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Dashen Bank, one of the strongest private banks in Ethiopia, earned close to a billion birr of gross profits in the 2014/15 fiscal year.
The bank’s financial report indicated Awash earned 964 million birr in gross profit before tax in the past fiscal year, which was 957 million birr in the 2013/14 fiscal year. Net profits remained high with 729 million birr.
Despite high revenues and profit, the bank’s earnings per share were in decline in what seems like a prominent pattern across financial institutions this year. This year’s earnings stood at 589 birr, a decline compared to the preceding year’s 670 birr earning per 1,000birr share.
Dashen has generated 2.5 billion birr in revenue with 17.3 percent growth, mainly due to a 24 percent hike in Interest, which contributed 56 percent of the total income.
The total assets of Dashen now stands at a staggering 24.8 billion birr from 21.9 billion birr in 2013/14 fiscal year. The bank’s liabilities are also significant, 21.8 million birr with a 2.5 billion birr increment.
The bank’s has worked hard this year in deposit mobilization and achieved the greatest growth among private banks in this regard, which paid off with a 12.1 percent increase, bringing the total deposits to 20 billion birr.
From total savings, deposits take the lion’s share with 13.6 billion birr or 68.6 percent, while demand and fixed time deposits follow by 4.7 and 1.4 billion birr respectively. Outstanding loans and advances have also grown by about 20 percent to 11.3 billion birr. The report indicated that international banking sector is one of the major revenue sources for the company with 35 percent share.
The bank showed strength in international banking this fiscal year, earning 884 million birr from 834 million birr a year ago.
Deposit mobilization is backed with a growing number of Dashen bank cardholders with 367, 569 current customers and an additional 64,529 new card users waiting for the service. The bank has also opened 23 new branches this year to support its reach bringing its total number of branches to 161.
Though a proportionately small increase, Dashen’s paid up capital of the bank has reached a colossal1.238 billion birr from 1.06 billion a year ago.