Hibret Bank has reported a pre-tax profit of Birr 749.04 million for the 2024/25 fiscal year, according to disclosures made during its 28th Annual General Meeting of Shareholders.

During the meeting, the bank’s board of directors presented the annual performance report, noting that total assets reached Birr 113.93 billion by the end of the fiscal year. This represents an increase of Birr 17.35 billion, or 17.96 percent, compared to the 2023/24 fiscal year.

Total deposits also recorded growth, reaching Birr 92.68 billion. This reflects an increase of Birr 18.03 billion, or 24.16 percent. The bank’s total loan portfolio, including interest free financing instruments, expanded to Birr 79.33 billion during the reporting period.

Hibret Bank’s foreign exchange earnings reached USD 300 million in the 2024/25 fiscal year, marking an increase of USD 96.49 million, or 47.4 percent, compared to the previous year.

The report further indicated that total income rose to Birr 16.74 billion, an increase of Birr 3.51 billion, or 26.55 percent, from the 2023/24 fiscal year.

The board also highlighted expectations for continued operational improvement under the bank’s current executive leadership, noting management’s role in sustaining growth and strengthening overall financial performance heading into the 2025/26 fiscal year.

Source: Sheger FM 102.1