Amhara Bank, a key player in the Ethiopian banking sector with nearly three years of operation, has revealed plans to develop capital markets and investment banking projects. The bank aims to create innovative financial solutions tailored to meet the evolving needs of its customers in light of current trends in the financial industry.
Yohannes Ayalew, PhD, the CEO of Amhara Bank, shared insights into the bank’s strategic direction during a recent announcement. He emphasized that the bank is undergoing significant changes in its practices and implementing new projects designed to enhance service delivery. “We are committed to transforming our operations and providing our customers with the best financial solutions available,” he stated.
In its annual report, Amhara Bank disclosed a loss of 145 million birr as of June 2023; however, it rebounded impressively with a profit exceeding 550 million birr in the current fiscal year. Gashaw Debebe, Chairman of the Bank’s Board of Directors, noted that the bank successfully raised deposits totaling more than 25.1 billion birr for the 2023/24 fiscal year, outperforming many of its peers in the industry.
Despite facing challenges such as foreign exchange shortages and security issues that have affected many banks in Ethiopia, Amhara Bank has managed to expand its customer base significantly. The bank currently serves over 1.8 million customers and boasts more than 570,000 mobile banking users.
Amhara Bank reported an increase in profit per share, rising from -3.2% in the previous year to 8.3% this year. The total revenue for the fiscal year surged by an impressive 146%, reflecting the bank’s robust recovery and growth trajectory.
The bank’s total assets reached 35.2 billion birr, with loans to customers amounting to 19.9 billion birr and total liabilities at 28.1 billion birr. The upward trend in profitability and asset growth underscores Amhara Bank’s resilience and strategic focus on enhancing its financial capacity.
Yohannes Ayalew reiterated the bank’s commitment to investing heavily in strengthening its operational capacity despite external challenges. “We are dedicated to achieving our goals while supporting community development initiatives,” he stated in his annual report.
The introduction of capital markets and investment banking services is expected to further enhance Amhara Bank’s role in Ethiopia’s financial landscape. By expanding its offerings, the bank aims to provide more comprehensive financial solutions that cater to both individual and business needs.
