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[Aug 2017] Abyssinia Bank Profit Latest Ethiopian News | Ethiopian Business Directory & Portal - Addis Biz

Abyssinia Bank Profits 375 million Br after tax for 2016 year

Abyssinia Bank ProfitThe Bank of Abyssinia has reported a 30pc rise in its net profits to 375 million Br, slightly lower than industry competitor Wegagen Bank. The bank has faced a profit growth slowdown in recent years, making this year’s growth rate a record-high since 2010.

Last year, Wegagen’s profit was 22.4pc higher than of BOA’s. However, in 2016, the gap contracted to two percent.

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Abyssinia Bank makes 215 Million Birr profit for 2015 Fiscal Year

Abyssinia Bank 2015 ProfitSide by side with the public sector the private sector is currently playing vital role in contributing to the economic growth in various aspects and particularly in the burgeoning financial sector, it brought tremendous impact. Fast money transaction,reaching the public, job creation and supporting the Growth Domestic Production can be mentioned in this regard.

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Ethiopian Banks Profit Increases

The last fiscal year had been one of growth and expansion for Ethiopia’s banking sector, though still dominated by the state owned Commercial Bank of Ethiopia (CBE) and although most of the private banks still face the challenge of meeting a paid-up capital minimum of 500 million Br by 2016, according to a decree by the central bank.

In the fiscal year that ended on June 30, 2014, the total number of bank branches in the country reached 2,208; of these 1,205 are private bank branches. Of the new 480 branches opened during the year,

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Abyssinia Bank Profits 270.71 million Br for 2014 Fiscal Year

Bank of Abyssinia (BoA) stated that the Bank’s profit has reached 351.5 million Br, 270.71 million Br after tax, in the 2013-2014 fiscal year.

At the 18th general meeting of BoA shareholders on November 15, 2014, at Hilton Addis, the annual report was released. It was noted that profits had increased by 4.4 million Br since last year.

BoA’s paid-up capital reached 1.53 Billion Br, up 424 million Br than last year. Total BoA assets also reached 11.3 billion Br. In addition, its income showed a 17.2 percent increase, reaching

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