The 16 private banks operating in Ethiopia made an aggregate gross profit of 4.6 Billion Birr during the just ended fiscal year.

Among these banks Dashen Bank has been acknowledged to have earned the highest profit, 928 Million Birr before tax. This figure reveals the bank has made increment in its performance when compared to the 2012/2013 fiscal year, which the bank earned a profit of 813 Million Birr.

The second highest profit was registered by Awash International Bank, registering a gross profit of 861 Million Birr. This figure, according to Awash, has surpassed 35 percent the its performance from the 2012/2013 fiscal year.

According to The Reporter, apart from the six banks, which are commonly known as the big ones, the Cooperative Bank of Oromia (CBO) registered a surprising profit which amounts to 484 million birr before tax and that makes the bank the third in a rank among the private banks.

Nib International Bank and Birhan International Bank have also showed increment in their performance.

Nonetheless, United, Wegagen and Lion banks saw lower profits in the 2013/2014 fiscal year when their performance is compared with the year before it.

United made 350 Million Birr, which is a two percent decrease and Wegagen’s profit decreased by 45 Million Birr.

On the other hand, The Reporter noted, the profit made by the Commercial Bank of Ethiopia (CBE) alone surpasses the profits registered by the 16 private banks. It earned a total of 9.7 Billion Birr profit during the noted period.

Source: The Reporter