Keep Up with Addis Insight
Add us to your Google Preferred Sources to see updates first.
Amhara Bank has announced its financial results for the previous fiscal year, reporting a pre-tax profit of 377.2 million birr. The results reflect the bank’s ongoing efforts to strengthen its financial position and expand its presence in Ethiopia’s banking sector.
According to a press release issued by the bank, the total deposits at Amhara Bank have reached 25.1 billion birr, a figure that underscores the growing confidence customers place in the institution. The bank has also reported a significant extension of credit, with loans amounting to 20.3 billion birr disbursed across various economic sectors. This lending activity is indicative of the bank’s role in promoting financial access and inclusion, particularly in sectors that are key to the country’s economic growth.
In addition to the financial results, Amhara Bank has reported considerable growth in its customer base. The bank now serves over 1.8 million customers, a notable increase that highlights the bank’s efforts to broaden its market share. Digital banking services have also seen substantial uptake, with more than 571,000 customers engaging in mobile banking and over 50,000 customers utilizing bank cards. This trend towards digitalization is in line with the bank’s strategy to enhance the customer experience and expand its service offerings.
The bank’s caretaker general manager, Mr. Chanyalew Demise, commented on the results, stating that the strong financial performance is a testament to the bank’s strategic initiatives and its commitment to serving its customers. He emphasized that the bank remains focused on expanding its services and maintaining a customer-centric approach as it continues to grow in the competitive Ethiopian banking industry.
Amhara Bank’s latest financial results position it as a significant player in Ethiopia’s banking sector, with its ongoing investments in digital banking and customer service expected to drive further growth in the coming years. As the bank continues to implement its strategic vision, stakeholders will be closely monitoring its performance in the context of the broader economic environment.
