Dashen Bank has registered another record-high profitable year netting 3.5 billion Br. Total assets soared over 144 billion Br during a year in which the bank wrapped up its five-year strategic plan. While the earnings per share declined from 532 Br to 442 Br, the bank has nearly doubled the paid-up capital requirement put forth by the central bank, reaching 9.3 billion Br. The 30th annual meeting at the Skylight Hotel was held last week while President of the Bank Asfaw Alemu, pointed to customer attraction, resource mobilisation and channel expansion as pillars of its continued growth. Asfaw attributed Dashen's success this year in acquiring a foreign loan to the tune of 40 million dollars from a joint commitment of the UK's British International Investment (BII) and Dutch FMO, making it the first Ethiopian bank to take advantage of the foreign currency intermediation directive. Dashen managed to open 253 branches in the year, raising its total to 835 across the country with more than 5.2 million customers. Board Chairman Dula Mekonen indicated that the treasury bond purchase requirement has had a significant impact on the Bank's credit deployment despite managing to obtain revenues of 18 billion Br.
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