Addis International Bank announced that it has increased its annual profit by 57.57 million birr in the fiscal year 2019 / 2018 and has earned 205.1 million birr gross profit 159.3 million birr net profit.
The bank’s net profit after tax was 41 percent higher than the previous year. According to the bank’s financial statement, the profit per share of a thousand birr / earning per share in fiscal year 2019 / 2018 was 207 birr. In the previous year, it was 171 birr per share.
In spite of the many challenges in the fiscal year, the Bank’s Board of Directors reported that the bank was able to increase it’s profits. In particular, the shortage of foreign exchange and the instability in some parts of the country were identified as major challenges. One of the reports cited that the bank has achieved impressive performance in the fiscal year by increasing the number of depositors by 54%.
In the fiscal year, the Bank has added 52,579 new depositors to its total customers of 150,004. This has shown that the Bank that has generated over 52,000 customers in one year.
The number of depositors managed to deposit 3.9 billion birr by the end of the fiscal year, raising its annual deposit by more than 34%.
During the fiscal year, the total amount of loans that the Bank provided to customers was 2.7 billion birr, up 616.8 million birr (30%) over the same period last year.
Export has accounted for 47 percent of its loans in the fiscal year. 11 percent for manufacturing, 23 percent for domestic trade, nine percent for construction, four percent for import trade, two percent for housing and other sectors.
The Bank has announced that 95.4 percent of the total amount of loans available to customers are healthy, while the remaining 4.6 percent are categorized as non-performing loans.
The Bank achieved an encouraging result in international banking services and remittance, earning a total of $ 159.0 million from the sector. This figure is an increase of $ 36.8 million compared to the previous year..
The total assets of the Bank have grown to 5.5 billion birr, up by 1.3 billion birr compared to the previous year.
According to the report, the total capital of the bank reached 1.1 billion birr, up 24 percent from the 899.6 million birr in the same period last year.
The paid up capital of the bank reached 831.3 million birr, up 17% from the previous year. Likewise, the number of shareholders of the bank has grown by 11.4% over the year, reaching 11,682.
During the fiscal year, the bank earned 672.4 million birr, up 37% from the same period last year. Addis International Bank currently has 68 branches.