Lion Bank Doubles Profit Amidst Recovery


Lion Bank Doubles Profit Amidst Recovery

Lion International Bank roars out of the two-year conflict's lows, doubling its net profits from last year to 489.5 million Br. Shareholders gathered for its 19th general assembly at the Hilton Hotel last week were pleased to learn of a 17pc revenue increment to 4.7 billion Br, with total mobilised deposits also showing a modest growth of 5.3pc to 27.3 billion Br Board Chairman Alem Asfaw revealed the success of the recovery plan, which resulted in 135 of its branches closed due to the war reopening. Meanwhile,  10 new branches were opened in the year raising its total number to 288. Alem expressed concern over the non-performing loans which remained at 10.8pc, albeit a decline of six percent from the previous year. He further noted that a minimum of three years will be required for the bank to return to its full prowess. "Many loans remain unrecovered," he told Fortune. Lion's paid-up capital increased by 2.3pc to 2.63 billion Br. It has marked halfway to the regulatory minimum set by the National Bank of Ethiopia for 2026. Earnings per Share of the Bank had gone through a significant increase of 187.28 Br during the year in line with dividends which had surged to 17pc. President of the Bank Daniel Tekeste, indicated that the performance lagged behind some of its peers, attributing it to the belated recovery from the turmoil of conflict. "Its current recovery should be encouraged," the President noted.


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