Awash Bank Posts Record Profit, Deposits Surge

Jul 28 , 2024


[ssba-buttons]

Awash Bank has posted impressive financial results for the year, solidifying its position as a major player in the banking industry. With gross profit surging to 11.6 billion Br, Bank President Tsehay Shiferaw attributed this growth to a substantial increase in deposits, which climbed to 232 billion Br, a 27pc year-on-year growth. A key driver of this growth was the Bank's successful implementation of interest-free banking, which garnered 3.3 billion Br in deposits. This contributed to the overall sector's interest-free deposits reaching 19 billion Br. Incorporated in 1994, with 486 founding shareholders raising 24.6 million Br in equity, Awash Bank has evolved significantly. The Bank's asset base expanded by 25pc to surpass 300 billion Br, while foreign exchange earnings reached 1.5 billion dollars, marking a year-over-year increase of 26.8 million dollars. Awash Bank expanded its network to include 1,220 ATMs and 2,373 POS terminals. The Bank also disbursed over 37.6 billion Br in new loans, with a particular focus on supporting small and medium enterprises through 5.2 billion Br in lending. Awash's strategic expansion saw the opening of 74 new branches, bringing the total to 947, and the establishment of 10 specialised digital branches. This growth translated to a customer base of 12.4 million, representing an increase of two million customers.


Radar

AMG Holdings Breaks Ground on Industrial Rail Link to Ethio-Djibouti Railway

AMG Holdings has launched construction on a 2.5-kilometer railway connecting its Sheger Industrial Park to the Ethio-Djibouti Railway's Endode Station. The Ethiopian-led project comprises 1.7 Kms of main track and 800 meters of side rail. Chief Project Manager Engineer Nigist Hailu said the line is expected to be completed within six months, facilitating the transport of raw materials and finished goods to Djibouti's port. More than 100 local workers have already joined the project, with addi...


Radar

Ethiopian Deposit Insurance Fund Achieves Full Q1 Collection Target

The Ethiopian Deposit Insurance Fund collected 2.08 billion Br in the first quarter of 2025. This meets 100 percent of the target and represents a 26.83 percent increase compared with the same period last year. The rise in premiums was attributed to higher deposits from member financial institutions. To date, the fund has collected a total of 15.93 billion Br in premiums from member institutions, with 14.51 billion Br coming from regular deposits and 1.42 billion Br from interest-free depo...


Radar

Oromia Bank, Ethiopian Airlines Introduce Fly Now, Pay Later via Milkii Digital App

Oromia Bank's Milkii Digital App, launched on May 3, 2025, has introduced a “Fly Now, Pay Later” service that lets customers book Ethiopian Airlines tickets using digital loans, with payments spread over six months after travel with 16.5 interest rate and allows customers to book flights upto 300,000 Br. Developed in collaboration with Ethiopian Airlines, the platform is part of a broader effort to expand digital finance and simplify access to services. The initiative seeks to enhance conven...