Amhara Bank Posts 85% Surge in Pre-Tax Profit, Eyes Major FX Mobilization

Amhara Bank has reported a pre-tax profit of 655 million birr for the 2017 fiscal year, marking an 85% increase compared to the previous year. The announcement was made during the bank’s 4th Annual General Meeting of Shareholders held today.

Chief Executive Officer Dr. Yohannes Ayalew said the bank’s total assets climbed to 43.4 billion birr, up 23.2% year-on-year. The bank also registered strong growth across its core operations:

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• Loans expanded by 29% to 25.5 billion birr
• Total deposits rose 26% to 31.5 billion birr
• Total income grew 29% to 5.6 billion birr

Amhara Bank’s digital footprint also continued to widen, with nearly 1 million mobile banking users, bringing its total customer base to 2.4 million.

Looking ahead, Dr. Yuhannes said the bank aims to generate 3.6 billion birr in gross profit in the current fiscal year. He added that preparations are underway to raise USD 250 million in foreign exchange reserves to strengthen the bank’s international position.

Source: Sheger