Berhan Bank gross profit soars to 583.4 mln Birr
Berhan Bank Share Company has garnered a gross profit of 583.4 million Birr gross profit in 2021/2022 fiscal year ended on June 30, 2022; a profit went up by 72.8% from the previous year.
Previous year’s gross profit of the bank was 337.6 million Birr.
Berhan Bank conducted the 13th Ordinary Shareholders’ Meeting on Thursday, October 27, 2022 at Millennium Hall, Addis Abeba.
Gumachew Kussie, Chairperson of the Board of Directors of the Bank presented the Bank’s annual performance report, which was closed on June 30, 2022 to the shareholders.
“In the concluded fiscal year Berhan Bank has registered impressive performances withstanding the internal and external challenges,” Gumachew said.
Berhan Bank slashed its Non-Performing Loans (NPLs), which negatively affected performances and at the same time improved profit rate, according to the report.
Regarding change of leadership Berhan Bank has appointed Girum Tsegaye as President on March 2022.
The annual report stated that Bank’s deposit has surged by 4.3 billion Birr or 19.9% from previous fiscal year. The total deposit has reached 26 billion Birr.
Similarly, the Bank’s number of depositors has surged by 39.7% from prior year’s accomplishment reached 1.6 million.
The Bank has disbursed a loan of 22.2 billion Birr in the concluded fiscal year from 17.8 billion in the preceding fiscal year, registered an increment of 4.4 billion Birr.
The Bank also registered positive achievements in other aspects. Its total asset assets reached 33.1 billion Birr—registering a 22.8% increment.
Meanwhile, the total capital and paid up capital of Berhan reached 4.5 billion Birr and 3.2 billion Birr, respectively, exhibiting a growth of 19.15 and 8.7% compared to prior year’s performance.
The Bank has prepared its third five year strategic plan document and revised organizational structure to be implemented in 2022/23 financial year which is believed to bring a strategic shift on the Bank’s operational performance as well as its growth.
Besides, the Bank secured title deed for a plot of land closer to financial center (Senga Tera) of the city for the construction of its headquarters. The Chairperson stated that cornerstone has been laid down recently in a very colorful event.
Additionally, the Bank received a land in Wolaita Sodo to construct its branch.