Three private banks passed the 1 billion birr mark in gross profits for the first time namely Oromia International Bank, Abyssinia Bank and Nib International Bank. Until last year, only two banks managed to reach 1 billion birr gross profit, namely, Dashen Bank and Awash Bank. The above figures might show a slight change after the audited financial statements are released after a few months.
This year, there are five banks which have crossed the 1 billion birr gross profit. The Banks are Awash Bank, Oromia International Bank, Dashen Bank, Abyssinia Bank and Nib International Bank.
In last year’s performance, Wegagen bank managed to earn more than 1 billion in gross profits, making it the third bank in terms of profit after Awash and Dashen Bank. This year however, Wegagen bank could not replicate the previous year’s performance.
This year, Awash Bank managed to earn 3.3 billion birr in gross profits, which is the largest profit to date for any private bank. Oromia International Bank managed to earn 1.4 billion birr while Dashen bank managed to earn 1.3 billion birr. Last year Oromia International Bank earned 989 million birr gross profit while Dashen Bank had recorded 1.14 billion birr.
Abyssinia Bank which earned 765.7 million profit the previous year managed to bag 1.05 billion birr gross profit for the 2019 / 2018 fiscal year.
Nib International Bank which earned 658 million birr for the previous year managed to earn 1.05 billion birr gross profit for the 2019 / 2018 fiscal year.
It should be noted that 1 billion birr in gross profits is a small amount compared to other Africa banks. At the time of writing this post (June 2019) 1 USD equal 28.9 USD, which makes 1 billion birr = 34.6 million usd. This amount fades in comparison with other African banks.