During the budget year concluded June 30, 2029, the annual profit before tax of Abay Bank Share Company, one of the private financial institutions in Ethiopia, has grown 63 percent compared to the previous year.
The total capital of bank in Ethiopia has increased by around 8% to 85.7 billion birr (around $3.1 billion at the prevailing exchange rate) at the end of last Ethiopian fiscal year ended June 2018.
The banking sector in Ethiopia remains promising through it has been changed by both infrastructure and stringent policies and regulations, says veteran banker.
WorldRemit, one of the fastest growing digital remittance transfer company in the world, is set to boost Ethiopia’s income from remittance by partnering with Abay Bank this morning.
Despite the global financial crises, banking business in Ethiopia is booming. Four new banks are currently under-formation while the existing ones continue announcing profit increment every year.