Buna International Bank Share Company, Ethiopia opened its 25th branch in Gambella Regional State. The bank decided to open a branch office in Gambella because of the significant investment and trade activities in the state said Marshal Fikremarkos, Chairperson of the Board of Bunna International Bank.

The branch will also help facilitate remittance and investment efforts by natives of the region he noted.  

The new bank branch is expected to help expedite investment activities as well as to create more employment opportunities in the region according to Tomas Tut, Head of the State Chief’s Office and cabinet Affairs Head.

It is to be remembered that Buna International Bank, Ethiopia has declared 30.3 million birr in profits after tax for the past fiscal year. The profit earned by the bank is 54.7% (19.4 million birr) more than what it earned in the previous year.

The board of directors of the bank has recommended that 22.1 million birr to be paid as dividend to shareholders. The earnings per share have grown to 132.5 per 1000 birr which is a 24% increase on the dividends per share last year.

The increase in earnings per share is below the average for the industry because of the new regulation by the National Bank which raised the equity requirements for banks to 500 million birr from 75 million birr.

Source: Walta Info