Source: ethiopiancapitalmarket
Hibret Bank has announced a remarkable financial milestone, achieving a net profit of 2.3 billion birr for the fiscal year, a significant leap that underscores the bank’s resilience and strategic efficiency in overcoming economic adversities.
Robust Financial Growth
The bank’s total revenue surged by 28.1%, reaching 13.23 billion birr, driven by strategic innovations and operational efficiency. Profit before tax stood at an impressive 3.08 billion birr, further solidifying the bank’s financial stability. Earnings Per Share (EPS) reached 383 birr, reflecting substantial returns for its shareholders.
Key financial highlights include:
- Total Assets: Increased by 16% to 96.58 billion birr.
- Deposits: Grew by 15.6% to reach 74.65 billion birr.
- Loans and Advances: Stood at 68.89 billion birr, showcasing robust lending activity.
- Equity: Expanded by 3.27 billion birr to reach 12.65 billion birr, a testament to the bank’s strong financial foundation.
Strategic Achievements and Innovations
Despite challenges such as high inflation, foreign exchange constraints, and regulatory requirements, Hibret Bank implemented a strategic plan that included the rollout of advanced technological products and services. The bank expanded its footprint by opening 26 new branches, increasing its total network to 499 branches nationwide.
Corporate Social Responsibility
Beyond its financial success, Hibret Bank continued to prioritize social impact, contributing 20.2 million birr to support 19 charitable organizations, reinforcing its commitment to community development.
Leadership Perspective
Engineer Samrawit Getamesay, Chairperson of the Board of Directors, attributed the record profit to effective strategic execution and resilience in the face of challenges. “Our success reflects the dedication of our team and our ability to adapt to economic and regulatory hurdles while delivering exceptional value to stakeholders,” she stated.
AUTHOR: ethiopiancapitalmarket
