Bunna Bank Earns 1.3bln br Profit for 2023/2022 budget year, Paid-up capital reaches 4.2 bln

Total deposit of Bunna Bank reached Birr 36.6 billion at the end of June 2023. The registered performance was higher than the previous year amount by Birr 9.4 billion or 34.6%.  The Bank’s outstanding loan balance went up by 34.5 percent and stood at Birr 34.8 billion at the end of June 2023. Non-Performing Loans (NPLs) of the Bank has improved from its last
fiscal year position of 4.1 percent and stood at 3.48 percent at end June 2023.

The Bank’s overall foreign currency earnings for the concluded fiscal year was USD 175.7 million, an increase of USD 26.6 million (17.8 percent) from the preceding fiscal year.

The Bank generated a total income of Birr 6.7 billion, an increase by Birr 2.16 billion (47.6%) compared to last year. Interest income took 84.1 percent of the total income of the bank and non-interest income the remaining 15.9%.

The bank incurred a total operating expense of Birr 5.3 billion which is an increase of 1.99 billion (59.3%) compared to the previous year.

Accordingly, Bank generated Birr 1.36 billion profit before tax at the end of June 2023. The registered performance was higher than last year’s performance by Birr 172.4 million (14.5%). Profit after tax reached 949.2 million birr which is a bit higher that last year’s amount of 890.2 million. Earning per share dropped from last year’s value of 301.4 to 236.4.

Total asset of the Bank has grown by Birr 12.3 billion (36.0%) during the concluded fiscal year and stood at Birr 46.4 billion at the end of June 2023. The growth in total asset was primarily on account of increase in Loans & Advances.

The Bank’s total capital, which is composed of paid up capital, regulatory risk reserve, retained earnings, legal and special reserves, has increased by Birr 1.5 billion (29.1%) and stood at Birr 6.5 billion at end of June 2023. The paid-up capital of the Bank grew by Birr 962.2 million (29.0%) during the reporting period and reached Birr 4.28 billion at the end of June 2023.

The total number of deposit accounts increased by 1,089,400 (or 55.6%) and reached 3,050,253 by the end of June 2023.

During the fiscal year under review, the Bank increased its branch network by opening branches in various parts of the country. Consequently, 122 additional branches (18 in Addis Ababa and 104 in Outlying) were opened during the period and subsequently, the total number of Bank branches stood at 465 at June 30, 2023.