In a year which marks the Bank’s 25 years of service, Hibret Bank s.c announced that it has earned 3.06 billion birr in gross profits for 2023/2022 fiscal year.

The Bank has registered remarkable performance during 2023/2022 budget year reaching depositsof Birr 64.54 billion, showing an increase of Birr 10.73 billion or 19.95% compared to previous year. The total outstanding balance of loans and advances, including interest-free financing, grew by Birr 14.24 billion or 31%, reaching Birr 60.18 billion, up from Birr 45.94 billion the year before.

The total assets of the Bank stood at Birr 82.58 billion at the end of June 2023, up by Birr 15.17 billion (22.51%) over the same period of last year. The total capital of the Bank reached Birr 9.37 billion showing an increase of 2.12 billion (29.32%). Meanwhile, the Bank’s paid-up capital has increased by Birr 485.54 million or 11.30% year on year to reach Birr 4.78 billion.

The Bank recorded 10.32 billion Birr in revenue for the year under review, which was an increase of 2.22 billion Birr (27.45%) compared with the previous year where the growth was mainly driven by an increase in interest income. Interest income recorded an annual growth of 28.77% while non-interest income registered a 21.25% growth.

The Bank’s expenses totaled Birr 7.26 billion during the year under review. The figure exceeded last year same period balance by Birr 1.04 billion or 16.76%. The rise in expenses from the previous year is mainly attributed to increase in interest and personnel expenses.

Consequently, the Bank delivered gross operating profit before tax of Birr 3.06 billion, showing an increase of Birr 1.18 Billion or 62.84% compared to the previous year. The net profit stood at Birr 2.29 billion almost doubling compared to the previous year’s amount of 1.09 billion. This has helped the bank increase it’s earning per share (EPS) from 26.47 to 50.72 which should be delightful news for the shareholders.

The Bank’s share capital grew by Birr 485.54 million or 11.3% and reached Birr 4.78 billion as of June 30 2023. Hibret Bank’s employees has grown by 1,183 employees year-on-year and reached 8,839 (5,385 permanent, 18 contractual and 3,436 outsourced). 1,072 employees held managerial positions, while 2,880 filled clerical and 1,434 non-clerical posts.

The Bank opened 49 additional branches and one sub-branch in the period under review. 22 of the new branches were opened in Addis Ababa while the remaining branches were opened in regional cities/towns. As a result, the Bank’s overall branch count reached 473 as of the end of June 2023. Twenty of these are dedicated interest-free banking branches.

The bank financed projects for notable clients such as ABAHAWA TRADING PLC, B & C Aluminium, HORA TRADING PLC and QUARIT AGRO INDUSTRY.

The Bank’s investments include 6% of the shares in Ethio Switch Share Company, 5% of the shares in United Insurance Share Company and 4% of the shares in Habesha Cement Share Company as well as 30.11% shares of PSS switch company.

During the year under review the Bank enhanced its USSD *811# service, adding various features and implemented its Mobile Banking Application in-house, all by its own technology team.

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