Radar | Nov 05,2022
Nov 26 , 2022
Awash Bank shareholders voted to boost paid-up capital to 55 billion Br in the next four years, claiming a one billion dollars threshold in the current exchange rate. Achieving such height will make the first private bank the most capitalised among the league of private commercial banks.
Three billion Birr shares will float to the Bank's loyal customers for the past 28 years with half of the premium value. The remaining two billion shares will be offered to the staff.
Tsehay Shiferaw, Awash's president, says the move is one way of preparing to compete with foreign banks anticipated to enter the domestic financial sector.
The Bank has recorded meritorious growth raising its paid-up capital to 10.2 billion Br, already doubling the ceiling put by the central bank way before the deadline in 2026. Dibaba Abdeta (PhD) marked the year as commendable, despite instability, pandemic, drought and inflation.
Awash Bank's gross profit stood at 7.4 billion Br and increased by 2.6 billion Br from its operation in 2021/22. The Bank mobilised 152 billion deposits, higher by 44 billion Br from the previous year.
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