Hibret Bank posted a surge in net profits to reach 2.3 billion Br, traversing economic adversities. The Bank grew its revenues to 13.23 billion Br—an increase of 28.1pc from the previous year. Total assets were registered at 96.58 billion Br, exhibiting a 16pc increase, while total deposits rose by 15.6pc to reach 74.65 billion Br. With loans and advances sitting at 68.89 billion Br, Earnings Per Share (EPS) stood at 383 Br. The Bank opened 26 new branches during the year to reach a total of 499 outlets. Hibret’s equity surged to 12.65 billion Br with a year-on-year growth of 3.27 billion Br. Samrawit Getamesay, chairperson of the board of directors, outlined the financial success achieved in a backdrop of high inflation rates, political unrest, foreign exchange crunch, limited credit growth and the regulatory requirements for treasury and DBE bonds. She stated that the bank had formed a strategic plan and navigated the financial year with new technological products and services.
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