Awash Bank, Ethiopia's oldest and largest private bank, announced it has obtained a gross profit of over 5.58 billion birr during the 2020/21 fiscal year. The amount has shown an increase of 34 percent or 1.2 billion birr from last year, and is registered as the highest ever for private banks in Ethiopia.
Dibaba Abdeta, Chairperson of the Director of Boards of the bank, speaking during the 26th general assembly of shareholders, said Awash has maintained its leading position among private banks in Ethiopia for several years. The bank is also on track to achieve its goal of being one of the top ten banks in East Africa by 2025, he added.
Awash Bank has a deposit of 108.1 billion birr, including LC margin, in the bank. This, too, has shown an increase of 46 percent compared to the previous year, it has been learned.
The rate of loan repayment has also improved, the bank related, by 52.8 percent during the fiscal year. Hence, the bank has collected 87.5 billion birr from loan repayments.
The value of Awash Bank's assets have also risen by 44 percent during 2020/21 to reach 128.7 billion birr.
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Source: FBC
Image Source: Awash Bank (Facebook)
