Abay Bank Coming Up to Contend

Nov 26 , 2022

Abay Bank shareholders decided to raise the Bank's capital to 12 billion Br in the next five years in response to the central bank's order to reach five billion Br in three years. The third-generation bank has raised its paid-up capital by 40pc to four billion Birr. The Abay Bank hit a rough patch when a quarter of its 430 branches shut down six months ago due to the civil war that has swept large areas of the Tigray and Amhara regional states, disclosed Wondifraw Tadesse, chief strategy and marketing officer. The Bank's 13 branches remain closed. The Bank has registered a gross profit of 1.3 billion Br, increasing by 13pc. The total loan portfolio stood at 27 billion Br, growing by a whopping seven billion Birr. With close to 1.6 million customers, deposits have increased to 32.9 billion Br. Abay Bank's total asset has reached 40 billion Br, growing by 35pc. The expansion of the Bank is demonstrated by launching the construction of its headquarters with an investment of 827 million Br, expected to be completed in two years. The China construction and engineering company, Wu Yi, was awarded for the design and construction work. The construction firm has bagged contracts to build headquarters for the Cooperative Bank of Oromia (CBO) and Zemen Bank. Abay Bank will award contracts to build regional bureaus in Bahir Dar and Dessie of the Amhara Regional State, Wondifraw disclosed.