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About Bunna International Bank
Bunna International Bank S.C. has joined the Ethiopian banking industry following the favorable economic developments witnessed in the country during the last decade and the growing need for financial services. The bank obtained its license from the National Bank of Ethiopia (NBE) on June 25, 2009 in accordance with Licensing & Supervision of Banking Business Proclamation No. 592/2008 and the 1960's Commercial Code of Ethiopia. The bank officially commenced its operations on October 10, 2009 with subscribed & paid up capital of Birr 308 million and Birr 156 million, respectively. Bunna International Bank has more than 11,200 shareholders, which makes it one of the strongest public-based private banks in Ethiopia. Continuing on a successful three years in the banking industry, Bunna International Bank (BIB) has reported a profit after tax of 30.03 million Birr in 2011/12 fiscal year. This is a 54.7 pc increase from the 19.4 million Birr it collected the previous year. The Bank which was the first from the recently opened banks to report a full year of profit in its first year of operation when it came into existence in 2009, has a made a 41.3 million Birr before taxes in 2011/12. This achievement comes from a growth in income and an effort to limit expense, according to the Bank's annual report. Bunna currently has 1. 4 Billion Birr in Asset and paid up capital 252.5 Million Birr. Its plan is to raise the capital by 75 million Br annually to 600 million Br in 2016.