Addis Fortune (Addis Ababa)

Ethiopia: Bank of Abyssinia Registers 723 Million Br

Bank of Abyssinia sc (BOA) managed to collect 732 million Br revenue during 2011/12 fiscal year, which is 17pc higher than the previous year. This was announced on its 16th annual general meeting of shareholders held at Hilton Hotel on November 10, 2012.

The bank has also announced that its total assets has reached 8.23 billion Br while its revenue stood at 3.9 billion Br in 2011/12. During the same year, the bank managed to mobilize 6.67 billion Br deposits, which showed 11.5pc increment compared with the previous year.

BOA which was established in 1996, with authorized capital of 5o million Br and subscribed capital of 25 million, currently, has 63 operational branches nationwide. It is also on a move to build a 20-storey building for its headquarters.

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