Dashen profit hits a billion birr

Dashen Bank’s net profit after tax is now over a billion birr.
For the year the bank’s gross income has reached at 5.6 billion birr on its baking operation and other investments that grew by over 26 percent compared with a year ago.
For the year the bank was able to amass about 1.3 billion birr as profit before tax that was 1.14 billion birr a year earlier, according to the annual report of Dashen that is one of the two most profitable private banks in the country.
The net profit after tax has also stood at over a billion birr for the first time and reached over a billion birr, which was 928 billion birr a year ago.
The total assets of the bank has climbed to 56.2 billion birr with close to 24 percent increase or close to 11 billion birr rise compared with the 2017/18 financial year.
According to the report of the bank, the total capital has boosted at 6.8 billion birr, while the paid up capital has stood at 2.7 billion birr. It was 5.8 billion birr and 2.2 billion birr a year ago.
In the stated period the total deposit at the bank has almost registered a quarter increase compared with the preceding year and stood at close to 45 billion birr.
The reported indicated that in a single year the deposit mobilization has boosted increased by 8.7 billion birr that contribute the increase of 24.3 percent on the 2017/18 financial year amount that was about 36 billion birr.
The bank indicates that this increase has occurred because they have been expanding branches, improving customers orientation relationship management, and enhancing marketing activities.
In the year an additional 40 branches was opened at the capital and throughout the country that makes the total branch numbers to 413 as of June 30, 2019.
The total depositors at the stated period has reached 362,000, 161,000 debit cardholders and 847,000 the Amole platform users.
The Amole platform is a scheme provides a digital service for customers. On the e banking service Dashen was a pioneer and now it has expanded the ATM center by 50 and 487 POS that climbs the ATM centers to 355 and POSs to 1, 397.
At the stated period the loan and advances the bank provides in the stated period has registered tremendous growth with extraordinary trend in the sector and stood 32.4 billion birr from 23 billion birr a year ago. The increase is over 40 percent or over nine billion birr of the same period of last year.
From the total loan the domestic trade and services as usual in the financial industry dominate by 8.3 billion birr and followed by manufacturing and international trade that have taken about 6.4 and 6 billion birr respectively.
Despite the parallel market and weak export performance affects the international banking activity of the country in the year Dashen has enabled to generate over a half billion dollar from the sub banking sector.
On its interest free banking launched on the fourth quarter of the 2017/18 budget year Dashen managed to attract the interest of 66,000 customers and deposit mobilization has reached 1.1 billion birr.