Berhan Bank raised its paid-up capital to Birr 1.7 billion in FY 2017/18, a 20 percent increase

Berhan Bank raised its paid-up capital to Birr 1.7 billion in FY 2017/18, a 20 percent increase

ADDIS ABABA (Berhan Bank S.C.)–Berhan Bank has conducted its 9th Ordinary Annual Shareholders’ Assembly on 10th November 2018 at the Millennium Hall in Addis Ababa.

The Bank’s Board Chairman, Ato Gumachew Kussie  disclosed that the Bank has ended the year 2017/18 heralding glorious results in major areas of its operations proving to be one of the most competitive Banks in the industry. Its paid-up capital is raised to Birr 1.7 billion indicating a 20 percent increase over the last year. Similarly, the number of shareholder reached 14,879 making it a leading bank from among private banks in terms of the number of shareholders thereby enabling it to have a wide range of public base. On the other hand, the Chairperson said the bank has increased its total asset to birr 14 billion from the previous year amount of Birr 10 billion which gives the bank a firm ground for expanding its services and ensure its growth in all aspects.  Moreover, in a bid to enhance efficient service delivery and boost the development and implementation of new product development efforts, the Bank has established a state of the art data center and made it ready for operation for the upcoming financial year 2018/19.

Apart from its outstanding financial performances, the year is also marked by the fact that the Bank has managed to discharge its corporate social responsibility donating Birr two million to displaced families from various Regional States upon a formal request made by the respective regional administrations and the amount has been donated in the presence of the Senior Officials of those Regional States.

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The Chairman winded up expressing his conviction that with existing commitment of the leadership and staff of the Bank and loyalty of the Bank’s customers, the recorded success of the Bank will be repeated in the succeeding year.

Ato Abraham Alaro, the President of the Bank, on his part remarked that the Bank has registered an astounding performance withstanding the prevailing stiff competition and ensuing challenges in the dynamic financial environment. The President indicated, at the end  of the fiscal year ended 30th June 2018, the Bank’s total deposit stood at Birr 11 billion registering a significant growth of 42 percent over the last year. Similarly, the Bank’s outstanding loan financed in support of various economic sectors has stood at Birr 7 billion showing a significant growth of 33 percent over the preceding year.  The President added that the bank firmly believes that it is discharging its corporate contribution on the country’s overall development and growth as the amount of loan the bank is injecting to the economy in view of financing various economic sectors has been steadily increasing from year to year.

Ato Abraham also added that by opening a recorded 21 new branches during the year under consideration, Berhan Bank has expanded its total branch network to 182. Correspondingly, the Bank has managed to increase its customer base to 523,705 showing a remarkable growth of 43%.

In support of the Bank’s aggressive expansion, the Bank has recruited 372 new employees during the year under consideration making the total employee of the Bank to reach 3,237. Ato Abraham also noted that in a bid to scale up its customer satisfaction and keep on adding up value to its services, the bank has continued developing its staff based on felt needs and aligning those developmental efforts in line with the corporate strategy of the Bank. Finally, Ato Abraham also disclosed his strong belief that, by working harder and smarter, Berhan Bank will realize even greater result in the years to come.

Source: berhanbanksc.com


The post Berhan Bank raised its paid-up capital to Birr 1.7 billion in FY 2017/18, a 20 percent increase appeared first on Semonegna Ethiopia.

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