Dashen Bank saw its assets balloon last year, shying from hitting the 100 billion Br mark by five billion Birr. It is a phenomenal growth in a quarter of a century, recording a 39pc jump from the previous year.

Dashen Bank is among the first generation of private commercial banks whose growth in capital grew exponentially and its asset base expanded impressively. To the delight of shareholders, Dashen's equity went up to 10.1 billion Br, marking a 21.8pc jump. An injection of 909 million Br brought the Bank's paid-up capital up to 4.4 billion Br by the end of the fiscal year, half a billion Birr short of the central bank's revamped minimum threshold.

"The year has been a historic one for Dashen to show how the Bank has been growing in leaps and bounds,” Neway Beyene, board chairperson, said during the shareholders' assembly held at Mechare Meda on November 20, 2021.

Loans and advances climbed nearly by half to 61.7 billion Br last year, accounting for over two-thirds of the bank's total assets. Close to 2.3 billion Br of these loans were channelled through a Sharia-compliant interest-free window introduced by the Bank three years ago.

Nonetheless, the achievements were diminished by the slow growth of profit after tax and a dip in earnings per share (EPS) for shareholders. But none have suffered as much as its forex dealings.

The Bank netted 1.73 billion Br in profits last year, recording a 12pc growth.

Dashen Bank's latest figure on profit growth in comparison to the staggering 52.2pc growth it had attained in 2019/20, exceeding the industry average of 33pc. It resulted in close to four folds of the African standard for the year.

Asfaw Alemu, Dashen's president, says the Bank's performance is better measured before factoring in tax and legal reserves.

"These are requirements that fluctuate," he told Fortune.

Dashen's gross profits stood at 2.4 billion Br last year. This did not stop earnings per share declining to 471 Br, although marginally by 21 Br. This can be an impressive achievement compared to the African average on return of equities. In Africa, the average return for investments in banks was nine percent in 2020, according to McKinsey & Company, an international consulting firm.