It is with great pleasure that I would like to give a brief summary of Abay Bank’s Annual performance for the year ended June 30, 2020.
The undergoing national socio-economic reforms on the one hand, the spread of the corona virus which has become the global health, political and economic issue on the other hand, constitute the two primary phenomenon of the year impacting Abay Bank in particular and the banking system in general. Coupled with these factors, shortage of foreign currency, fierce competition in resource mobilization, up surging of inflation and market slowdowns, were the features characterizing the domestic economy for the year under review.
Despite the prevalence of the above-mentioned unfavorable conditions, Abay Bank has registered remarkable resilience in dealing with the intricate circumstances. Loans and advances grew by 52% from last year while Deposit and Revenue gone-up by 39% and 14%, to reach Birr 11.8 billion, 16.1 billion, and 2.1 billion, respectively. In another key performance indicator, the total capital and asset of the Bank reached Birr 3.1 billion and 20.2 billion improved by 26% and 34%, from their respective records of the preceding year.
In addition, the Bank continued to expand its service outlets to increase its accessibilities to the public and meet the various demands of its customers. In this effort, the Bank opened 31 new branches during the year that brought the total number of branches to 223 by June 30, 2020.
Furthermore, efforts continue to enhance digital banking channels through deployment of an improved Internet Banking system, Mobile Banking solutions and growth in Card and Agent Banking. To this end, 16 additional Abay-Bedeje Agents were recruited increasing the total number of Agents to 298. Likewise, as of June 30, 2020, the internet, mobile and card banking users of the bank have reached 3,964; 164,177; and 167,674, respectively. Partly due to the improved availability of the digital banking platforms, and the aggressive resource mobilization campaign conducted during the year, the bank’s customer base has reached 824,890 demonstrating a trajectory of 32% from the previous year level.
Finally, I would like to express my heartfelt gratitude to the Management and employees of the Bank, to our esteemed customers, the shareholders, the National Bank of Ethiopia and other stakeholders for your unreserved support, and the Board of Directors for your profound leadership and support; without which, this commendable success and achievement were unthinkable.
Chief Excutive Officer
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