Dashen Bank Achieves Record Profit of 5 Billion Birr in 2015 Fiscal Year

Date:

Share post:

Dashen Bank announced that it made a profit of 5 billion birr before tax in the 2015 fiscal year, an increase of 31.9 percent compared to the same period of the previous year.

The bank’s 30th regular meeting of shareholders was held on that day. At the meeting, Dashen Bank board chairman Dula Mekonon and CEO Asfaw Alemu stated that the bank made a profit of 5 billion birr before tax and registered an income of 18 billion birr in the fiscal year.

The chairman added that the bank was able to collect an additional 23.6 billion birr in deposits, bringing the bank’s deposits to 114.8 billion birr. He also explained that the bank’s total assets reached 144.6 billion birr.

The chairman stated that many new guidelines were issued in the banking sector in the last financial year and the existing guidelines were amended. He explained that these guidelines have had their own impact on the amount of assets, operations, and related costs and profitability of banks.

In addition, the growing digital infrastructure has created the opportunity for services that were only provided by banks for a long time to be provided outside of banks. He said that this has created a wide opportunity for banks as well.

CEO Alemu said that last year was the year in which the bank achieved positive results in terms of expanding its reach, bringing in new customers, and accumulating wealth. He explained that the bank opened 253 new branches in different parts of the country in the last financial year, bringing the total number of branches to more than 835.

Noting that the bank has more than 5.2 million customers, he said that the bank will continue to provide banking services that suit the needs of its customers.

It was also announced at the meeting that Dashen Bank spent more than 285 million birr to fulfill its social responsibility in the last financial year. Dashen Bank’s total capital is 19.3 billion birr, with a paid-up capital of 9.3 billion birr.

Addis Insight
Addis Insighthttps://addisinsight.net/
Addis Insight is Ethiopia’s fastest growing digital news platform, providing consumers with the latest news from Ethiopia and its diaspora. We provide marketers with innovative opportunities to leverage our stories and overall brand with a fiercely curious and highly engaged audience.
spot_img

Related articles

Commercial Bank of Ethiopia Moves to Establish an Investment Bank

The Commercial Bank of Ethiopia (CBE) is in the process of establishing an investment bank, a move aligned...

Ethiopia Set to Begin Electricity Exports to Tanzania via Kenya

Ethiopia is preparing to commence electricity exports to Tanzania through Kenya, marking a significant step in cross-border energy...

Ethiopia Approves 581 Billion Birr Supplementary Budget for 2024/25

In a significant session, Ethiopia’s Council of Ministers convened for its 40th regular meeting, deliberating on a range...

Federal Government Employees to Work 48-Hour Weeks Under New Law

The Federal Government Employees Amendment Bill, a subject of intense debate, was approved yesterday by the House of...