Amhara Bank Raises 20b Br Capital

Jan 1 , 2023

Amhara Bank shareholders voted to raise the paid-up capital to 20 billion Br in the first annual general assembly. Out of the projected 20 billion Br capital, 55pc is allotted for existing shareholders while 40pc is set for new shareholders, with the remaining floated to the bank employees. Henok Kebede, President of the Bank, said that kick-starting the initial operation effectively and building competencies to provide quality services to its customers received the utmost attention. The Amahara Bank registered a 197 million Br net profit, while the earnings per share with a par value of 1,000 stood at 40.8 Br for the reporting period. The last year operation was presented to shareholders at the general assembly held at Addis Abeba Golf Club around Torhayloch on December 28, 2022. The paid-up capital reached 4.8 billion Br, close to the minimum threshold requirements set by the central bank. The Bank has been under formation since 2019 mobilising 401 million Br in a deposit. As of June 2022, it acquired 7.1 billion Br assets. Changes in the government policy and the prolonged conflict in the north are labelled challenges of the year, the Board Chairman Melaku Fentahun, stated to shareholders. Amhara with its over 1,400 staff, gives service through 75 branches to its over 82,000 customers. He said that the unprecedented change in the banking industry followed by the Council of Ministers' decision to allow foreign investment in the financial sector and nonfinancial service providers will bring both opportunities and challenges.