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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