Hibret / United Bank has earned more than 1 billion birr in gross profit for the first time in it’s time operation. The bank managed to earn 1.12 billion birr gross profit and a net profit of 893.5 million birr for the 2020 / 2019 budget year.
The bank managed to earn 34.7 billion birr in deposits while 1.23 billion birr was for Interest Free Banking (IFB). The bank managed to disperse loans worth 21.61 billion birr, which is an increase of 5.48 billion birr compared to the previous year’s 26.71 billion birr. Manufacturing sector accounts for 5.4 billion birr out of the total dispersed loans, while import sector accounts for 4.9 billion birr.
The bank’s total revenue grew to 5.1 billion birr which is a 28.3% increase while it’s expenses grew to 3.78 billion birr which is an increase of 33.5%. The bank’s number of card holders grew by 23% to 293, 856 transacting around 1.14 billion birr.
It was reported that United Bank’s latest headquarter building will be finished and ready for use in the current budget year.
The Bank’s paid up capital has reached 3.12 billion birr which was 2.26 billion birr showing an increase of 41% compared to the previous year.
Hibret Bank has a total of 6,536 employees.