Awash Bank has announced a record unadjusted profit before tax of Birr 22 billion for the fiscal year ending July 7, marking a 113 percent increase, equivalent to Birr 12 billion birr, compared to the previous year.
In its annual report, the bank revealed that total capital surpassed Birr 37 billion, up Birr 10 billion (37 percent) from its authorized capital. Awash Bank also paid over Birr 10.8 billion in taxes during the year.
The bank’s total income climbed to more than Birr 64 billion, representing a 77 percent rise from last year, while deposits grew by Birr 106 billion to reach Birr 332 billion. Lending expanded by 20 percent, exceeding the National Bank of Ethiopia’s ceiling, with loans totaling over Birr 219 billion. This included Birr 16.6 billion disbursed to over 14,000 micro and small enterprise customers and Birr 493 million provided digitally to more than 301,000 customers without collateral.
Awash Bank also registered over two billion US dollars in foreign exchange, up 25 percent from the previous year. With its non-performing loan ratio at 1.8 percent, the bank now operates 989 branches and serves over 15 million customers. Additionally, it contributed over half a billion birr to social responsibility initiatives.
Source: Sheger FM 102.1