Awash Surpasses 100b Br in Deposits


Awash Surpasses 100b Br in Deposits

Ethiopia's most profitable private bank, Awash, announced that its outstanding deposit has surpassed the 100 billion Br mark. Established 27 years ago, Awash is the first private bank to reach this level and the achievement makes it the second-biggest in terms of deposit mobilisation just next to the Commercial Bank of Ethiopia, whose outstanding deposits totaled 698.2 billion Br by the end of March 2021. Awash is the first private bank established after the introduction of a mixed economy almost three decades ago in Ethiopia. In the last fiscal year, the Bank netted 2.6 billion Br in profit. Over the same period, the Bank has managed to mobilise 70.6 billion Br in deposit, a 30 billion Br increase in less than a year. It is also the most capitalised bank among private financial institutions. Its paid-up capital was 5.8 billion Br by the end of the last fiscal year. For the last five consecutive financial years, it has registered the highest profit from among all private banks. It was followed by Dashen Bank, which netted 1.5 billion Br during 2019/20, 52.2pc higher than the preceding fiscal year.


Radar

Tech Ministry Falters as Audits Expose Mismanagement, Unmet Ambitions

The Ministry of Innovation & Technology is under scrutiny after an audit revealed lapses in project management and financial oversight. This raised questions about governance standards within a Ministry central to the country's tech-driven growth ambitions. According to the Federal Auditor General, the Ministry has completed only 11pc of its planned projects with its overall financial administration standing at 37.4pc for a year-long project that commenced in 2022. Budget mismanagement an...


Radar

Central Bank Keeps Lending Lid Tight as Inflation Squeezes Economy

The Central Bank has reaffirmed its decision to maintain an 18pc cap on credit growth, reinforcing a commitment to tighter monetary policy during persistent inflation and economic uncertainty. The National Bank of Ethiopia's (NBE) monetary policy committee cited ongoing concerns over inflation, which stood at 19.9pc year-on-year (YoY), and liquidity imbalances as reasons to uphold the restriction on lending. Bankers and analysts interpret this move as evidence of regulators' determination to...


Radar

Ethio Telecom Expands Services with DStv Streaming

Ethio telecom enters the entertainment pool with bundled DStv streaming services through high-speed broadband internet and mobile data packages. The partnership with MultiChoice Ethiopia aspires to merge the telecom's fiber broadband and mobile network with DStv's content. Subscribers can access DStv channels through mobile data or fiber broadband bundles, with discounts of up to 35pc through Telebirr or My Ethiotel (*999#) and up to 26.5pc at sales centers for fiber broadband bundles. Acc...