Berhan International Bank S.C was formed in accordance with Article 304 of the Commercial Code of Ethiopia with the objective of operating in the banking industry. This objective has been ensured in Article 3 of the Memorandum of Association of the Company. The Bank was registered and licensed by the National Bank of Ethiopia on 27 June 2009 with an authorized capital of 300,000,000 and subscribed capital of Birr 154,736,000 divided into shares of 1000 Birr par value each.
This was the year the vision of our founders came to fruition. Berhan Bank was launched and inaugurated in 2009, opening its first branch in Bole.
From the onset, we were the first local bank to operate using core banking solution, fully automating and networking our branches.
We achieve commendable gross profit of Birr 26 million while our total deposits and assets grew by 211.6 percent and 140.8 percent from our 1st year of operation. Our branch network grew to 12 branches.
Apart from operational achievements, we initiated the establishment of Berhan Insurance Company and also became the first bank to interface with the National Payment System (NPS) launched by the National Bank of Ethiopia (NBE).
With a more than doubled customer base, we began to gain prominence in the industry, reaping a high profit of Birr 46.5 million, a 79 percent growth from the preceding year.
Continuing down the road of success
Our journey down the road of success continued. Our number of staff crossed the 400 mark and our total number of branches grew to 27. Through our various loan products, we financed businesses working in Domestic Trade & Service, Construction, Import/Export, Manufacturing, Hotel & Tourism, etc, to further build our customer base.
We also signed agency agreements with Money Gram to further boost our esteemed customers’ convenience.
Embracing new technologies
From the onset, we have been adamant about investing in state of the art technology to enhance efficiency and better serve our customers. Within the year, we became a member of Premium Switch Solution (PSS) as well as implemented Berhan Card services. We also partnered with Western Union, Dahabshiil and Taran Express international remittance service providing companies.Profits continued to soar, registering a remarkable 74 percent growth in gross profit during the year.
A year of change
As we continued into our fifth year of operation, we welcomed four new Board members and revised our organizational structure to enhance efficiency and accommodate the growing number of staff. A new 5 year strategic plan was designed to continue down our path of success with new spirit and determination.
Our paid-up-capital crossed the Birr 500 million mark, exceeding regulatory requirements ahead of time. Our branch network expanded to 72 branches along with our staff number growing to above 1,000 employees.During the year, we also commenced relationships with Trans-Fast and RIA Money Transfer.
A year of remarkable achievements
A year surrounded by bounty of formidable achievement, in which the Bank scored a record in all performance areas. During the year, the Bank has managed to raise its profit by 163% procuring a profit of birr 364.5 million. By opening 33 new branches the Bank has increased its Branch network to 103.The Bank has also increased its total asset and paid up capital by 72% and 27.8% respectively.