Awash Bank announced a strong financial performance for the 2023/24 fiscal year, reporting a gross profit of Birr 11.6 billion.
The bank’s CEO, Tsehay Shiferaw, attributed this growth to a significant increase in deposits, which reached Birr 232 billion, marking a Birr 45.1 billion surge compared to the previous year. The bank also collected Birr 3.3 billion through interest-free banking, contributing to the sector’s total deposits of Birr 19 billion.
Overall, deposits grew by 27%, driving total revenue to 36.4 billion Birr. The bank’s asset base expanded by 25%, or Birr 60.3 billion, to surpass Birr 300 billion. In foreign exchange, Awash Bank earned USD 1.5 billion, an increase of USD 26.8 million over the previous year.
To enhance service delivery, the bank expanded its infrastructure and is now operating 1220 ATMs and 2373 POS terminals. It also disbursed over Birr 37.6 billion in new loans, bringing the total loan portfolio to Birr 183 billion, with a particular focus on small and medium enterprises, which received Birr 5.2 billion. The bank’s paid-up capital reached Birr 20.3 billion.
The Bank also opened 74 new branches, bringing the total to 947, and establishing 10 specialized digital branches. This growth increased the customer base, which now stands at 12.4 million, representing a two million growth.
Awash Bank was named the best bank in Ethiopia by Global Finance magazine for 2024.
Source: The Ethiopian Herald
Additional source: 2Merkato News
