Dashen Bank posted 606.7 million birr profit after tax for the 2012/13 fiscal year, a seven percent decrease from a year earlier, Fortune reported.

The Bank has reported a gross income of 1.817 billion birr – an increase of 5.3pc, earning per share of 823 birr.

Dashen's return on equities fell to 34.9 percent from 49.4 percent compared to the previous year. Interest on loans, advances, deposits, treasury bills and National Bank of Ethiopia (NBE) bonds has increased by a 16.3 percent to 1.127 billion birr, according to Fortune.

Total assets of Dashen have increased to 19.747 billion birr. The Bank disbursed loans and advances of 8.663 billion birr – an increase of 8.9 percent – and its deposit mobilization has grown by 12.7 percent to reach 15.8 billion birr. However, its loan to deposit ratio has decreased to 54.6pc from 56.5pc in the previous year.

Dashen, with a paid up capital of 737.2 million birr, has already fulfilled the 500 million birr paid up capital requirement set by the National Bank of Ethiopia, with its compliance deadline for 2016.

Source: Fortune