Dashen Bank earns 5 billion birr profit before tax for the 2023/2022 budget year

Dashen Bank earns 5 billion birr profit before tax for the 2023/2022 budget year registering 31.9% increase compared to the previous year.

The Bank’s total assets reached 144.6 billion birr registering a growth of 24.7% over last year’s position. Loans, and Advances, and IFB financing also witnessed a growth of 28.4% over last year’s same period and stood at Birr 100.2 billion. Total deposits both the conventional and interest-free banking customers grew by 25.9% and reached Birr 114.8 billion by the end of the period under consideration.

The total equity of the Bank grew by 34.3% and reached 19.3 billion birr while paid up capital reached 9.3 billion.
During the period under consideration, Dashen Bank generated a total revenue of 17.9 billion birr registering a growth of 38.9% over the previous year. All sources of revenue have shown positive growth while the lion’s share i.e. 75% of the revenue was earned from interest income. The Bank has incurred a total expense of 12.9 billion birr exhibiting a 41.8% growth
over last year’s same period. As a result, the Bank has registered a profit before tax of 5.0 billion birr registering a growth of 31.9% over the previous year.

The profit after tax reached 3.51 billion while earning per share (EPS) went down from 532 for the previous year to 442. The decrease in EPS was attributed to increase in capital.

During the budget year, the Bank opened a record-high 253 additional branches at various locations. The bank’s customer base reached 5.2 million while the number of branches and ATMs reached 835 and 388 respectively.