Nov 16 , 2024
The Bank of Abyssinia (BoA) enjoyed another profitable year, amassing 4.23 billion Br net profits, an increase of 10.5pc from last year. The Bank announced total assets of 222.3 billion Br, surging by 17.3pc. Total deposits mobilised through the year climbed by 33.97 billion Br to 192.51 billion Br, while loans and advances reached 167.7 billion Br. However, the bank exhibited a nominal decline in its foreign currency earnings totalling 424 million dollars. Earnings per share also showed a marked decline of six percent to 33pc during the year. Bekalu Zeleke, CEO, revealed the Bank's resilience amid challenges including high interest rates, geopolitical tensions, and trade fragmentation. Domestic and international conflicts also affected business activities. Board Chairman Mekonen Manyazewal indicated that policy tightening by the Central Bank have slowed activities, while the Bank has implemented a strategic plan to increase its service outlets in both physical and digital forms. The chairman identified both threats and opportunities in the form of a new era for the bank in the evolving financial landscape. Total branches has reached 930, whereas total ATMs and POS machines reached 1,429 and 2,160, respectively. Bekalu pledged to shareholders that the Bank would remain steadfast with the new economic reforms leveraging digital infrastructure and competent staff.
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