Jul 28 , 2024
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.
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