Dec 16 , 2023
Bunna Bank registered a healthy growth in profits of 6.2pc to 949.2 million Br revealed to shareholders gathered at the Millenium Hall last week. As the 14-year-old financial institution raised its paid-up capital by 29pc to 4.2 billion Br, Board Chairman Alemayehu Sewagegn said the current strategic plan set to expire this year had yielded significant growth as it managed to disburse loans and advances of 34.8 billion Br. Bunna Bank was founded with 8,000 shareholders and raised the number of its branches by 104 to 465 this year while its total assets swelled by 36pc to 46.4 billion Br. President of the Bank Mulugeta Alemayehu revealed to shareholders that the year brought unprecedented challenges amidst a changing financial landscape, which Bunna crossed successfully with a total income of 6.7 billion Br. The expansion in branches also raised Bunna's total expenses by 59pc to the tune of 5.3 billion Br while its forex generation soared to 175.7 million dollars. Bunna's non-performing loan ratio declined in the year to 3.48pc from 4.1 last year, providing it with a 1.52pc cushion against the regulatory maximum.
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