COVID-19 UPDATES: All the stories and commentaries on Coronavirus, in one place

Abyssinia Bank Opens Full-fledged IFB Branch

Bekalu Zeleke

Bank of Abyssinia (BoA) has launched a full-fledged, interest-free banking branch called Ameen at Belay Zeleke Building near Semen Hotel. The Bank dedicated one entire floor of its seven-storey building, which is located on the road from Piassa to Addisu Gebeya. The Bank started interest-free banking as a window service beginning in December 2017 and currently has a total of 125,000 customers at its IFB branches. It also mobilised deposits of 1.7 billion Br from the service. So far, it has opened eight full-fledged, interest-free banking branches in the capital and in regional states. The Bank, under Bekalu Zeleke's management, opened three in the capital while Chagni, Harmaya, Jijiga, Kemise and Bahir Dar got one each. The management of the Bank, which has a total of 440 branches throughout the country, is planning to add seven more full-fledged IFB branches. In the last fiscal year, BoA has doubled its net profit, placing itself in the list of the top three profitable banks. The Bank’s net profit grew by 48pc to over 786 million Br, and earnings per share (EPS) rose to 7.23 Br from 6.11 Br.


Editors' Pick

Drop us a message

Or see contact page