The Bank of Abyssinia, Ethiopia announced that it netted a profit of 215.17 million Br after tax for the 
2011-12 fiscal year which is 22.9 percent higher than previous year.
The report was heard on the 16th annual meeting of the shareholders that took place at the Hilton Hotel.
The achievement was attained despite of the local and international financial crises according to Mahari Alemayehu, board chairman of the bank.
The total deposit of the bank grew to 6.7 billion Br, 696 million birr growth, interest leaped by 33.7pc to 497.49 million it is mentioned on the report. There has also been an increase in the the bank’s expense in the last fiscal year.
The total expense of the Bank was 435 million Br, which is 20.4pc higher than the last, and the liquidity level of the bank was good while there was also an improvement on the deposit ratio of the bank with the bank in the process of finishing the installation of CORE banking solution it was saidThere had been some challenges faced by the bank in the last fiscal year including intense competition from other banks, the decline of foreign exchange as a result of the fall of coffee prices on the international market and continued increase in expenses noted the report.
Source: Fortune
