Hibret Bank reported it has has a commendable performance for 2022/2021 budget year earning profit before tax amounting birr 1.88 billion, showing an increase of Birr 441.14 million or 30.68% compared to the performance of the preceding year. After income tax and all other miscellaneous deductions that will not be subsequently reclassified into profit or loss, the balance of net profit available for distribution to shareholders stood at Birr 877.21 million against a comparable balance of Birr 736.58 million in the previous year. Board of Directors recommended declaration of a pro rata dividend pay-out of 21.277% on all fully paid shares for the year ended 30 June 2022.
The Bank’s share capital grew from Birr 3.87 billion on 30 June 2021 to Birr 4.3 billion on 30 June 2022 recording an increase of 11.14% during the year.
Aggregate deposits reached Birr 53.81 billion showing an increase of Birr 9.98 billion or 22.78% over that of the previous year. Considered as one of its marked successes was the Bank’s ability to mobilize Birr 2.45 billion from Interest Free Banking Services, which itself had recorded a significant growth of Birr 604.35 million or 32.69% over the previous year. The total outstanding balance of loans and advances including interest free finance grew by Birr 10.06 billion or 28.03% to reach Birr 45.94 billion, up from Birr 35.88 billion the year before.
With a total workforce of 7,659 (4,972 permanent, 31 contract and 2,656 outsourced), the Bank’s manpower had grown by 552 employees. Of the total permanent staff, 41.8% were female and 58.2%were male; 980 held management positions while 2,615 filled clerical and 1,337 non-clerical posts.
Hibret Bank opened 40 more service outlets bringing the total to 423 as of 30th June 2022.