Ahadu Bank has announced a pre-tax profit of more than 119 million birr.

At its 3rd Ordinary General Meeting of Shareholders held on October 30, 2017, the chairman of the bank’s board of directors, Mr. Anteneh Sebsbe, shared that Ahadu Bank reported a pre-tax profit of 119.96 million birr for the fiscal year.

Mr. Sebsbe highlighted that the bank achieved this strong financial performance within a relatively short period and successfully concluded the fiscal year. He also noted that the bank raised 80 million US dollars through foreign currency acquisitions. Additionally, Ahadu Bank issued loans amounting to 1.7 billion birr over the financial year, leading to an overall improvement in the bank’s financial standing, with total assets reaching 6.26 billion birr.

The bank has expanded its branch network to 104 locations, while its customer base has grown to 704,000, and total deposits now stand at 4.6 billion birr. Mr. Sebsbe further stated that the bank’s subscribed capital is 1.4 billion birr, with a total paid-up capital of 10.3 billion birr.

He acknowledged the challenges faced by the banking sector due to unfavorable global economic conditions, coupled with security issues and economic instability in certain regions within the country.

The National Bank of Ethiopia, aiming to control inflation, imposed a loan cap on commercial banks in August 2016. This policy has restricted lending capacity for commercial banks, particularly impacting newer banks’ ability to provide high-income loans, thus affecting their performance, resource mobilization, and overall economic activity.