Addis Ababa, October 27 (WIC) – Lion International Bank S.C. (LIB) has reportedly registered a record profit of 3.74 million birr profit during 2008/09.

The remark came here today at the second annual general assembly of the Board of Directors of the LIB comprising of its operations and financial performance for the year ended June 30, 2009.

LIB President Meresa Gebremariam, said on the occasion that the bank managed to register the profit following the efficient allocation of foreign exchange resources.  

He said the bank did not perform as planned due to last year’s unprecedented financial and economic recession observed in many parts of the world.

He said despite all odds encountered in the overall global and domestic economic condition, LIB has registered rewarding achievements in all aspects of its operations.

LIB Board Chairperson, Professor Yohannes Kinfu, on his part said that the bank has registered a record profit during 2008/09 showing an increment of 600 per cent compared to its performance of the previous financial year.    

According to the chairperson, LIB has managed to open 19 branches over the past two years amid the lingering on of the global economic crisis.

LIB has a plan to increase its branches to 24 by opening five additional branches this fiscal year, Professor Yohannes indicated.   

The chairperson said the bank has successfully networked all city branches as well as Mekele and Gondar branches through Delta Core Banking Solutions as of February 16, 2009, which is the first in its kind not only in Ethiopia, but also in the East Africa.

LIB’s total asset reached 952.46 million birr.