In it’s 10th year anniversary, Abay Bank has reported that it’s loans and advances grew by 52% compared last year while deposit and revenue grew 39% and 14%, reaching 11.8 billion, 16.1 billion, and 2.1 billion, respectively. The assets of the Bank reached 20.2 billion showing an improvement by 34% compared to the respective records of the preceding year.
The Bank’s total capital reached Birr 3.1 billion exceeding the balance of last year’s
same period by 26%. Paid-up capital of the bank has reached Birr 2.2 billion registering a 30% growth from its previous year record thanks to the injection of Birr 500 million additional capital by the bank’s shareholders.
The bank’s total operating income reached 2.1 billion birr showing an increase of 14% while total expense of the bank grew by 25% and reached 1.4 billion.
Accordingly, the bank’s profit before tax reached 640 million birr, decreasing by 43 million birr. This makes Abay bank of limited number of banks who’s profit has decreased for the 2020/2019 budget year. Net profit reached 501.2 comparatively staying the same compared to the previous year’s net profit of 501.5 million. Earning per share (EPS) has dramatically decreased from 343.6 birr for the previous year to 269.6 birr for the current year.
The bank’s customer base has reached 824,890 demonstrating a trajectory of 32% from the previous year level.
Abay Bank has created job opportunity for 644 new employees in the year under review, increasing the bank’s permanent and outsourced employees to 3,928.
Abay Bank opened 31 new branches during the year under review and brought the total number of branches to 223 as of June 30, 2020.