Hibret Bank reports 1.44 bln Birr profit in 2020/2021 fiscal year

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Hibret Bank has reported a profit of 1.44 billion Birr before tax in the concluded fiscal year of 2020/2021.

The profit has increased by 309.49 million or by 27.4 percent from that of the previous fiscal year performance, according to Hibret’s annual report.

With regard to assets, the Bank’s asset has increased by 11.1 billion Birr or 25.8 percent increment from last year same period balance of 43 billion Birr, the total assets of the Bank reached 54.09 billion at the end of the fiscal year under review.

Hibret has registered aggregate revenues of 6.09 billion Birr during the financial year under review. The figure exceeded that of the previous year balance of 4.91 billion Birr by 1.18 billion Birr or an increase in 23.9 percent.

The Bank concluded the financial year under report with outstanding loans and advances balance, including interest free financing, of 35.88 billion Birr demonstrating a year-on-year growth of 8.41 billion Birr or an increment of 30.6 percent.

Concentrating the sectoral distribution, out of the total loans and advances of the Bank, the lion’s share (20.2 percent) was absorbed by the import sector followed by manufacturing (19.6 percent) and domestic trade and services (16.4 percent).






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