Dashen Bank profits about 1.8 billion Birr

Dashen Bank Share Company, one of the 16 private banks operating in Ethiopia, has reported annual gross profit of 1.79 billion Birr during the financial year concluded June 30, 2020.

Compared with the previous budget year gross profit of the Bank has increased by almost 40 percent, according to the annual report presented at shareholders meeting this morning in Addis Ababa. Similarly, net profit (after tax profit) of the Bank has also grown to by 51 percent reaching 1.54 billion Birr.

The total assets of Dashen has also grew by over 21 percent and reached 68.62 billion Birr. The total capital of the bank has also increased by about 21 percent and stood at 8.3 billion Birr, while the overall customer deposits increased by 20 percent and reached close to 53.5 billion Birr.

“During the period under consideration, the banking industry faced unusually severe liquidity stress, which subscribed only after the necessary measures were taken by National Bank of Ethiopia to limit daily and monthly cash withdrawals by individuals and businesses. …The Bank remained resilient despite an otherwise difficult operating environment,” said Asfaw Alemu, CEO of Dashen Bank whose message to the shareholders is published on the annual report.