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Private banks in Ethiopia are continuing their profitable trend into the 2022/2021 financial year. According to their half year financial report, most banks were able to double their profitability compared to the 6 months in 2021/2020 financial year.
Awash Bank has managed to earn a gross profit of 4.6 billion birr while Abyssinia Bank grossed 3.3 billion birr for the first 6 months of 2022/2021 half year.
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Most private banks in Ethiopia have reported their annual financial report for the 2021/2020 G.C (2013 E.C) budget year. We have compiled key indicators from their annual financial reports and have also estimated data for remaining banks by carefully analyzing previous year growth, current year’s performance as well as other key factors. The following table will be adjusted whenever new and verified information is available.
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Dashen Bank has amassed 10.3 billion birr revenue for the 2021 / 2020 fiscal year. The bank managed to collect 21.1 billion birr deposit and the bank’s total deposit has reached 74.6 billion birr which has shown an increase of 39.4 % compared to the previous year.
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A number of private banks in Ethiopia have reported their unaudited gross profits for the 2021 / 2020 G.C (2013 E.C) budget year which ended on June 30, 2021 G.C (ሰኔ 2013). We have estimated the profit of the remaining banks by carefully analyzing previous year growth, current year’s performance as well as other key factors. The following table will be adjusted whenever new and verified information is available.
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The National Bank of Ethiopia (NBE) has directed new entrants to the banking industry to increase their paid-up capital to 5 billion birr 7 seven years.
Currently, 20 banks are under-formation, another four are waiting for an approval from the NBE.
Except for Amhara Bank, which has collected six billion birr paid-up capital prior to its general assembly, almost all new entrants have sold shares worth below one billion Birr
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Dashen Bank, one of the few banks which has been operating in Ethiopia for 25 years or more, has reported that it has earned 1.79 billion birr gross profit, and 1.54 billion birr net profit for 2020/2019 fiscal year, registering a growth of 39.9% and 51.2% respectively. Earnings per share has also surged by 20.2% and stood at Birr 490 compared to last year’s 408.
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The following photo shows the rising skyline of Addis Ababa, near mexico square which has been dubbed the future financial sector of Ethiopia. Most private banks and the state owned commercial bank of Ethiopia are constructing head office buildings ranging from 20 to 50 floors.
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The following table shows the gross profit (before tax) and net profit (after tax) of banks in Ethiopia for the 2020/2019 budget year.
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Some private banks have stated out that their half year performance has improved compared to last year’s half year performance. Out of the 16 private banks, Awash Bank leads the pack with 2 billion birr gross profit for the 2020 / 2019 half year. Dashen Banks follows with 1.16 billion birr. Other banks have had an improved gross profit compared to last year’s performance.
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Dashen Bank has reported that it has earned 1.3 billion birr gross profit for 2019 / 2018 budget year. The net profit of the bank now stands at 1.01 billion birr. The bank started it’s operation more than 24 years ago.
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| Currency (Code) | Buying Rate | Selling Rate |
|---|---|---|
 US Dollar(USD) | 51.4571 | 52.4862 |
 Euro(EUR) | 54.3181 | 55.4045 |
 Pound Sterling(GBP) | 60.7094 | 61.9236 |
 UAE Dirham(AED) | 12.6769 | 12.9304 |
 Saudi Riyal(SAR) | 12.4143 | 12.6626 |
