At the top of the ladder : Awash Bank’s annual growth of 5.58 billion Br

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For the past five consecutive years, Awash banks have been on top of private banks sharply increasing its performance in major banking areas. The bank finalized its 2020/21 fiscal year increasing its annual growth profiting 5.58 billion Br. 

The bank managed to open 100 new branches summing up to 566 total branches all over the country. raising over 2 million new saving account holders, in total 5 million saving account holders. Awash bank has over 12,000 employees from all over the country.

“The bank’s total deposit increased including LC margin rounding up to 107.7 billion Br, compared to the previous fiscal year by 46 pc making up 33.8 billion Br in total deposit,” announced Ato Tsehay Shiferaw, CEO of Awash bank. 

According to the National Bank of Ethiopia’s directives, private banks should attain 5 billion Br in paid capital in five years, Awash bank exceeds the limit raising its paid capital to 2.23 billion Br every year, In the current fiscal year, the bank increased its paid capital to 8.2 billion Br. 

“Regarding giving loans, for the 2020/21 fiscal year, the bank gave loans of 87.1 billion Br, increasing by 53 pc over the previous fiscal year which was 30 billion Br.” Ato Tsehay stated 

Due to the bank’s increment in total income from 10.2 billion Br to 13.7 billion Br in the previous fiscal year Awash bank raised 5.58 billion Br profit before tax and provision. 

In terms of foreign currency gathered from different investment streams the bank raised in total 906 million US dollars. Compared to last year, it increased to 37 million US dollars.

“We are also proud to pay 1.5 billion Br profit tax, which makes the bank a top-ranking performer and we managed to donate over 30 million Br for social causes involving organizations concerning non-profit organizations,” he concluded.