Awash Bank becomes the first private financial institution to register a gross profit (before provision) higher than five billion Br. Established almost two and half decades ago, the Bank saw a 1.2 billion Br increase in its gross profit, reaching 5.6 billion Br during the last fiscal year.
Its latest performance enabled the financial institution to retain the top spot among private banks for six consecutive years. Its profit is also way higher than its peer Dashen Bank, which grossed 2.4 billion Br in the last fiscal year.
Awash is the only bank that has already surpassed the new five billion Br paid-up capital requirement, which should be fulfilled by private banks within a five year limit. Armed with a 12,000 workforce, Awash now has a paid-up capital of 8.2 billion Br now and this is expected to reach 12 billion Br within the next two years.
The Bank has been also successful in mobilizing financial resources. It has collected 108.1 billion Br in deposit last fiscal year, showing 46 percent increase. The same success has been also achieved in loan disbursement. Its outstanding loan showed a 53 percent upsurge, reaching 87.5 billion Br by the end of the last fiscal year.