Lion International Bank, Ethiopia earned 75.4 million birr after tax in the last financial year registering a 72.2 percent increase from the revenue it had earned in the previous fiscal period. The bank announced its profits at the eight annual shareholders meeting held at the Sheraton Addis Hotel.
The bank’s shareholders expressed their appreciation for the positive performance shown by the bank although Earnings Per Share remained similar to the previous year standing at 6.09 Br for a par value of 25 Br, as compared to 4.40 Br last year.
The EPA did not show a significant increase due to the large increase in capital initiated by the bank said Negusu Gebregziabher, President of the Bank.
Lion has increased its capital to 335.97 million birr making an increase of 14% in the last financial year as part of its bud to meet the 500 million birr minimum paid up capital requirement to be met by 2016 as established by the National Bank of Ethiopia.The bank is also increasing its capital to enable it to disburse more loans and to protect the bank against shocks explained Negusu.
Lion had been able to disburse 955.6 million birr in loans and advances during the course of the last financial year showing an increase of 43.7 percent from the amount disbursed in the previous year it was noted.
Source: Fortune
