Abay Bank, reported 38.04 million birr profit after tax and earnings per share of 14.3 Br from 12.2 birr, Fortune reported.

 The bank has also reported, interest earned on loans, advances, National Bank of Ethiopia (NBE) bonds and deposits has increased by 107 percent to 88.34 million birr. Non-interest income, such as commissions, service charges, gain on foreign exchange and other income has jumped to 82 million birr, an increase of 54 percent.

The bank's total expenses went up to 119.45 million birr. Interest expense increased by 83.4 percent to 28.6 million birr and staff and general administration expenses increased to 90.8 million birr, according to Fortune.

“Expansion of our branch network will continue to be the center of our business development strategy,” reads the message of Tadesse (Tinkishu) Kassa, chairman of the board of directors, published along with the audit report.

Abay has disbursed loans and advances of 843.1 million birr, 86.5 percent higher than a year earlier. Deposits have also expanded to reach 1.476 billion birr, however, the loan to deposits ratio of Abay has gone down to 57 percent from 58.1 percent. Total assets of the bank have reached 1.951 billion birr, according to Fortune.

The bank's liquid assets to total assets ratio has gone down to 26 percent from 40.31 percent and liquid assets to deposit ratio has declined to 34 percent from 60 percent. Abay has increased its paid up capital by 21 percent to 288.51 million birr and its capital adequacy ratio stands at 37 percent.

Source: Fortune