Buna Bank Achieves 1.35 Billion Birr Profit in 2022/23 Fiscal Year
Buna
Bank, a stalwart in the financial sector, proudly announced a robust profit of
1.35 billion birr before tax, marking a significant milestone in its fiscal
year. The declaration was made amid a sense of achievement at the 14th Annual
General Meeting of Shareholders, a prestigious event held at the esteemed New
Park Millennium Hall on November 30, 2016.
The
comprehensive report presented during the meeting shed light on the fiscal year
ending June 30, 2023, according to the European calendar. Alemayhe Sawange, the
esteemed chairman of the bank's board of directors, illuminated the gathered
stakeholders on the impressive growth in deposits, which soared by 9.4 billion
birr compared to the previous year. This substantial increase of 34.6 percent
brought the total deposits to an impressive 36.6 billion birr.
In
a testament to the bank's commitment to fostering economic development, Sawange
highlighted the disbursement of a total of 8.92 billion birr in loans across
various economic sectors throughout the year. Furthermore, Buna Bank showcased
its dedication to social responsibility by allocating a commendable 41.8
million birr to support social initiatives, environmentally focused projects,
and other humanitarian activities during the fiscal year.
However,
the bank did not shy away from acknowledging the challenges posed by the global
and national landscape. A notable slowdown in remittances from abroad and
exports, attributed to international and national issues, had a discernible
impact on the bank's performance through foreign currency acquisition.
Having
been a pillar in the financial landscape for 14 years, Buna Bank boasts an
impressive portfolio with over 13,000 shareholders and a dedicated workforce of
more than 4,000 employees. The bank's extensive reach is evident through its
465 branches, underscoring its commitment to providing accessible financial
services across diverse communities. As Buna Bank continues to navigate
challenges and capitalize on opportunities, its legacy as a key player in the
financial sector remains firmly intact.
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