Dashen nets highest ever profit

By Eskinder Michael

Dashen Bank, one of the first private banks in the country announced the biggest yet profit margin for a private bank, as the board of directors revealed a 133.6 million birr net profit for the year ended June 2006, at its 12 th annual general meeting.

It was stated that the bank made a 133.6 million birr profit, after paying 51.7 million birr tax.

“Continuous growing results have proved that our bank is a stable and dependable private bank. Despite various challenges faced during the year under consideration we have seen growing confidence of customers in our bank,” Ato Teklu Haile, Chairman of the Board of Directors of Dashen Bank said.

The bank's deposit and loan balances have shot up to 30% and 40% in the last fiscal year. In absolute terms, deposits amounted to 3.69 billion birr while loans and advances stood at 3.08 billion birr.

The total capital and reserves of the bank grew by 59% and stood at 385.9 million birr.

The aggregate customer base of the bank also grew by 21% over the previous year and stood at 337,887 account holders.

The just ended fiscal year was of huge significance for the bank as it launched VISA payment card system.

Dashen Bank launched the long awaited payment card system and Quick Link ATM service to Ethiopia on May 25, 2006. Dashen is the first bank in Ethiopia to start payment card system as a hot member of Visa Card.

From point of sales posted in different parts of Addis Ababa, Dashen Bank is ready to give services to customers who wish to have acco unts at the bank and withdraw money at any other branch or place where Dashen Bank ATM machines are posted. Dashen has actually put up point of sales machines in close to 250 spots including supermarkets and hotels all over the metropolitan.

According to the bank, it has installed Quick Link ATM at the Bole international airport, several shops in the Dembel City Center , Sheraton Addis, Showa supermarket, Tana Area Bank (Merkato), Dashen Main Area Bank (Beklobet) and others.

The Quick Link provides cash withdrawals from checking and saving accounts, cash advance from credit card accounts and balance inquiry for checking, saving or credit card accounts.

The bank's entire system is networked through Wide Area Network (WAN) and gives services including domestic and international banking, local and international money transfer system ( Western Union ), and encashment of Visa and MasterCard.

The bank was established on September 20, 1995, as a share company with an authorized and subscribed capital of 50 million birr and a paid up capital of 14.9 million birr.