Abay Bank Generates High Annual Income

Abay Bank Generates  High Annual Income

Abay Bank has generated a total income of Birr 7.1 Billion during the 2022/23 fiscal year discussed at the Bank’s 14th Annual Shareholders’ Ordinary meeting which was held at Inter Luxury Hotel on November 11, 2023.

On the occasion, Board Chairperson of the Bank, Dr Amlaku Asres, indicated that the fiscal year was marked with many-sided challenges globally and domestic occurrences. The continued Russia-Ukraine conflict was one of the most critical ones in impacting the supply chain coupled with heightened tensions between the US and China over the Taiwan issues and the effect of the COVID pandemic, herd global inflation.

Regardless of the challenging environment, Dr. Amlaku, mentioned in the report, the Bank has achieved a commendable performance during the 2022/23 fiscal year. Abay’s total deposits mobilized reached Birr 41.8 Billion, growing year-on-year by 29% and, managed to recruit more than 817,573 new customers attaining a customer base of 2.5 million, which is a 49% increment compared to that of the preceding year, and the Bank has expanded its branch accessibility by opening 110 additional branches.

CEO of the Bank, Yehala Gessesse, on his part, said that the Bank had earned a profit before tax of Birr 2.1 Billion, exhibiting a growth of 63% against the preceding year. He also added that this new height of profitability was registered through efficient working practices of effective enhancement of revenues and optimizing costs and expenses. He added that the bank has set a five-year strategic plan with a vigorous theme, “Journey to Greatness” that guides the bank’s operations from 2023/24 to 2027/28.

Yehuala has extended his heartfelt gratitude to all stakeholders who contributed to the record of such a remarkable achievement at large.

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