Lion International Bank records higher profit
Addis Ababa, Ethiopia -Ã‚Â Lion International Bank (LIB) has registered a 69 percent increase in profit during the last fiscal year when compared to the previous year. The bankÃ¢â‚¬â„¢s financial report indicated that LIB has earned 104.7 million birr profit before taxes in the 2011/12 fiscal year, while in 2010/11, the bank earned 61.8 million birr.
According to the bankÃ¢â‚¬â„¢s report, the LIBÃ¢â‚¬â„¢s net profit after taxes and legal reserve last year was 56.55 million birr. It paid 29.3 million birr in taxes and the balance, 18.85, million birr went to legal reserve.
The report stated that earnings per share of 25 birr is 6.09 birr, while a year ago they were 4.40 birr. Earnings per share is calculated by dividing net profit after tax but before legal reserve by the number of outstanding shares, the average number of shares as of June 30, 2012 standing at 12,378,089.
The bankÃ¢â‚¬â„¢s revenues reached 241 million birr collected from all sectors, showing an increment of 26 percent from the previous year. Ã¢â‚¬Å“This remarkable growth is the result of 48 percent income earned from interest, and 52 percent from non-interest sources,Ã¢â‚¬Â the report indicated.
By the end of 2011/12, the total assets of the bank had grown to a little under 2.5 billion birr, a 36 percent increase from a year ago. Cash and bank balances, loan and advances, and reserves with the National Bank of Ethiopia (NBE) are items listed as assets which comprise the major share. Read more