Awash Bank has announced double-digit profit growth for the recently concluded fiscal year, driven by increased lending that boosted interest income to unprecedented levels.
The largest domestic lender reported net profits of 11.6 billion birr for the year ended June 30, 2024, marking an 18.3 percent rise from the previous period.
Total revenues jumped by 27 percent to a record 36.4 billion birr, surpassing targets and 27-year records.
The expanding loan portfolio was the key driver of growth. Disbursements increased 25 percent to 37.6 billion birr, financing small businesses, infrastructure and other sectors.
By the end of the fiscal year, Awash's loan book had grown by 37.6 billion birr to reach 183 billion birr - underscoring the bank's role in supporting the private sector.
Deposits, including from customers opening letters of credit, also increased, totaling 232 billion birr as of July 8, 2024.
The lender also generated over 1.5 billion USD in foreign exchange earnings during this fiscal cycle - a 27 million USD increase from the previous year.
