Abyssinia Gross Profit Triples Industry Average

Dec 4 , 2022

Abyssinia Bank has reported successful results, with a gross profit of 4.6 billion Br, up 127pc from the previous year. It is more than triple the average gross profit for private banks. The total loan portfolio surged by a staggering 76.6 billion Br to stand at 113.3 billion Br, which is more than double of average deposits of private banks in the last fiscal year. Abyssinia branches have increased by 125, growing to 748. It has attracted over one million customers after opening interest-free banking over a decade ago, with an increase of 60pc from the previous year, constituting 13pc of the total customer base. Shareholders who convened at the Inter-Luxury Hotel last week resolved to increase the Bank's paid-up capital to 12.5 billion Br. Mekonen Manyazewal, the board's chairperson, disclosed that Abyssinia Bank saw a slight fall in foreign exchange earnings, mobilising 674.6 million dollars. The Bank's total assets have increased to 149.4 billion Br, showing a 43.6pc growth.



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