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Enat Bank achieves milestone: Surpasses half a billion birr in income

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By our staff reporter

Enat Bank, a relatively new player in the financial industry since the opening of the economy nearly three decades ago, has announced impressive financial results for the fiscal year ending in June 2023. The bank reported a remarkable increase in income, surpassing half a billion birr for the first time and experiencing a growth rate of over fifty percent.

In the 2022/23 financial year, Enat Bank witnessed significant achievements. According to its annual report, the bank’s deposit mobilization surged by approximately 37 percent, amounting to over 17.8 billion birr, with an addition of 4.8 billion birr. Moreover, the bank’s advances and loans expanded by 3.8 billion birr, representing a growth rate of 33.5 percent, resulting in a total outstanding loan portfolio of around 15 billion birr.

Compared to the previous year, Enat Bank’s overall income increased by more than 1.1 billion birr during the stated period. The bank generated approximately 2.2 billion birr in the previous year, and with a significant increase of 51 percent, its income reached 3.3 billion birr for the reporting period. Notably, the bank, which focuses on empowering women as a core part of its business, achieved record-breaking profits, surpassing half a billion birr for the first time.

The annual report highlights a remarkable 92 percent growth in profit before tax, amounting to 724 million birr, compared to the 2021/22 financial year, during which Enat Bank earned 377 million birr. The bank’s profit after tax for the 2022/23 financial year reached 543.6 million birr, marking the first time it exceeded half a billion birr. This represents a year-over-year increase of 73 percent from 314 million birr.

Earnings per share also witnessed a positive trend, rising from 185 birr per thousand birr par value to 239 birr, reflecting a 31 percent increase. Enat Bank’s assets for the reported year reached 22.8 billion birr, marking a substantial growth of 32.4 percent from the previous year’s 17.2 billion birr. Additionally, the bank’s equity share in its assets increased by 39 percent, amounting to approximately 3.6 billion birr.

As of June 30, 2023, Enat Bank’s capital stood at over 2.5 billion birr, signifying a 31 percent increase compared to the previous year, which concluded on June 30, 2022.

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