Addis International Bank reported an 85pc growth in net profit to come in at 413.87 million Br. The bank's total assets as of the 2023/2024 fiscal year were 15.4 billion Br, representing a 22.2pc rise of 2.8 billion Br over the previous year. The Bank also posted a substantial 13.8pc rise in paid-up capital from the previous year to sit at 2.1 billion Br. It was noted at the general assembly that “the Bank is far away to reach the required minimum capital after two years.” Addis International Bank disclosed the number of shareholders reached 16,181 and depositors numbered 719,472 at year end, at its 13th general assembly held at Millennium Hall of Africa Avenue. Kasahun Bekele, board chairperson, stated the result was achieved through challenges. "Our ongoing investment in digital transformation has been a cornerstone of our strategy," he stated. The loan and advance stock reached 8.7 billion Br, a 14.5pc increase of 1.1 billion Br annually. The bank's overall revenue increased by 738.9 million Br, or 44pc. Hailu Alemu, CEO, stated that deposit increased by 20.9pc to reach 11.1 billion Br during the fiscal year. He added that the Bank had successfully expanded its loan portfolio while maintaining a strong focus on risk management.
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