Friday, June 21, 2024
BusinessAwash Bank bags all-time high 1 bln birr profit

Awash Bank bags all-time high 1 bln birr profit

In its 22 years of operations, Awash International Bank Share Company has become the first private bank in Ethiopia to surpass the one billion birr mark to register a little over one billion birr gross profit in the just ended fiscal year also becoming the most profitable private bank in Ethiopia.

Awash is the first among the private banking industry in Ethiopia to open its doors in 1994 following the liberalization of the banking industry in Ethiopia at the start of the 25-year tenure of the government led by the Ethiopian Peoples’ Revolutionary Democratic Front (EPRDF). According to sources, the bank has managed to make a gross profit of 1,004,639,000 birr before tax during the concluded fiscal year.

This year’s profit is 134.8 million birr more than last year’s (869.7 million birr) making Awash the top private commercial bank in Ethiopia. Last year, it was Dashen Bank—the other giant private bank—that topped the list grossing 980 million birr in profits.

This year was also special for Awash since it was the first time that it has surpassed its fierce competitor Dashen Bank in its 22 years history.    

Following its unprecedented performance, the paid-up capital of the bank has risen to 2.24 billion birr against the 1.77 billion birr back in 2015. Hence, a total of 465.4 million birr has been added to this year’s paid up capital.

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The total loans and advances Awash has disbursed during the concluded fiscal year also climbed to 15.4 billion exceeding the last year’s 12.5 billion by 2.97 billion birr. Currently, the bank has mobilized a total deposit of 24.2 billion against the 19.5 billion birr last year.

Back in 2014, the highest average loan and advance among the commercial banks was registered by the state owned Commercial Bank of Ethiopia (CBE), standing at some 57 billion birr. Following CBE, Dashen and Awash banks have registered eight billion birr and six billion birr, respectively.

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