Buna International Bank, Ethiopia has announced a gross profit of 26.8 million for the last fiscal year. The bank was able to net a profit of 19.4 million birr. Total Revenue generated by BIB for this fiscal year was 73.5% million birr.
The total assets of BIB increased, by 62.8%, to 781.4 million birr in the budget year that ended last June, while the paid capital of the bank increased, by 26.2% to 213.4 million accounting for 91.8% of the total capital and reserve of the Bank.
Deposits at BIB reached 491.3 million birr with 57% made up saving deposits. The number of deposit customers showed a significant increase reaching 12,600 for the fiscal year.The loans and advances made by the bank increased by 90.5% year on year reaching 366.3 million birr. Loans to domestic trade made up 31 percent of all loans extended by the bank, imports took 19.3%, transport 15.2% and the building and construction sector accounted for 10.1%
BIB was able to mobilize foreign currency worth 419.9 million birr increasing from 316.2 million birr in the previous fiscal year. The bank’s income from international banking activities rose from 26.5 million birr to 37.5 million birr.
BIB has launched banking and business relationships with 51 banks in the international banking sector. The bank received approval from the National Bank to conduct foreign exchange base and customer service and reached international money transfer arrangements with FloCash and Western Union.
The bank is in the process of setting up similar agreements with mobile service providers in Europe and the Middle East according to the annual report.
The total operating expenses of BIB were reported to be 46.7 million showing an increase of 134.8%.
Source: Capital
