Berhan Bank lights its way to record profits

(Photo: Anteneh Aklilu)

Profit surpassed half billion birr for the first time

Berhan Bank has expanded its revenue by 30 percent in the financial year concluded in June, while the profit has climbed by 22 percent.
According to the financial report of the 2019/20 year, the bank has enabled to manage 2.8 billion birr revenue up from 2.2 billion birr of the 2018/19 financial year.
From the total revenue, the interest noninterest income has grown by 34.4 percent and 19.3 percent respectively, while interest income has stood at the top with 72 percent.
Regarding expense for the year, it has stood at 2.2 billion birr that was increased by almost 33 percent from 1.6-billion-birr of 2018/19 financial year.
From the total expense, noninterest expense has taken 62 percent, while the balance is for interest expense.
According to the annual report, the noninterest expense has expanded by 31 percent and stood at 1.34 billion birr up from one billion birr a year ago.
The interest expenses have also increased by 35 percent and reached at 818 billion birr from 605 million birr.
For the year, the bank has enabled to generate 707.5 million birr profit before tax with the growth of 22 percent from 580 million birr of 2018/19 financial year.
Profit for the year has surpassed a half billion birr for the first time and increased by 95.2 million birr to reach 553 million birr from 458 million birr.
For the year the earnings per share has stood at 25.9 percent from 24.6 percent of a year ago.
Berhan has achieved massive progresses like the income and profit in other measurements in the year.
For instance, in the year the deposit mobilization has climbed to 16.6 billion birr by 11 percent from 14.9 billion birr a year ago.
Similarly the loans and advances outstanding stock has expanded by 24.5 percent from 10.2 billion birr to 12.7 billion birr.
The total capital as of June 30 has reached 3.4 billion birr that growing by 22.6 percent from 2.45 billion birr.
At the same time its asset has grown by 11.4 percent from 19.2 billion birr to 21.4 billion birr, while the paid up capital has also grown to 2.45 billion birr from 2 billion birr of 2018/19.