Abay Bank reported a 2.8 billion birr deposit mobilization in the last fiscal year in a report being made via the IFRS reporting system for the first time. The Bank’s deposits grew to 9.6 billion birr while the hare of the interest-free deposits grew to 170 percent at 289 million birr.
The bank reported a 419 million birr net profit which shows a 68% increase from last year.
The share of savings accounts from the total deposits went up the most, at 64 percent while moving deposits took a 22 percent share and time limited deposits made up 14 percent. The bank injected 6 billion birr into the economy in the form of loans which amounted to 4.2 in the previous fiscal year.
The bank engaged in some social investments like sponsorships, donations, and contributions. In the current fiscal year, the bank aimed to achieve part of its five-year strategic plan by increasing its presence, capacity building strengthening its wealth mobilization, and increasing the foreign currency reserve.