Sidama Bank recorded a net profit of Birr 71.6 million for the previous fiscal year, surpassing its initial profit target by 58 percent. The announcement was made during the bank’s third regular and third emergency general meeting of shareholders, held in Hawassa.
Ato Abraham Marshallo, Chairman of the Bank’s Board of Directors, presented the bank’s performance report, highlighting that the bank had initially aimed for a net profit of Birr 45.5 million. The final result of Birr 71.6 million marks a notable increase.
The bank’s total deposits reached Birr 1.22 billion birr, and its total assets grew to Birr 2.62 billion, reflecting a 98 percent increase compared to the previous year. Additionally, the bank granted Birr 799.29 million in loans, raising the total loan amount to Birr 1.17 billion.
The bank also expanded its footprint during the year, opening 8 new branches, bringing the total number of branches to 39.
Abraham Marshallo also called on shareholders to contribute to the bank’s capital requirements by purchasing additional shares, helping the bank meet its financial goals within the specified timeframe.
Source: Addis Zemen
