Dashen Bank, a leading private bank in Ethiopia, has announced impressive financial results for the last fiscal year. The bank reported a total income of Birr 18 billion and a profit before tax of Birr 5 billion. The bank's profit before tax for the current year exceeded the previous year's by 31.9%
During the fiscal year, the bank's total assets also experienced significant growth, reaching Birr 144.6 billion, reflecting a 24.7% increase. Additionally, owners' equity rose to Birr 19.3 billion, marking a growth rate of 34.3% compared to the previous year. The bank also opened 253 new branches actors various locations.
Dashen Bank was also the first financial institution in Ethiopia to obtain long-term funding from DFIs under the Foreign Currency Intermediation Directive for Banks. It secured a loan of USD 40 million from the British International Investment (BII) and Dutch FMO. The funds are expected to boost the country's agricultural exports.
Source: The Ethiopian Herald