax, a 272 percent increase compared to a year earlier, Fortune reported.

The AdIB’s interest on loans, advances, central bank bonds, treasury bills and deposits rose by 166 percent, to reach 32.3 million birrr. The bank earned 52.6 million birr from non-interest income, such as gains on foreign exchange dealings, service charges, commissions and others.

The Bank has also reported a 116 percent increase in its total assets, reaching 916.2 million birr. However, its loan to deposits ratio has declined to 57.8 percent from 72.3 percent. Loan and advances disbursed reached 324.7 million birr, registering an increase of 112.3 percent, deposits mobilized showed an increase of 165.5 percent to reach 561.3 million birr, for the reported period.

Founded in 2010, Addis International Bank has a strong cooperative base with 64.3 percent its total paid-up capital owned by corporate shareholders.

Source: Fortune