Pioneering Mortgage Bank Increases Assets Amidst Declining Profits


Pioneering Mortgage Bank Increases Assets Amidst Declining Profits

Goh Betoch Bank, the first private mortgage bank in the country, experienced a 19pc decline in gross profits in a financial year that saw total assets soar by 117.4pc to 2.63 billion Br. Total deposits mobilised by Goh showed a growth rate of 255.3pc to 911.8 million Br from last year as it made net profits of five million Birr. Operating expenses also rose significantly to 206.2 million Br alongside a parallel increase in revenues of 74.1pc to 212.6 million Br. According to Getahun Nana, board chairman, the Bank had made progress despite several challenges during the year, earning three million dollars in foreign currency. The total amount of loans and advances for mortgages and other businesses at the end of the fiscal year reached 1.3 billion Br, a significant increase of 342pc compared to the 298.6 million Br at the beginning of the year. Nealy half of the loans consist of long-term mortgage loans. Total capital, including paid-in capital, various reserve accounts and undistributed profits, saw a substantial increase to 1.55 billion Br. The Bank's paid-up capital also increased significantly from 780 million Br to 1.3 billion Br, reflecting a 69.3pc increase. Concurrently, the legal reserve reached 3.25 million Br.  


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