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.
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