Collects 1.5 bln USD

ADDIS ABABA - Awash Bank has reported 11.6 billion Birr profit before depreciation and provision for the 2023/24 financial year.

Briefing media, Awash Bank CEO Tsehay Shiferaw said that the bank has managed 232 billion Birr deposit in the 2023/24 financial year noticing 45.1 billion Birr increment compared to the same period of the previous year.

It also collected 3.3 billion Birr via interest free banking as interest free banking service sector total deposit has reached 19 billion Birr, he stated.

The bank has recorded a 27% increase in deposits from the previous year registering 36.4 billion Birr total revenue, he said, adding that it has amassed 11.6 billion Birr profit before depreciation and provision.

Accordingly, Tsehay, expressed that the bank's total asset grew by 60.3 billion Birr or 25%.

In the realm of foreign exchange, Awash Bank earned 1.5 billion USD marking an increase of 26.8 million USD, he emphasized.

According to the CEO, as part of modernizing banking services, the bank has now operates 1220 ATMs and 2373 POS.

Furthermore, the bank disbursed a total of over 37.6 billion Birr new loans across various sectors of economy, which reaches the total amount of loans issued by the bank 183 billion Birr, he expressed.

As to Tsehay, the loans given to small and medium enterprises reached 5.2 billion Birr during the stated period.

Its total assets also reached to over 300 billion Birr. Its paid-up capital saw to 20.3 billion Birr for the 2023/24 financial year, he added.

In the aforementioned period, the bank also opened 74 new branches reaching the total number of branches to 947, while opening 10 special digital branches in Addis Ababa and other towns, he noted.

And the bank also registered two million new customers so that the total number of customers reached 12.4 million, he stated.

The bank is playing a leading role in country's private banking industry withstanding local and global challenges, according to the CEO.