The new Board of Directors of Dashen Bank SC has elected Neway Beyene Mulatu as the new Chairman replacing Teka Asfaw who has served the Bank in the position for the past three years.
In a statement sent to The Reporter, the bank said that the election of a new board of birectors took place during the bank’s 23rd Ordinary Shareholders’ Meeting held on November 30, 2017 at Sheraton Addis.
During the occasion, four existing directors were re-elected, while five new board directors were elected. According to the statement, Neway’s election has also been approved by the National Bank of Ethiopia (NBE) on March 9, 2018.
The newly installed chairman, Neway Beyene, has his background in Information Technology. He earned his BSc in Electrical Engineering from Addis Ababa University, Faculty of Technology in 1984 and his Masters of Business Leadership from Graduate School of Business Leadership, University of South Africa (UNISA) in 2013.
He started his career in 1984 as a Trainee Field Engineer at NCR Ethiopia. Since then, he has worked in a professional and leadership positions at various multinational information technology firms and is currently a General Manager of Afcor PLC, IBM’s Business Partner in Ethiopia.
Neway is married and a father of four, according to the statement.
Staking its claim in the banking industry for more than two decades as of this year, Dashen has become one of the few private banks in Ethiopia with its own headquarters building located near the headquarters of NBE.
In a more recent record, it has registered a marginal increase in profit during the 2016/17 report period, despite its continued decline in its Earnings Per Share (EPS) over the past few years.
During the stated period, it was able to bag a profit after tax of Birr 756 million registering a four percent increase compared to the previous year’s figures.
Looking deep into its balance sheet, the Bank’s total asset has reached Birr 34.6 billion, posting more than Birr six billion increment. In addition, its total capital base has also expanded by 19 percent to Birr 4 billion. Currently, it owns over 300 branches all over the country.