Addis International Bank has reported a gross profit amounting 472.8 million birr profit before tax for 2022/2021 G.C (2014 E.C) financial year. The bank’s total deposit reached 7.9 billion birr as of June 30, 2022 which was 19.3% higher compared to the previous year. The bank’s deposit account holders reached 366,299 showing an increase of 31%.
Total outstanding loans and advances reached 6.1 billion birr which increased by 1.6 billion birr or 35.2% compared to the preceding year. 47% of the total loans and advances went to the export sector followed domestic trade (19%). The managed to maintain an NPL ratio of 3.2%.
The bank’s total income reached 1.5 billion birr showing an increase of 365 million birr or 32%. Interest income took the lion’s share of the total income accounting for 54% followed by commission and fees at 28%. Total expense of the bank increased by 33.1% or 261 million birr reaching 1.05 billion birr. The largest share went to interest expense amounting 40.4% followed by employee salaries and benefits at 29.9%.
Profit before tax reached 472.8 million birr which increased by 104 million birr ore 28.2%. Net profit reached 344.9 million birr showing an increase of 73.6 million birr (27.1%). Accordingly the bank’s earning per share rose to 28.2%.
Total assets of the bank reached 10.8 billion birr showing a growth of 1.9 billion birr or 21.3%. The total number of employees of the bank reached 1,060. Addis International Bank opened 21 additional branches in the stated financial year bringing it’s total to 112 branches.
The bank’s total capital reached 2.2 billion birr registering an increase of 550.9 million birr (34%) compared to the previous year. Paid-up capital reached 1.4 billion birr showing an increase of 336 million birr (30.3%). The bank must increase it’s efforts to meet the 5 billion birr paid-up capital limit set by National Bank of Ethiopia.
Addis International Bank’s shareholders reached 14,077 at the end of June 30, 2022.