Awash Bank, a pioneering institution in Ethiopia’s private banking sector, has announced a significant milestone for the fiscal year ending June 30, 2024. The bank reported raising over $1.5 billion in foreign exchange from remittances, marking a notable increase of $26.8 million from the previous year.
In its performance report, Awash Bank highlighted a robust financial year with deposits, including LC Marge, reaching a total of 232 billion birr—an impressive rise of 45.1 billion birr compared to the previous year. This growth underscores the bank’s expanding influence and financial strength.
Tsehay Shiferaw, CEO of Awash Bank, detailed the bank’s fiscal achievements, stating, “Our total revenue for the year amounted to 36.4 billion birr, with 11.6 billion birr recorded before depreciation and provisions. Our total assets have surged to 60.3 billion birr, reflecting a 25 percent increase, and we are proud to report that our overall assets have now surpassed 300 billion birr.”
Tsehay also noted that Awash Bank issued over 37.6 billion birr in new loans across various economic sectors during the financial year. This substantial lending activity reflects the bank’s commitment to supporting economic growth and development in Ethiopia.
The year was marked not only by financial success but also by international recognition. Awash Bank was honored with two global awards, being named the best bank in Ethiopia and the best commercial bank. These accolades highlight the bank’s outstanding performance and its role as a leading financial institution in the region.
“The recognition we have received on the global stage is a testament to the dedication and hard work of our team. We remain focused on continuing our efforts to provide exceptional financial services and contribute to the economic progress of our country,” Tsehay added.
