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Awash International Bank (AIB) SC announced it reached 1 billion birr paid up capital, doubling the national regulator’s minimum paid up capital requirement. At the 12th extraordinary meeting of shareholders held in November 2012, the bank had decided to boost its paid-up capital to 1.5 billion birr in two years.
Awash now reported that its paid up capital has reached 1 billion birr as of May 31, 2013, doubling the required paid up capital by the National Bank of Ethiopia (NBE), which is the national financial regulator in Ethiopia. This move of the oldest private bank of the country is aimed at further strengthening the capital base of the bank.
Awash, the biggest buyer of treasury bills, had reportedly registered a 394.4 million birr net profit, showing a 9.4 percent increase from the previous year, with a total income for the year of 1.1 billion birr.
Furthermore, the bank, which also is a pioneer in building its own headquarters with its sister company Awash Insurance company (AIC), is strengthening its asset holdings. So far Awash has constructed its headquarters on Ras Abebe Aregay Street around the National Theatre, and is undertaking the construction of branch offices [ranging from a two storey to 18 storey buildings] in Addis Ababa, Shashemene, Adama, Nekempte, Bedesa, Jimma and Harar. The bank has also a couple of other building constructions underway in Addis, Agaro, and Ghimbi.
The number of branches Awash currently operates has reached 112, being second to only the government owned Commercial Bank of Ethiopia. This also makes the bank the most accessible private bank nationwide. Awash’s total capital, including reserves, is currently 2 billion birr, with its total assets going up to over 19 billion birr as of last Friday. Awash’s total deposits reached 12 billion birr, while the total loans and advances extended to different sectors of the economy neared 7 billion birr.
There are 18 other banks operating in the country to date including Abay Bank, Addis International Bank, Bank of Abyssinia, Berhan International Bank, Buna Bank, Commercial Bank of Ethiopia, Construction and Business Bank, and Cooperative Bank of Oromia. The rest are Dashen Bank, Debub Global Bank, Development Bank of Ethiopia, Enat Bank, Lion International Bank, Nib International Bank, Oromia International Bank, United Bank, Wegagen Bank and Zemen Bank