Business
Gadaa Bank Profit More Than Doubles to 1.05 Billion Birr
BirrMetrics · 5 days ago · Read the Full Story on BirrMetrics
AI SUMMARY
Gadaa Bank reported a pre-tax profit of 1.05 billion birr, more than doubling its earnings from the previous fiscal year, as presented at its 5th Regular General Assembly of Shareholders.
- Pre-tax profit reached 1.05 billion birr, representing a surge of more than 120 percent from 444 million birr the previous year.
- Total assets climbed 64 percent to 16.5 billion birr, up from 10.06 billion birr a year earlier.
- Total income rose 77 percent to 2.69 billion birr, while expenses increased by 55 percent.
- Authorized capital reached 7 billion birr, and paid-up capital stood at 1.65 billion birr.
- The bank reached a customer base of more than 1 million within three years and six months of commencing operations.
- More than 64 percent of offered shares have been sold to investors.
- Interest-free banking contributed 56 percent of total income.
- Foreign currency earnings reached 85.1 million US dollars.
- Shareholders approved a proposal to capitalize the profits earned to support the bank's next phase of expansion.
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