Gadaa Bank closed its first full fiscal year of operations with a net profit of 90.2 million Br. The 18-month-old Bank held its annual general assembly at Millenium Hall on Africa Avenue last week where the board announced that during the year, the Bank opened 15 branches and now has 85 operational branches. “Due to recently enacted policy measures on credit by NBE and unmet resource mobilization during the fiscal year, the Bank was unable to make loan disbursements,” stated Wolde Bulto, CEO, adding that “considerable credit applications had been submitted.” Gadaa disbursed 2.17 billion in loans while total deposits were 4.01 billion Br. Permanent staff numbers grew by 196 to reach 670. Total income of 790.6 million Br and expenses hitting 689.4 million Br were also registered. The Bank closed the year with 1.08 billion Br in paid-up capital and 5.61 billion Br in assets.
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