Addis International Bank (AbIB), one of the late comers to the financial industry, has registered growth for the third consecutive time.
During the 2017/18 fiscal year AbIB generated 490.3 million birr in revenue an increase of 29 percent, 59 percent of this came from interest, according to its report.
The bank amassed a pre-tax profit of 148 million birr which is a 19 percent increase. After tax profits amounted to 113 million birr meaning an 18 percent increase. The bank’s total capital stood at 931 million birr and from it the paid amount has reached 710 million birr that increased by 27 and 17 percentages respectively.
Loans and advances reached 2.1 billion birr, an increase of 30 percent. The export sector took out the highest percentage of loans, at 46 percent or 939.2 million birr followed by domestic trade and services at 25 percent.
Addis International Bank’s assets increased by 25 percent; to 4.2 billion birr from 3.4 billion birr the previous fiscal year. AdIB has also increased depositors to nearly 100 thousand at increase of 37 percent.
Deposit mobilization including margins conducted via a letter of credit has expanded by 29 percent or 700 million birr and totaled 3.1 billion birr.
The international banking (IBD) operation has managed foreign currency worth 122 million birr which is a growth of 32 percent. The IBD made up 24 percent of their total income.
AbIB formed by a group of cooperative unions, savings and credit associations, microfinance institutions, Iddirs and other individuals has now close to 10,000 shareholders.
During the 7th general assembly held at Millennium Hall on November 17 an extra ordinary meeting was expected to be undertaken. However they had an attendance of 43.3 percent, so they could not meet the quorum of 50 plus one percent, and thus were forced to postpone.