Abay bank reels in huge profits, its highest yet, for the 2022/23 financial year. As the report showed, the bank recorded earnings of 2.1 billion birr in profit before tax, which showed a growth of 63 percent compared to the previous year.
In similar fashion, the amount of deposits of the bank increased by 29 percent from the previous year, and now stands at a colossal 41.8 billion birr.
The bank announced its performance for the financial year at the 14th general meeting of shareholders and said that the interest-free banking service deposit account increased by 40 percent peaking at 2.3 billion birr.
In the general meeting held on November 11, 2023, the bank disclosed to its shareholders that the financial powerhouse grew by 35 percent in terms of assets, which is now at 55 billion birr.
