The total assets of Dashen Bank, one of the biggest private banks in Ethiopia, has grown up 24.7 percent the fiscal year concluded June 30,2023 reaching 144.6 billion Birr.
This is indicated in the annual report of the Bank, which held its annual shareholders meeting recently. “The lion’s share of the Assets, 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,” the report stated.
During the year the Bank has registered a profit before tax of Birr 5.0 billion registering a growth of 31.9% over the previous year with an earnings per share of Birr 442. “During the period under consideration, the Bank has generated a total revenue of Birr 17.9 billion 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 Birr 12.9 billion exhibiting a 41.8% growth over last year’s same period,” stated the report.
“The Bank in the year under consideration 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% growth compared to last year’s same period,” said Dulla Mekonnen, Board Chairman of Dashen Bank, in his statement published on the annual report.
The CEO of Dashen Asfaw Alemu on his part said: “During the coming years, we will continue to reinvent ourselves by building on our strengths in line with the evolving industry landscape and customers’ needs. We are highly confident about achieving growth across all of our business segments, in line with our vision to be a ‘Best in Class Bank in Africa’. Dashen will continue its focus on asset quality and on diversifying its credit as well as deposit portfolio mix.”
According to the National Bank of Ethiopia, the financial sector regulator in the country, at the end of June 2021/22, the number of banks reached 30, insurance companies 18 and micro finance institutions 43.
“Banks opened 1600 new branches in 2021/22; thereby raising the total number of branches to 8,944 from 7,344 a year ago. Those banks which opened more than 100 branches in a year include: Dashen Bank (252 branches), Awash International Bank (140 branches), Commercial Bank of Ethiopia (137 branches), Siinqee Bank (134 branches), Abyssinia Bank (128 branches), Cooperative Bank of Oromia (121 branches), Abay Bank (112 branches) and Amhara Bank (101 branches). The share
of private banks in total branch network increased to 76.1 percent from 72.7 percent in the previous year 2020/21.”