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Abyssinia Bank, Ethiopia Announces 178.44 Million Birr in Profit

The Bank of Abyssinia, Ethiopia announced 178.44 million birr in net profit, in the last fiscal year. The bank’s performance for the previous fiscal year was 140.581 million birr.  

The bank registered a record income of 618 million birr showing a 149 million birr increase as well as raising its total assets to a high of 7.28 billion birr recording a 16% growth according to Addisu Habba President of Abyssinia Bank.

Abyssinia Bank reduced the level of its non- performing loans to less than the 5% established by the central bank said Addisu.

The total amount of loans and advances registered by Abyssinia Bank, stood at 3.32 billion birr, in the past fiscal year, showing an increase of 162.6 million. The bank’s report shows that domestic trade and services took up the largest percentage (34.6%) of the loans extended by the bank of Abyssinia. The construction sector, exports, imports and industry also received considerable portions of the bank’s loans and advances.

The total deposits of Abyssinia bank increased by 18% to 6.08 billion birr. 73% of total deposits comprise of saving deposits while demand deposits make up 26% and 1% consisting of time deposits. The number of deposit accounts at the bank increased from 263,167 to 288,259.

The bank’s expenses showed an increase, to 359.7 million birr.

Source: Capital