Enat Holds Steady as Revenue, Expense Soar


Enat Holds Steady as Revenue, Expense Soar

Enat Bank held its 11th Annual General Meeting of Shareholders last week at the Millennium Hall on Africa Avenue, where it announced a profit after tax of 555.2 million Br, exhibiting an incremental 2pc growth from the previous year. The Bank registered stronger growth with a 29pc increase in revenue, reaching 4.3 billion Br. The bank’s focus on strategic branch expansion and enhancements to digital banking resulted in a 18.4pc deposit growth, bringing total deposits to 21 billion Br. President Ermias Andarge pointed to the bank's focus on lending to industries with high growth potential. This strategy led to a total of 17.07 billion birr in outstanding loans and advances, representing a growth of 2.1 billion Br or 14.13pc compared to the previous year. The bank’s paid-up capital grew 18pc to reach three billion Birr while it opened 51 new branches throughout the fiscal year, increasing its total branches to 201. Total expenses were 3.58 billion Br, a substantial 37.24pc increase from the previous year, in line with industry trends. Board Chairperson Aster Solomon emphasized that despite challenges, the bank’s commitment to growth is evident in its investments.

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