-Actively discharges Corporate Social Responsibility
ADDIS ABABA- Dashen Bank, one of the pioneering private Banks in Ethiopia stated that it has amassed a total income of 18 billion Birr in the last fiscal year of which the five billion Birr is a profit before tax.
Bank's Shareholders met at Sky Light Hotel for the 30th ordinary annual session that discussed the Bank's last fiscal year performance, achievements, and issues of focus during this fiscal year.
Addressing the gathering, Board Chairman of the Bank, Dula Mekonnen indicated that this year's profit before tax surpassed that of last year's same period by 31.9 percent. Last fiscal year was marked with multifaceted global and domestic occurrences that gave rise to both challenges and opportunities to the bank industry.
Dula said, amid the challenging environment, Dashen Bank has achieved a commendable performance during the 2022/23 fiscal year. During the last fiscal year, the bank has managed to mobilize incremental deposits of Birr 23.6 billion and increased the aggregate positional balance to Birr 114.8 billion, which is a 25.9 percent growth compared to last year's same period.
The Board Chairman also added that total assets of the Bank has surged to 144.6 billion Birr, registering a 24.7 percent growth. Owners' equity also went up to 19.3 billion Birr attaining 34.3 percent growth relative to last year. Half of the growth came from paid-up capital, which increased by 2.5 Billion Birr or 36.2 percent compared to last year.
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CEO of the Bank, Asfaw Alemu, on his part said that in terms of operational performance, the bank's channels expansion, customer attraction, resource mobilization and deployment have recorded positive growth over last year during the same period. During the concluded fiscal year, the Bank had opened 253 additional branches at various locations bringing itself one-step closer to its customers.
The much-anticipated opening up of the Ethiopian banking sector and establishment of the Capital Market in the near future are expected to be a new frontier to deal with timely and smartly, Asfaw emphasized.
With a customer base of 5.2 plus million, Dashen shall continue to place utmost importance on understanding and addressing the evolving needs of its customers. Through 835 branch networks, 388 ATMs and other digital platforms, the Bank shall strive to deliver best-in-class banking services tailored to its customers' needs, Asfaw added.
After successfully undergoing a detailed due diligence process, Dashen Bank has secured a foreign loan to the tune of USD 40 million on a joint commitment from UK's British International Investment (BII) and Dutch FMO. The situation made the Bank the first financial institution in Ethiopia to obtain long-term funding from DFIs' under the Foreign Currency Intermediation Directive for Banks. The funding will be instrumental to boost the Country's agricultural export.
The CEO further noted that, as part of its Corporate Social Responsibility (CSR) initiatives, the Bank in partnership with MIDROC Ethiopia, has established feeding centres in Lideta and Lemi Kura Sub cities and provided financial support to various noble causes. In 2023, Dashen Bank has invested close to Birr 285 million in various social initiatives.
BY STAFF REPORTER
THE ETHIOPIAN HERALD WEDNESDAY 1 NOVEMBER 2023
