BY NEW BUSINESS ETHIOPIA REPORTERBirhan International Bank, which joined Ethiopian finance sector last year, announces a loss of around six million birr (around 363 thousands US dollars at current exchange rate) during its first year operation – 2009/10 fiscal year (July 8, 2009 – July 7, 2010).
The annual report of the bank newbusinessethiopia.com received this week shows that Birhan has registered a loss of 5.97 million birr with -6 percent of return on investment.
Though the amount varies, almost all private banks operating in the country registered loss during their first year operation. The bank has eight branches in the country with a total of 138 employees.
In 2009/10, it has provided a total of 153 million birr loan and registered 238 million birr in deposit with 4 million US dollars foreign assets. In 2009/10 fiscal year Dashen Bank registered the largest foreign asset of 169 million US dollars in private bank category, followed by Awash and Wegagen Bank registering 85 and 82 million US dollars, respectively.
Birhan International Bank, which began operation officially in October 2009, was established by 6,000 share holders and a paid up capital of 95 million birr.
Including three out of the capital city, Birhan has a total of eight branch networks. The bank has branches in Hawassa, Adama and Bahir Dar towns while the remaining are in Addis Ababa, according to the information from its official website.
Bunna International Bank, which also began operation in 2009, is also expected to announce its performance of 2009/10 fiscal year tomorrow (December 26, 2010).