Lion International Bank (LIB), one of Private Banks in Ethiopia has secured 663.6 million Birr in revenue in 2014/15 budget year, Capital reported.

According to the financial report for the 2014/15 fiscal period, LIB’s net profit has doubled and revenue is very high.

LIB’s total revenue has reached 663.6 million Birr in the stated period, recording 83 percent increase from the previous year’s 363 million Birr. “The notable growth in the total revenue is the attribute of both interest and non-interest income sources,” the Board of Directors of LIB statement reads.

The bank report states “on its seventh straight year in the course of profitability, the Bank yielded the highest ever profit underpinned by holistic efficiency, sound financial caliber and endeavor for the long-term growth.”
LIB, in the previous budget year has secured 275.6 million Birr of gross profit, up by 117 percent from the past year’s gross profit rate of 127.2 million Birr, the Bank report notes.

The asset of LIB has recorded a 62 percent increment this budget year, rising from the balance of 3.6 billion Birr to 5.9 billion Birr.

The Banks report states, LIB has USD 166.4 million from its international banking service.

This year, LIB has opened 29 new branches in Ethiopia increasing the total number of branches to 89.

LIB was founded in 2007.

Source: Capital