Ahadu Bank Savours First Taste of Profits

Jul 7 , 2024

Ahadu Bank registered a 175 million Br gross profits in the ended year, turning around its financial performance. The two-year-old Bank established with 503 million Br in paid-up capital mobilised from 9,600 shareholders has also managed to double the figure to 1.03 billion Br. Ahadu's total assets have also nearly doubled to 6.3 billion Br, while its operating income soared to 1.15 billion Br from financial services for nearly 700,000 customers. It also expanded its branch reach across the country to nearly 104 in the year, while its deposits doubled to 4.6 billion Br from last year, overcoming industry-wide challenges. The banking industry has been stricken by a wave of liquidity crunches, a credit growth cap of 14pc imposed by the National Bank of Ethiopia while also navigating overall macroeconomic instability. Ahadu has been working to diversify its revenue streams under the leadership of its President Sefialem Liben, who took up the position over a year ago. Under his watch, the Bank has turned around its  193.68 million Br losses from last year. Sefialem attributed success in collecting deposits to the Bank's increased utilisation of digital tools in providing its services and revealed plans to enter into partnerships to strengthen its accessibility.