Amhara Bank announced a net profit of 550.2 million Br in the fiscal year ending June 30, 2024, a substantial increase of 696 million Br compared to the previous year. Board Chairperson Gashaw Debebe attributed the financial turnaround to the bank's resilience and strategic focus. The Bank's total assets surged by 24pc to reach 35.2 billion Br while deposits also saw a significant increase, rising by 26pc to reach 25.1 billion Br. At its general assembly held at Millenium Hall on Africa Avenue last week, Amhara Bank reported total assets of 35.2 billion Br. The two-year-old’s total revenue for the fiscal year reached 4.4 billion Br, an increase of 2.6 billion Br compared to the previous year. The revenue growth was primarily driven by interest income, which constituted 86.2pc or 3.8 billion Br of the total revenue. The bank's paid-up capital increased by 12pc to 6.5 billion Br, enabling it to surpass the minimum regulatory threshold ahead of schedule. Amhara Bank's customer base expanded substantially, growing by 80pc to 1.8 million customers. Gashaw emphasized the Bank's commitment to innovation, outreach, and staying ahead of evolving business dynamics. Yohannes Ayalew (PhD), the newly appointed CEO, acknowledged the global and domestic challenges but accentuated the Bank's focus on reinforcing outreach, customer acquisition, resource mobilization and credit management, which have contributed to growth. Amhara Bank disclosed it is in discussions with the National Bank of Ethiopia (NBE) to release capital that was previously blocked due to documentation issues.

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