7th Shareholders’ General Meeting

Addis International Bank S.C. has conducted its 7th Shareholders’ ordinary General Assembly Meeting on November 17, 2018 at Addis Ababa millennium hall. The General meeting was planned to include the 4th extraordinary meeting. Unfortunately, the attendance did not meet the minimum requirement of 50%+ to conduct the extraordinary meeting. It was reported to be 43.3%. As a result, the extraordinary meeting was adjourned to next year.
However, to conduct the ordinary general meeting, several individuals, representatives of cooperatives and Edirs attended and begun the meeting by unanimously approving the agenda to be discussed. According to the attendance registered during the meeting, a total of 2,521 shareholders attended the General assembly meeting.

Accordingly, 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. Subsequently, the external auditor, TAY & Co presented the audit report for the financial year ended June 30, 2018. According to the reports of the Board of directors and external auditors, the performance of the Bank for the financial year ended June 30, 2018 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 shortage of foreign currency and civil unrest in some part of the country.
According to the BOD report the main balance sheet and income statement items are as follows:
• Total asset = Birr 4.20 Billion
• Total Deposit = Birr 2.97 Billion
• Total Capital = Birr 897 million
• Total Paid-up capital = Birr 710.4 million
• Total profit before Tax = Birr 147.59 million
• Profit after tax = Birr 112.9 million
• Earnings per share = Birr 171.1

After the presentation of the two reports, the shareholders have raised several questions and comments on the performance of the Bank. The slow growth of the Bank in branch expansion and loose strategy in foreign currency generation and the like were the main discussion points. The Board of Directors thoroughly addressed all the questions raised and shared some of the valuable comments.

After 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 2018/19 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 fee of Board of director’s and allowance was approved. In addition, the general assembly has elected board nomination committee comprising of five members. The monthly transport and annual allowance has been determined. Finally, the general assembly approved the Minutes presented by the secretary of the General Assembly.