Awash Bank, one of the first private banks in Ethiopia, announced it has made a gross profit of a little over 1 billion Birr. The profit shows 135 million Birr increase when compared to the fiscal year previous to the last year. The performance is a 13.4 percent hike.

The net profit of the bank stands at 744 million Birr as opposed to 645 million Birr a year ago. This is an increase close to 100 million Birr.

Awash also managed to secure profits in all its banking operations. The bank mobilized 24.2 billion Birr – a 4.7 billion Birr increase. Saving deposit takes a major share with 61.7 percent.

Outstanding loans and advances grew by 23.8 percent and reached 15.5 billion Birr. Assets also grew by 24 percent and reached 31.1 billion Birr.

The bank’s paid up capital also took a leap of 465 million Birr and reached 2.2 billion Birr. The expansion of capital, however has made an impact on the earnings per share (EPS). EPS of a 1000 Birr share has declined to 371 Birr from 445 Birr.

Source: Capital