Addis International Bank S.C. has conducted its 6th Shareholders’ ordinary General Assembly Meeting on November 11, 2017 at Addis Ababa millennium hall. Several individuals, representatives of cooperatives and Edirs attended the meeting by unanimously approving the agenda to be discussed. A total of 2,475 shareholders attended the General assembly meeting.
The Chairman of the Board of Directors of the Bank, Ato Hailemelekot T/giorgis, after his welcoming message, presented the Board of directors’ report to the general assembly. In addition, the external auditor, TAY & Co presented the audit report for the financial year ended June 30, 2017. According to the reports of the Board of directors and external auditors, the performance of the Bank for the financial year ended June 30, 2017 was encouraging in the face of challenging global and local environment.
The Board chairman underscored that the Bank has steadily progressed in all areas of operation despite the challenging macroeconomic conditions mainly deficit in the overall balance of payment, drought, and unrest in some part of the country. These notable challenges caused a shortage of foreign currency, inflationary pressure and liquidity problem in the financial sector.
According to the BOD report the main balance sheet and income statement items are as follows:
• Total asset = Birr 3.4 Billion
• Total Deposit = Birr 2.8 Billion
• Total Capital = Birr 758 million
• Total Paid-up capital = Birr 609.3 million
• Total profit before Tax = Birr 118.1 million
• Profit after tax = Birr 92.3 million
• Earnings per share = Birr 164
After the presentation of the two reports, the shareholders have raised several questions and comments on the performance of the Bank. The modest decline in Earnings Per share, the high increase in expense of the Bank and the possible impacts of the recent NBEs directives were the main questions shareholders needed clarifications. The Board of Directors thoroughly addressed all the questions raised and shared some of the valuable comments.
Besides the thorough discussion on the performance of the Bank for the year and the Audit report, proposals of the Board around issues on share transfers, annual Board of Director allowances and appointment of external auditors for the year 2017/18 were unanimously accepted by the shareholders. Accordingly, new and existing share transfers have been approved as proposed, TAY & Co has been confirmed to be the external auditors of the Bank; the annual Board of director’s allowance was approved as suggested. Finally, the general assembly approved the Minutes presented by the secretary of the General Assembly.
