Abyssinia Bank’s Gross Profit Hit 4.6 Billion Birr

ADDIS ABABA – The Bank of Abyssinia (BoA), one of the private financial institutions in Ethiopia, secured a 4.6 billion Birr in gross profit from its operation last fiscal year.

The 2021/22 financial year gross profit registered a whopping 127% increase as compared with the preceding year, according to the BoA’s performance report.

Mekonnen Manyazewal, board chairperson of the Bank, presented the report to shareholders who met at the Inter Luxury Hotel on Saturday.

During the year, the Bank’s outstanding deposit and paid-up capital reached 122 Billion Birr and 14.2 billion Birr, respectively.

Board Chairperson Mekonnen said the total assets of BoA grew from 103.9 billion to 149.4 Birr during the year.

The Bank also opened more than a hundred new branches in the year that ended in July and took the total number of branches under its network to 748.

Established in 1996, the bank currently has 9677 employees, serving more than five million of its customers.

Featured Image Caption: Bank of Abyssinia’s virtual banking office at Gondar city. [Photo File/BoA]

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