The third-generation Abay Bank has solidified its position with marked growth in paid-up capital of 6.01 billon Br, showing a 27pc surge from the previous year. It registered revenues of 8.4 billion Br, marking a 19pc increase while its assets soared by 21pc to reach 66.4 billion Br. However, the bank's net profit showed a nominal decline to 1.5 billion Br, shrinking by 3pc, while earnings per share declined to 280 Br. With over 3.5 million customers, deposits have surged by a whooping 26pc to 52.6 billion Br. Despite the bank being tested by liquidity hurdles due to the 14pc credit cap put on by the Central Bank, total loan portfolio stood at 41.7 billion Br. The bank incurred a total expense of 6.4billion birr, making a 30pc increase from the previous year. Amlaku Asres (PhD), board chairman, pointed to the domestic and international challenges affecting banking activities while the emergence of new technologies has created opportunity for the bank to test new waters. Yehuala Gesese, presidant of the Bank, noted that the bank has formed new strategies where rebranding the bank has played a crucial part. He added that that expanding digital services through internet and mobile banking services has played a role in bank’s growth.
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