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[Oct 2017] Awash International Bank Profit Latest Ethiopian News AddisBiz.com | Ethiopian Business Directory & Portal - Addis Biz

Awash Bank Earns 1.44 Billion Birr Profit for 2017 / 2016 fiscal year

Awash Bank, the first private bank that commenced business after the Ethiopian Peoples’ Democratic Front (EPRDF) came to power, has earned a little over 1.4 billion birr gross profit holding its lead among private banks in Ethiopia.

Last year, the bank took the lead from Dashen Bank by surpassing the one billion birr mark. According to sources, the bank has managed to make a gross profit of 1,444,038 birr before tax in the 2016/2017 fiscal year.

This year’s profit is 439.4 million birr more than last

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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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