Awash Bank has announced a significant increase in its profits for the 2023/24 fiscal year. According to its financial statements, Awash Bank achieved a pre-tax profit of ETB 14 billion, marking a 42.85% rise from the previous year’s ETB 9.8 billion.
The bank’s total assets soared to ETB 224 billion as of June 30, 2023, up from ETB 95.6 billion recorded at the end of June 2020. Additionally, Awash Bank’s paid-up capital saw a notable increase of 42.85%, climbing from ETB 10.2 billion to ETB 14.6 billion over the same period.
Awash Bank has grown to become the foremost private commercial bank in Ethiopia, boasting over 875 branches nationwide and employing more than 20,055 people. The bank’s remarkable financial performance in the 2023/24 fiscal year is attributed to its ongoing expansion and increasing customer base.
Despite this success, the bank’s management revealed that profitability could have been even higher if not for the credit cap imposed by the National Bank of Ethiopia. The central bank’s new rule limits banks’ yearly credit expansion to 14% in an effort to control inflation in the country.
Awash Bank’s robust financial results highlight its ability to navigate the evolving economic landscape and sustain its position as a key player in the Ethiopian banking sector.
Source: Ethiopian Business Review
