Addis International Bank, one of the youngest banks in Ethiopia has reported that it has earned a net profit 213.1 million birr, showing an increase of 53.9 million birr or 34%.
The total deposit of the bank grew by 648 million birr or 16% and reached 4.8 billion birr. Total number of deposit accounts reached 207,702 showing an increase of 57,698 compared to the previous year.
The Bank’s total outstanding loans and advances now stand at 3.5 billion birr showing an increase of 804.3 million birr. Non performing loans (NPLs) stand at 2.9%.
The Bank managed to generate an income of 834.8 million birr showing an increase of 24% compared to the previous year. Interest income accounted for 62% of the total income while fees and commission charges constitute the remaining. The bank’s total expense climbed to 560.5 million, only showing an increase of 20% compared to the previous year.
Accordingly, the bank’s gross profit reached 274.2 million birr surpassing last year’s performance by 69.1 million birr or 34%. Earning per share (EPS) increased from 20.7 from the previous year to 22.5%.
The total assets of the bank now stand at 6.5 billion birr which showed an increase of 975.6 million birr .The total capital of the Bank now stands at 1.4 billion, showing an increase of 244.9 million birr. The paid up capital is now 966.4 million birr thanks to 12,619 shareholders.
The bank managed to open 7 additional branches in the year under review, out of which 4 are located in Addis Ababa, bringing the total number of branches to 75.
Addis International Bank currently has 712 employees.