Dashen registers record profit

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Dashen Bank SC one of the strongest private banks in the country registered 893 million birr in profits before taxes with net profits after tax of 652 million birr in the last fiscal year.
Earnings per share of 1,000 birr also stood at 926 birr.

This profit registered by Dashen is one of the biggest profits registered by a private banks. The profits surpassed last year’s performance by 42 percent. In the 2010/11 fiscal year the bank secured 450.7 million birr net profit, recording over 200 million birr increment.
The 926 birr per share earnings indicate 23 percent growth compared with the previous year’s earnings. In 2010/11 fiscal year performance report earnings per share stood at 753 birr.
The total income of the bank grew by 34.6 percent from the previous year’s levels of 1.3 billion birr and reached 1.7 billion birr in 2011/12. Interest based income earned from loans and advances has increased by 284 million birr from 592.6 million birr to 876.6 million birr, LC opening and service charges have taken the second position at 136.4 million birr, while the commissions increment is 86.5 million birr compared with the previous year’s performance.
The annual balance sheet of the bank indicated that the gains in foreign exchange have shrunk to 265.3 million birr from the 388.9 million birr registered in 2010/11 fiscal year. It is to be recalled that about 100 million birr from the total 388.9 million birr gain from foreign exchange was secured from ‘wind fall gain’ obtained following the roughly 20 percent devaluation decision by the government against major currencies at the time. The bank’s paid up capital has reached 704 million birr, while the primary capital of the bank has risen to 1.3 billion birr, according to the annual report. 
At the end of this past fiscal year (2011/12) the aggregate deposits of the bank amounted to 14.1 billion birr, surging by 18.8 percent over the 11.8 billion birr achieved over the same period last year and the savings deposits has risen by over 8.9 billion birr (63.2 percent).
According to the financial report, the corresponding numbers of deposit customers has also grown by 13.7 percent over the preceding year’s levels and reached 919,826 as of June 30, 2012.
The outstanding loan advance balances of the bank reached 7.9 billion birr by the end of June 2012 growing by 30.4 percent over the previous year.  Domestic trade and services ranked top with a 32.3 percent share while the manufacturing sector stood second at 21 percent.
The total assets of Dashen reached17.5 billion birr, from 14.6 billion birr a year ago. In the stated year the bank has paid 241.3 million birr in tax provisions.
Meanwhile, Dashen’s card acceptance network has expanded to 105 automatic teller machines (ATMs) and 748 point of sale (POS) terminals. The total number of card holders of the bank has reached 203,598 and Dashen has generated 87.2 million dollars from international cards (VISA, MasterCard, Maestro, and UnionPay), which rose by 16.3 percent from the 2010/11 year’s performance.
The total number of branches of the bank has reached 72, opening eight new branches in the last fiscal year.
On Dashen Bank’s 18th ordinary and 16th extra ordinary general meeting of shareholders held at the Sheraton Addis, the general assembly agreed to amend article 11 of their bank’s memorandum of association with the aim of increasing the number of members on the board of directors.
Berhanu W/ Selassie, president of Dashen Bank, told Capital that the shareholders have also agreed to accept new shareholders and to raise the paid up capital of the bank to reflecting the bank’s growth.