- It earned a pre-tax profit of Birr 930.1 million.
- The bank’s total assets reached Birr 54.53 billion.
- It also increased the number of depositors to 4, 019, 072.
Bunna Bank S.C. held its 15th Annual General Meeting of Shareholders on Sunday, December 15, 2024, at the Addis Park-Millennium Hall.
A large number of shareholders attended the meeting, where the Chairperson of the Board of Directors, Ambassador Alemayehu Sewagen, presented the bank’s 2023/24 annual report.
At the annual meeting, Ambassador Alemayehu Sewagen shared that the bank recorded a profit before tax of 930.1 billion birr for the fiscal year. The bank’s deposits reached 43.87 billion birr, showing a 20 percent increase from the previous fiscal year. Of the total deposits mobilized during the fiscal year, 2.79 billion birr was received from savings deposits, 1.55 billion birr from demand deposits, 2.62 billion birr from time deposits, and 307.0 million birr from interest-free banking services.
Ambassador Alemayehu emphasized in his speech that the Ethiopian banking sector faced significant challenges during the past fiscal year due to high inflation, foreign exchange shortages, overlapping regulatory guidelines, and conflicts in various regions. These issues severely impacted not only banks’ lending but also their deposit collection activities. Despite these challenges, Bunna Bank maintained its profitability and competitiveness.
According to the report, the bank disbursed 4.1 billion birr in loans to various economic sectors, increasing the total loan amount by 11.8 percent to 38.87 billion birr. The decline in remittances from abroad and the significant slowdown in export activities negatively affected the bank’s performance in terms of foreign exchange earnings, which totaled 167.6 million USD for the year ended June 30, 2024.
The bank’s total assets increased by 8.14 billion birr during the fiscal year, reaching 54.53 billion birr. The paid-up capital grew by 549.2 million birr, bringing the total to 4.83 billion birr.
Bunna Bank increased its number of deposit account customers by 968,819 during the fiscal year, registering a growth of 31.8 percent, bringing the total customer base to 4,019,072. The number of cash payment machines installed at branches, hotels, and commercial service points reached 200 in the 2023/24 fiscal year. The total number of card banking users increased to 413,892, with 1.39 billion birr transacted through these machines. Additionally, mobile and internet banking users facilitated over 21.1 billion birr in cash transactions.
The bank with its service brand called “KHADIM” for its interest-free banking, mobilized deposits totalling 1.93 billion birr.
The bank implemented a risk management program in line with the National Bank of Ethiopia’s standards and approved a five-year corporate strategic plan for 2023-2027, along with human resources, digital transformation, and information technology strategies.
The Chairman emphasized the bank’s next strategic focus areas, including monitoring the implementation of the five-year plan, strengthening resource mobilization, and expanding digital banking services. He thanked the National Bank of Ethiopia for its support and encouraged the Bunna Bank community to work together towards continued success.
Founded 15 years ago, Bunna Bank serves over 14,000 shareholders and more than 4,100 permanent employees. The bank offers conventional, digital, and interest-free banking services through its 474 branches nationwide.
December 15-2024 | Adjourned!
