Bank of Abyssinia Earn 2.05 Billion Birr Gross Profit

ADDIS ABABA – Bank of Abyssinia (BoA) has secured 2.02 billion birr before tax in the recently concluded financial year.

The gross profit has shown a 90% growth as compared to the previous year.

Accordingly, BoA’s total assets expanded by 82.5% to reach 103.5 billion Birr while total equity rose by 52% and reached 8.65 billion Birr, the Bank announced during its annual shareholders meeting on Thursday.

During the previous financial year, the Bank’s outstanding deposit balance has also grown
to 88.88 billion Birr after showing a 86.6% increase from the previous year’s level.

Its total loans and advances increase by 105.9% to reach Birr 76.6 billion as of June 30, 2021, said the Bank.

It also said the overall foreign currency earnings shows a marked rise of 88% to $753.16 million.

Bank of Abyssinia, after opening up 97 new ones in the 2020/22FY, now has 608 branches and a total of 8, 146 of employees.