Enat Bank Enjoys Profit Bonanza with Expanding Income
With total income more than doubling expenses, Enat’s performance was impressive indeed.
Addis Ababam, Ethiopia – Enat Bank S.C., one the last entrants to the Ethiopian banking industry, ended the 2014/15 fiscal year with an 84pc increase in its profit after tax to 53.1 million Br in its second year in business.
Its paid-up capital increased from 261.6 million Br the previous year to 383.8 million Br. In the midst of all this it reported an increase in its rate of earnings per share (EPS) from 13.47pc to 16.43pc; one share has par value of 1,000 Br.
Enat also reported total income of 198 million Br, a 110.6pc increase from the previous year’s performance. This growth was attributed mostly to an increase from interest income which skyrocketed by 200pc to 125.7 million Br and the gain from ForEx which doubled to 15.1 million Br. Its expenses also increased by 57pc to 69.7 million Br reflecting a difference that underscores Enat’s good standing.
Most of its expenses were from salaries, general operations & administration. Particularly, salaries and benefits doubled to 27 million Br, and the latter reached to 35.7 million Br from 25.3 million Br. In this regard staff numbers increased from 103 to 195. In addition, the Bank opened seven new branches as of June 30, 2015 bringing the total to 14. This branch expansion has helped Enat to mobilize total deposits of 1.7 billion Br, a 56pc raise from the 2013/2014 report.
Read more at: Addis Tribune
