Awash Bank’s Pre-Tax Profit Jumps to ETB 14 Billion Amid Expansion

Awash Bank Reports Significant Profit Growth for 2023/24 Fiscal Year

Addis Ababa, Ethiopia – Awash Bank, one of Ethiopia’s private commercial banks, has announced a substantial increase in its profits for the 2023/24 fiscal year. According to the bank’s financial statements, Awash Bank reported a pre-tax profit of ETB 14 billion, reflecting a 42.85% rise from the previous year’s figure of ETB 9.8 billion.

Financial Performance:

• Pre-tax Profit: ETB 14 billion, an increase of 42.85% from ETB 9.8 billion.
• Total Assets: ETB 224 billion as of June 30, 2023, up from ETB 95.6 billion at the end of June 2020.
• Paid-up Capital: ETB 14.6 billion, rising by 42.85% from ETB 10.2 billion.

Growth and Expansion:

Awash Bank, established in 1994, has expanded its operations to become a leading private commercial bank in Ethiopia. The bank now operates over 875 branches across the country and employs more than 20,055 individuals. The growth in profits and assets is attributed to the bank’s ongoing expansion and an increase in its customer base.

Regulatory Challenges:

The bank’s management indicated that profitability could have been higher if not for the credit cap imposed by the National Bank of Ethiopia. The central bank’s regulation, aimed at controlling inflation, restricts banks’ annual credit expansion to 14%.

Market Position:

Awash Bank’s financial results for the 2023/24 fiscal year underscore its capacity to adapt to economic changes and maintain a strong position in the Ethiopian banking sector.

For additional information, please visit Awash Bank’s official website or contact their corporate office.

Contact Information:

Awash Bank
Corporate Office
Addis Ababa, Ethiopia
Phone: +251 11 557 7080
Email: info@awashbank.com

About Awash Bank:

Founded in 1994, Awash Bank is a prominent private commercial bank in Ethiopia, providing a wide range of financial services and products to individuals, businesses, and institutions. The bank is known for its extensive branch network and commitment to customer satisfaction.