Hibret Wraps Quarter Century In Surging Profits


Hibret Wraps Quarter Century In Surging Profits

Hibret Bank shareholders were in cheerful spirits as it doubled its net profit to 2.29 billion Br and marked a quarter of a century in Ethiopia's financial sector. Melaku Kebede president of the bank revealed to shareholders gathered at the Sheraton Addis Hotel on Taitu St that Earnings per Share (EPS) had nearly double to 50.72 Br. The bank has managed to total assets of 82.58 billion Br as managing to mobilize 64.54 billion Br in deposits and disbursing 60.18 billion Br in loans. Hibret has signed agreements with Zemzem Bank, Ahadu Bank, and Lion International Bank to work together on expanding E-commerce. Melaku recalled that the bank was one of the earliest adopters of technology in Ethiopia managing to provide SMS banking and mobile banking services as soon as they were available. The paid capital of Hibert climbed to 4.78 billion which is still short of the five billion minimum threshold set by the National Bank of Ethiopia for 2026. Total revenues for the year increased by around 27pc reaching 10.32 billion Br as Hibret also made gains on foreign currency generations nearly by 29.8 million to 247.8 million dollars..


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