Dec 2 , 2023
Ahadu Bank sustained a 267 million Br loss in its first year of operation through its 75 freshly opened branches. The Bank managed to mobilise 2.03 billion Br in deposits while disbursing 924.6 million Br in loans and advances during its inaugural year, marked by service provision to 201,000 new customers. President of the Bank Sefialem Liben told Fortune the extent of loss is lower than expected as new entrants. The Bank was able to generate 21.6 million dollars from remittances, exports and other foreign currency-generating activities. Ahadu's total assets stand at 3.1 billion Br while its paid-up capital has risen to 673 million Br. Board Chairman Anteneh Sebsibe expressed a sense of trepidation about the looming pressure imposed by the credit growth cap of 14pc while addressing shareholders during the general assembly at Millennium Hall last week.
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