Abay Bank has earned 683 million birr gross profit for the year ended June 30, 2019. During this budget year, the total income of the Bank increased to 1.8 billion birr showing 40 percent growth from the previous year while the total assets of the Bank has also increased to 15.1 billion birr.
The aggregate deposit of the Bank, including deposits collected through interest-free banking services, has gone up by 21% from the previous year’s balance and reached Birr 11.6 billion. The Bank’s IFB and conventional outstanding loans and advances reached Birr 7.6 billion witnessing a growth of 29% from last year’s achievement.
Similarly, the paid-up capital of the Bank has grown by 26% attaining Birr 1.7 Billion, the target set for the year. Subsequently, the Bank’s total capital soared up by 36% from last year’s position by attaining a balance of Birr 2.5 billion.
Abay Bank’s total income generated from interest and non-interest income sources has increased by 40% from the previous year. The Bank registered a gross profit of Birr 683 million. This achievement is attributed to the collective commitment and effort of the Bank’s staff, Management and the Board of Directors.
