Lion Int’l bank records 140 percent increase in earnings

By our staff reporter

Lion International Bank S.C. reveals it has earned 747.1 million birr before tax in the recently concluded fiscal year, which is up 140 percent in contrast to the previous financial year.

The year under review saw the financial powerhouse collect 54.5 million dollars in foreign currency and 4.7 birr in total income.

The bank stated in its annual report that the gross profit has increased significantly compared to the previous year. The figure is more than 747 million.

The bank’s 2022/23 total cost was recorded at 3.9 billion birr, and as per Alem Asfaw, Chair of the Bank’s Board of Directors, 50 percent was paid for interest expense while rest was paid to employees.

According to the bank’s annual report regarding the capital, the deposits have reached 27.3 billion birr while the amount of loan stock capped at 28.27 billion birr.

The bank also disclosed that its total wealth has reached 35.58 billion birr, with a customer base of 1.66 million, and a paid-up capital of 2.63 billion birr.

The firm’s total assets are now at 35.6 billion birr, of which loans given to customers accounted for 75 percent of the total assets; while purchase of National Bank documents, cash and cash-added assets accounted for 7.9 and 11.0 percent of the total assets.

According to the bank’s annual report, at the end of the financial year, the total amount of deposits of the bank reached 27.3 billion birr; which when compared to the same period last year, showed an increase of 1.3 billion (5.3 percent).

According to the bank it was able to collect 4.7 billion in total revenue, a 35 percent increase in comparison to the previous year’s financial performance.

The bank whilst reporting on its agent banking service called “Lion Hello Cash”, has revealed that it has recruited 3,408 agents throughout the country to provide access to such services.

According to the report, more than 285,322 thousand customers have benefited from the service. In addition, they were able to make various payments using the “Lion Hello Cash” application. In the statement sent to Capital, the total number of branches of the bank now stand at 288.

The post Lion Int’l bank records 140 percent increase in earnings appeared first on Capital Newspaper .

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