Abay Bank has earned a net profit of 1.5 billion birr and gross profit of 1.9 billion birr for 2024/2023 fiscal year. The bank’s total deposit reached 52.3 billion birr reflecting a 26% increase compared to the previous year. Abay Bank welcomed over 1 million new customers for it’s conventional and IFB banking services.
Despite the regulatory credit cap, Abay Bank managed to increase it’s loans and advances to a total of 41.7 billion birr. Accordingly, the bank’s total revenue reached 8.4 billion birr increasing by 19% compared to the previous year. Interest income accounted for 79% while non-interest income constituted 21%. During the year under review, the bank incurred a total expense of 6.4 billion showing a 30% increase.
Accordingly, the bank’s gross profit reached 1.9 billion marking an 8% decline or 179 million birr decrease compared to the previous year. Earning per share (EPS) decreased from the previous year’s 360 to 280 for the current year.
Total assets of the bank reached 66.4 billion birr marking a 21% increase compared to the previous year. The bank’s total capital reached 9.3 billion birr representing a 23% increase compared to the previous year. Paid-up capital reached 6 billion birr showing a 23% increase compared to the previous year.
For the 2024/2023 fiscal year, Abay bank opened 59 new branches, bringing the total number of branches to 542. The bank’s total workforce has reached 9,475.
Abay Bank is finalizing the construction of its 33-storey headquarter building in Addis Ababa. The bank also has a mixed use building in Dessie which is expected to begin operations in a months.
US Dollar(USD)
Euro(EUR)
Pound Sterling(GBP)
UAE Dirham(AED)
Saudi Riyal(SAR)
