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The leading private bank of Ethiopia, Dashen posted 712million birr after-tax net profits for the year 2013/14 which is an 11.7 percent growth compared to the previous year.
Total capital reached 2.6 billion birr, 600 million of which came this year.
The Bank also recorded an increase in total deposits. They were 17.7 billion birr this year which is an increase from 15.9 billion birr last year. Its assets grew to 22 billion birr, from19.7 billion birr. Still earnings per share dropped from 823 to 670 due to the increased capital. Loans and advances increased by 8.7 billion birr to 9.4 billion birr.
Dashen opened 47 branches, for a total of 827 point of sales and paid 245.1 million birr for tax. It also spent 64.3 million birr for renting offices.
Dashen also concluded agency agreements with some of the leading international money transfer brands; including Ezremit, FloCash and TransFast .It finalized preparation to start Internet, mobile, agent and interest free banking services, say the bank’s annual report.
The bank had previously made a partnership agreement with American Express (Amex) to issue the card in the country.
“Investment on new products, technology, channels, and talent has soared as banks thrive with market share and growth,” said Berhanu Weldeselassie, President of Dashen, at the annual meeting of the bank held at the Sheraton Hotel on November 15.
The bank also gave half a million birr in support for the Macedonians Humanitarian Association. Dashen Bank was established on September 20, 1995. The first founding members were 11 businesspeople and professionals who agreed to combine their financial resources and expertise to form the private bank.