Dashen Bank has announced a historic financial performance for the recently concluded 2017 Ethiopian fiscal year, recording total revenue of 31.4 billion birr—a remarkable 34 percent increase compared to the previous year. The milestone highlights the bank’s resilience, strong operational strategies, and ability to thrive despite Ethiopia’s challenging macroeconomic conditions.

According to the bank’s annual performance report, Dashen Bank’s total assets surged to 254 billion birr, up from 183.7 billion birr, representing a 38.5 percent growth in one year. This expansion reflects the bank’s strengthened market position and continued investment in innovation, technology, and customer-centered services.

Strong Deposit Growth and Foreign Exchange Performance

Deposits also registered impressive growth, climbing to 202.2 billion birr, an increase of 38.7 percent compared to the previous fiscal year. Dashen’s interest-free banking window, Sherik, played a major role in this performance, contributing 15.8 billion birr, marking a 42.3 percent increase—demonstrating growing confidence in the bank’s Islamic banking services.

In the foreign exchange segment, Dashen recorded a notable achievement by generating 1.12 billion USD, reflecting a 15.58 percent increase. This achievement comes at a time when forex shortages remain one of Ethiopia’s key economic challenges, underscoring Dashen’s strong performance in international trade financing and remittance services.

Profit and Capital Performance

Dashen Bank registered a net profit of 6.7 billion birr, representing 5.1 percent growth from the previous year. The bank’s total loan portfolio—including loans provided under interest-free banking—reached 134 billion birr, up 17.3 percent, supporting both private sector growth and national development priorities.

Meanwhile, the bank’s capital increased to 14.3 billion birr, reinforcing its financial stability and strengthening its capacity for continued expansion.

Leadership on Transformation and Innovation

Board Chairperson Ato Dula Mekonnen noted that while the global economy faced volatility during the year, Dashen Bank maintained its leadership in Ethiopia’s digital transformation journey. He highlighted the launch of the Dashen Super App, the first of its kind in Ethiopia’s banking sector, as a milestone in enhancing customer experience and promoting financial inclusion.

Chief Executive Officer Ato Asfaw Alemu expressed gratitude to shareholders, customers, employees, government bodies, fintech partners, and development organizations for their confidence and collaboration. He reaffirmed the bank’s efforts to strengthen its portfolio strategy, improve risk management, and enhance regulatory and compliance frameworks.

“Our bank’s strong financial results and service excellence demonstrate that we continue to grow despite external challenges,” he stated.

Expanding Reach and Social Responsibility Commitment

Dashen Bank’s customer base expanded to 7.88 million, a 17.4 percent increase, while its branch network grew to 906 branches nationwide, significantly enhancing financial access across the country.

In addition to financial achievements, the bank invested 108.6 million birr in community development and environmental protection initiatives as part of its corporate social responsibility efforts. In partnership with Midroc Investment Group, the bank supported vulnerable communities by establishing feeding centers in Addis Ababa and Jigjiga to assist low-income citizens facing food insecurity.

Dashen Bank has also strengthened its Environmental, Social, and Governance (ESG) commitment by integrating sustainability principles into its operations. During the fiscal year, the bank signed a technical assistance agreement with the European Investment Bank’s Development Division (EIB Global) under the Sustainable Green Development Initiative, positioning Dashen as a key player in advancing environmentally responsible financing in Ethiopia.