Awash Bank grosses unaudited profit of 5.5 billion Birr in the just-ended fiscal year, enabling it remain the most profitable private financial institution in Ethiopia.
The 26-year old bank posted a 46 percent increase in its gross profit, while its outstanding deposit surpassed 100 billion Birr, becoming the first private bank to reach at this level.
The Bank disbursed 30 billion Birr loans in the last fiscal year, bringing the total to 87.1 billion Birr. Despite facing numerous macroeconomic challenges, Awash has been successful in mobilising foreign currency last year.
During the previous fiscal year, it has collected 906 million dollars from remittance exports and other foreign currency sources. This is 37 percent higher than the preceding reporting period.