16 November 2012

Ethiopia: Awash Bank Makes Over 394 Million Birr Net Profit

Addis Ababa — The Awash International Bank Share Company announced that it has made a 394.4 million birr net profit last fiscal year. The amount is said to be the highest in the history of the Bank.

Bank President Tsehay Shiferaw told journalists yesterday that the Bank within the last Ethiopian budget year made a 9 billion 565 million birr profit before tax, of which 394.4 million birr is a net profit.

"The Bank has been striving hard to increase its deposit. In respect to this, it has enabled to surpass the preceding same budget year deposit by 9.4 per cent and register record profit. The Bank, by increasing its net deposit by 1.5 billion birr, currently has enabled to grow its deposit to 10 billion 185 million birr," he said.

The expansion of branch offices nationwide, their accessibility to the general public as well as Bank's commitment to registering sustainable and consistent growth have attributed a lot for this achievement, Tsehay added.

Underscoring the endeavours made by the Bank, Tsehay said, the Bank, to further strengthening its technological capacity and offer reliable services for customers, is performing technological expansion activities (Core Banking System) with British Organization at 3.5 million USD. "When the technology is completed, I hope, customers will get the opportunity to experience a variety of modern new services," he said.

Talking about the Premier Switch Solutions (PSS), Tsehay said, the three Banks, namely, Awash International Bank Share Company, Nib International Bank and United Bank jointly with the intention of giving smooth and easy services for customers have finalized preparation to commence the service. Accordingly, Awash Bank, to facilitate the service, and enabled customers get the services in three of the Banks' Automated Teller Machine's (ATM's), has prepared its own card, the President further said.

Awash International Bank Share Company is currently within its 88 branch offices is giving service for over 690 thousand customers. While Bank's paid up capital exceeds to 912 million birr, its total assets have reached to 13 billion birr.

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