Although profits at the nine-year-old Bunna International Bank climbed by one-third, shareholder return remained at the same level as the previous fiscal year.

Last year, the Bank netted 315.3 million Br in profits, a 33pc increase. However, the earnings per share increased by only two Birr to 286 Br.

The earnings per share were depressed due to the huge increase made toward paid-up capital, according to Abdulmenan Mohammed, a financial statement analyst with a decade and a half of experience.

Bunna increased its paid-up capital by 46pc to 1.47 billion Br, thus making the private bank the 10th-most capitalised bank out of 16 banks operating in the country.

Abdulmenan does not approve of this scenario, stating that, “Bunna needs to scrutinize its capitalisation policy.”

The year ended successfully for the bank, which reached 94pc of the targets on its balance sheet and income statement for the fiscal year, according to Tibebu Eshete, chairperson of the Bank's board of directors.

"This was a tremendous and encouraging result despite the 15pc devaluation of the Birr. Subsequent tangible impacts and changes have been brought in the macro and microeconomic environment including the revision of various directives by the supervisory body," remarked Tibebu in the annual report.

Despite the fall in earnings per share, the Bank managed to boost its income from diversified sources. Increased income from financial intermediation operations and other areas of business have helped the firm to improve its profit performance.

Interest on loans, advances and treasury bonds soared by 63pc to 1.03 billion Br. Non-interest income and gains from foreign exchange transactions increased by 25pc to 63.19 million Br, and fees and commissions increased by 35pc to 260.75 million Br.

“Achieving these increases in all areas of income generating activities is impressive,” commented Abdulmenan.

Last fiscal year, most of the private banks reported that their forex dealing slumped or stagnated. Bunna's total foreign currency mobilisation reached 121.3 million dollars.

As its recorded increases, expenses at Bunna expanded.