Enat Bank Powers with Half a Billion Profits

Dec 25 , 2023

Enat Bank delivers a little over half a billion Birr net profit to shareholders gathered at the Millenium Hall with interest income powering nearly 70pc of its revenues. The Bank's total revenue grew by 52.4pc to 3.3 billion Br in the year which saw its total assets increase by around 29pc to 22.7 billion Br. Total deposits rose by 36.8pc to 17.8 billion Br while its loans and advances grew by a third to 14.9 billion Br. While Enat's paid-up capital remains at half of the regulatory minimum, it has shown a 31.2pc growth from last year. Board Chairwoman Frehiwot Worku revealed to shareholders who number above 22,000 that the year's profits came about despite increased competition, decreased liquidity and dwindling foreign currency earnings. The high branch expansion of the Bank fueled the rise in expenses of 44pc as it reached 2.6 billion Br and increased its staff number by 577 to 1,555 in total. The Bank President Ermias Andarge pointed to the high cost of living, drought, and civil unrest in different parts of the county as enduring challenges in the domestic economy.