Bank of Abyssinia posts sharp rise in pre-tax profits

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Bank of Abyssinia (BoA) has posted a sharp rise in gross profit to 2.05 billion Birr in the concluded fiscal year in June 2021, which registered an increment of 90 percent compared to the previous year performance.

BoA conducted its 25th annual regular shareholders general meeting on Thursday at Inter Luxury Hotel.

“Our Bank has planned to boost its deposit and in this regard that will help to further boost profits ahead,” said Mekonnin Manyazewal, Chairperson of the Board of Directors of BoA.

The total assets of BoA have also reached 103.8 billion Birr mark, which was increased by 46.96 billion Birr compared to the previous year performance, according to the Mekonnin.

BoA also registered substantial performances in other figures.

The total capital of the bank has reached 8.65 billion Birr, registered an increment of 2.97 billion Birr from previous financial year performance.

Meanwhile, the Bank has a plan to construct new headquarters near the financial district at Senga Tera, beside Wabi Shebelle Hotel.

The new headquarters will rest on 9,763 1,600 square meter of land. It will have 60 floors. “Price as well as other technical issues will be discussed with the winning contractor then construction will soon be launched after contractual agreement,” says Mekonnin.

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