Awash Bank, Ethiopia’s first private bank, held its 29th Annual General Meeting (AGM) today and announced plans to celebrate its 30th anniversary in January.
Presenting the 2023/24 fiscal year report at the meeting, the bank’s board chairman, Ato Gure Kumsa, told Bisrat Radio and Television that the bank’s total income for the fiscal year reached 36.58 billion birr, an increase of 7.77 billion birr, or 27 percent, compared to the previous fiscal year.
He stated that the bank’s total loans reached 183.5 billion birr, with 21.6 billion birr disbursed during the fiscal year. The bank’s profit before tax stood at 10.8 billion birr, an increase of 1.06 billion birr, or 11 percent, from the previous fiscal year.
Ato Gure also highlighted that Awash Bank opened 74 new branches during the fiscal year, bringing its total branch network to 947, and attracted more than 2 million new customers. The bank’s deposits, including LC margins, reached 232 billion birr, reflecting an increase of 45.1 billion birr, or 24 percent, compared to the same period last year. The bank collected 1.5 billion US dollars from exports and provided 37.6 billion birr in new loans, he added.
It was further announced that the bank’s total assets increased by 60.3 billion birr. Additionally, the bank reaffirmed its commitment to fulfilling its social responsibilities by supporting drought-affected and displaced citizens and contributing to development initiatives requested by the government.
