New Business Ethiopia

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 to the preceding budget year, the gross profit (before tax) of Dashen Bank, one of the biggest private banks in Ethiopia, has increased by 12 percent to about 1.28 billion birr (about $40.2 million at the current exchange rate) during the budget year ended June 30, 2019.

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.

Dashen Bank, the leading private digital bank in Ethiopia, and its technology partner, Moneta Technologies, launched “Amole” based on its digital omni-channel payment platform.

The total profit of commercial banks in Ethiopia, grew by 24 percent this year as compared to the similar period last year. This is excluding the new private banks, which have not began reporting profits and state-owned National Bank of Ethiopia (NBE).

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.