Dashen Bank, one of private banks in Ethiopia has generated 2.5 billion Birr in revenue in the 2014/15 budget year, Capital reported.

Dahsen’s financial report indicated that the Bank has secured 964 million Birr gross profit before tax in the past year, surpassing the previous 2013/14 fiscal year amount, which was 957 million Birr.

The Bank has earned 2.5 billion Birr in revenue with 17.3 percent growth, mainly due to a 24 percent hike in Interest, which contributed 56 percent of the total income.

Currently, the total asset of Dashen Bank stands at 24.8 billion Birr from 21.9 billion Birr in 2013/14 budget year. The Bank’s liabilities are also significant, 21.8 million Birr with a 2.5 billion Birr increment.

According to the Bank’s report, Dashen has showed strength in international banking this budget year, earning 884 million Birr from 834 million Birr a year ago.

Dashen Bank has opened 23 new branches the current year to increase its total number of branches to 161.
The Bank’s current paid up capital stands at 1.238 billion Birr from 1.06 billion a year ago.

Source: Capital