The Bank of Abyssinia (BoA) has exceeded the central bank’s minimum requirement to arrive at a paid-up capital of ETB5.18 billion. Profits before tax reached ETB2.05 billion from total earnings of ETB10.2 billion. Of ETB8.15 billion in expenses, 33Pct was in the form of interest payments.
According Mekonen Manyazewal, BoA Board Chairman, wealth jumped by 82Pct from last financial year to reach ETB103.85 billion. Central bank bills were invested on with ETB7.52 billion with loans and advances accounting for ETB75.45 billion.
Moreover, the bank has mobilized ETB88.9 billion in deposits—an 86.6Pct growth from last year’s ETB47.63 billion. Interest free banking (IFB) comprises 9.3Pct of this amount.
Mekonen also announced construction of the bank’s 60-storey headquarter building on 9,763 square meters of land will commence soon in the current financial year.