Dashen Bank, one of Ethiopia’s leading private banks, held its 31st ordinary and 26th extraordinary annual general meetings at Millennium Hall today, where shareholders gathered to review the bank’s performance over the past fiscal year and discuss strategies for the future.
Board Chairman Dula Mekonnen acknowledged that the year had been challenging due to global and local factors, but also presented new opportunities for the banking sector. He cited the ongoing Russia-Ukraine war and instability in the Red Sea region as contributors to inflation, supply chain disruptions, and rising prices. Domestically, inflation was further driven by internal conflicts, foreign currency shortages, and disruptions in global trade.
Dula highlighted the National Bank of Ethiopia’s (NBE) efforts to control inflation through tight monetary policies, including capping credit growth at 14% and raising the emergency lending rate from 16% to 18%. Despite these constraints, Dashen Bank successfully managed liquidity and forex challenges while remaining committed to its customers.
He also noted increased competition within the banking sector, particularly from mobile money services such as Telebirr by Ethio Telecom and M-PESA by Safaricom, which are reshaping customer expectations.
In spite of these challenges, Dashen Bank had a strong fiscal year. The bank saw a Birr 30.9 billion increase in deposits, bringing the total to Birr 145.9 billion—a 26.9% growth. Its Islamic Financial Banking (IFB) division also performed well, with deposits increasing by 37.2% to Birr 11.1 billion.
The bank’s total assets grew by 27% to reach Birr 183.7 billion, while its profit before tax surged to Birr 6.4 billion, a 26.8% increase from the previous year. Additionally, over 1.44 million new accounts were opened during the year, pushing the total number of accounts to 6.7 million.
CEO Asfaw Alemu emphasized the bank’s resilience in navigating the political, economic, and competitive landscape. He highlighted Dashen Bank’s progress in digital banking and its partnerships with international institutions, including Accion and local fintech companies like EagleLion System Technology, to enhance its digital financial services.
