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Awash International Bank (AIB) has achieved a year of highs with more profits, more income and more deposits than ever. In the 2014/15 fiscal year gross profit stood at 861.8 million birr, and income rose from 1.9 to 2.3 billion birr.
The bank has registered one of the deposits were one of the highest in the private banking industry. AIB collected 19.5 billion birr in deposits, a 3.4 billion birr or 21 percent growth compared with a year ago. The bank has also loaned 12.5 billion birr to its clients, 36 percent increase from last year.
AIB stated that in the coming two years the paid up capital of the bank is expected to reach 3 billion birr, which will be one of the strongest capital rates in the industry. Currently, the paid up capital of the bank has reached at 1.8 billion birr, very close to the regulatory body, National Bank of Ethiopia’s minimum paid up capital rate, to be set over the next five years.
The total assets of the bank have also showed significant growth in the past year. According to AIB’s statement, total assets are now worth 25.2 billion birr, which was 22.1 billion birr a year ago.
The bank has opened record number branches within a single year; 52 new branches were open, with the total number of branches now at 202.