Dashen Bank has climbed further heights registering impressive profit growth from its operation last year. In the words of Dulla Mekonnen, chairperson of the board, no extraordinary challenges deter the bank from achieving good performance in the financial year 2021/22.
"While countries were struggling to recover from the COVID-19 pandemic, conflicts and supply chain disruption," Dulla told a shareholders meeting held last week at the Sheraton Addis. "The war in Ukraine caused unprecedented shocks mainly on the commodity market that further triggered the rise in prices of food and non-food items."
On the front row attending the annual shareholders' meeting were Getachew Birbo (far left), CEO of Moha Soft Drinks Industries; Jemal Ahmed, CEO of MIDROC Ethiopia; Teklu Haile, MIDROC's CFO; and Derege (Jambi) Yessuwork, managing director of ICAS. They heard Dashen's gross profit for the year jumped by 56.7pc to 3.8 billion Br, accumulating an asset base of 117.14 billion Br, a 23.7pc growth from the previous year.
Asfaw Alemu, president of Dashen, recognized an opportunity to invest in T-bills issued by the central bank. However, the banking industry has been impacted by the tight monetary policy where 70pc of the foreign exchange earnings are surrendered to the central bank. Banks' reserve requirement has been revised to seven percent, and one percent of outstanding loans should be committed to buy bonds issued by the Development Bank of Ethiopia (DBE).
Dashen Bank earned its results through these challenges, increasing shareholders' equity to 14.4 billion Br, and registering an increase of 42pc from the previous year. The Bank's paid-up capital has reached 6.9 billion Br since its incorporation in 1995 and mobilised 91.2 billion Br in total deposits, a 22.4pc growth.
PUBLISHED ON
Oct 30,2022 [ VOL
23 , NO
1174]
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