On its 29th annual general assembly, the 947-branch Awash Bank posted 8.7 billion Br in net profits. Held at Skylight Hotel, the Bank’s board of directors announced significant financial growth over the past year with deposits surging 24pc to 232.4 billion Br. With non-performing loans below the regulator’s 5pc requirement, sitting at 1.25pc, credit rose to 183.5 billion Br, up from 161.9 billion Br, with 24pc allocated to domestic trade and services, followed by exports at 16.6pc and building and construction at 16.4pc. As the first private bank to surpass the one billion dollar mark in forex receipts last year, Awash generated 1.52 billion in dollars. Total assets increased by 25.9pc to 282.4 billion Br with paid-up capital showing a 39pc increase to reach 20.3 billion Br. Tsehay Shiferaw, CEO, pointed to the challenges faced over the past year due to various factors. A significant issue was the nationwide drop in export earnings during the fiscal year as well as credit growth limitations and ensuing liquidity crunch owing to the Central Bank’s efforts to control inflation. He also noted concerns with heightened cybersecurity risks, as the country has seen an increase in cyberattack attempts, posing a serious threat to operations. Tsehay stated that the bank was able to withstand the challenges by crafting different strategies and has also become a shareholder in the Ethiopian Securities Exchange to the tune of 70 million Br in February 2024. Though earnings per share decreased from 577 Br to 487 Br, Tsehay said: "I believe it is still attractive." He also noted that personnel expenses of the bank have been emerging as the largest component of total expenses, increasing 47pc with double digit inflation to blame.
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