Bank of Abyssinia Climbs Profit Ladder


Bank of Abyssinia Climbs Profit Ladder

Shareholders of the Bank of Abyssinia convened at the Interluxury Hotel on Tito Street, as the Bank marks another profitable year, amassing 3.8 billion Br net profits. It is an increase of 18.7pc from last year. Bekalu Zeleke, president of the Bank, revealed total revenues of 22.7 billion Br, an increase of 35.9pc from last year as their assets stood at a mighty 189.5 billion Br. Total deposits mobilised through the year climbed by 36.4 billion Br while loans and advances reached 146 billion Br. "We had good deposits compared to other players in the industry," said Bekalu. Earnings per share of the Bank had gone through a marked decline of 18pc to 39 during the year in line with the dividends that saw a five per cent drop. Board Chairman Mekonen Manyazewal indicated that several policy changes had occurred during the year, like mandatory treasury bonds and the amendment payment system proclamation. The chairman identified both threats and opportunities in the form of new competition in the evolving financial landscape. The Bank has 11,508 employees, having recruited 2145 new employees during the year. Bekalu indicated that the next phase of the competition will involve human resources and emphasised: "We have to be vigilant."   Editor's Note: This article was updated from its original form on November 20, 2023.


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