Awash Bank announces huge profits
Awash Bank 26th Annual General Meeting of Shareholders Held in Addis Ababa
Awash Bank Board of Directors Ambassador Dr. Dibaba Abdeta on his part said Awash Bank has achieved excellent results in all sectors of the 2020/21 fiscal year and has maintained its leadership position from private banks for a number of years.
According to the bank’s ten-year roadmap. According to the Chairman of the Board of Directors, it is successfully achieving its goal of becoming one of the top ten East African banks by the end of 2025.
The Bank would like to thank all those who have achieved this feat, despite the fact that they have been able to withstand all the challenges they face internationally and nationally, the statement said.
Awash Bank’s net profit for the fiscal year 2020/21 is Birr 5.58 billion before reserve and tax, but after pre-tax deduction is Birr 4.8 billion.
Profits grew by 34 percent or 1.2 billion birr last year, making them the first in the history of Awash Bank and the history of private banks in Ethiopia.
In terms of deposit growth, the Bank has grown significantly over the past fiscal year, with Awash Bank’s total deposits rising, including Elsie Margin. By the end of June 2021, it had grown by 46 percent to Birr 108.1 billion. The Bank’s lending to various sectors of the economy has increased by 52.8 percent to 87.5 billion birr.
The Bank’s total assets have also been steadily growing over the years. In the 2020/21 fiscal year, the bank grew by 44 percent to Birr 128.7 billion