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Awash International Bank of Ethiopia Reports 18% Rise in Profit

Ethiopia's privately owned Awash International Bank has reported a 639 million Ethiopian birr unaudited gross profit in the 2012/13 fiscal year. Tsehay Shiferaw, President of AIB, told journalists at a press conference held on Friday August 2 at the Addis Ababa Hilton Hotel, that the bank's profit has grown by 180.6 million birr (18%) compared to the previous fiscal year.

The registered profit may make AIB the leading profitable private financial institution in Ethiopia, according to the reports of Capital. Awash’s total revenue in 2012/13 fiscal year reached 1.4 billion birr, showing a growth of 309 million birr or 28 percent when compared with the previous year.

AIB has also registered 37 percent growth on deposit. According to the bank’s statement, its deposit mobilization including letter of credit (LC) margin has reached 13.1 billion birr in the just ended fiscal year. AIB announced its loan provision has shown a significant rise to 7.7 billion birr.

Awash, the oldest and largest private bank in Ethiopia has opened 29 new branches in the past fiscal year making its total branches 115.

Source: Capital