Dashen Bank, one of the top two most profitable private banks has amassed over 1.14 billion birr gross profit in the past financial year which is an increase of 8.3 percent.
The bank’s total assets have climbed by almost ten billion birr in a single year and has registered an additional gross profit of 138 million birr alone in the 2017/18 financial year compared with the same period in 2016/17, according to the annual report presented at the general assembly held at Sheraton Addis on November 30.
The growth on the profit before tax has stood at 8.3 percent compared with a year ago.
Despite political instability and shortage of hard currency affected the economy the report of Dashen shows that the profit before tax has surpassed 900 million birr for the first time.
For the stated period the bank secured 904 million birr which is almost 90 million birr higher than a year ago.
At the same time the earnings per share increased standing at 430 birr per a thousand birr share. A year ago the earning per share was 425 birr.
According to the report, the total income of Dashen reached 4.3 billion birr showing an increase of 869 million birr or 25 percent higher than the 2016/17 fiscal year. A year ago the income of the bank was around 3.5 billion birr.
The total capital has also increased by 12 percent and reached 5.9 billion birr, which is one of the highest in the industry. The report stated that the paid up capital has increased by 300 million and that contributed to surpass two billion birr and reached 2.2 billion.
As of June 30, 2018 the total assets of the bank stood at 45.4 billion birr an increase of 26.2 percent or 9.4 billion birr.
The bank that moved to its own headquarters a year ago has provided 5.2 billion birr in fresh loans and advances within the past fiscal year.
The report stated that the total outstanding loans and advances reached 23 billion birr which is a 29 percent increase compared with June 30, 2017. At Dashen the domestic trade and service sector has taken the highest percentage from the credit portfolio followed by loans for manufacturing.
Trade and services took up 5.6 billion birr and manufacturing loans 4.2 billion birr, while the import/export sector took 4.1 percent of the loans at Dashen.
The amount deposited at the banks reached 36 billion birr. The deposit mobilization within a single year increased 8.1 billion birr of 29 percent. At the same time the number of customers is close to two million, which is one of the highest numbers in the sector.
For the sated period the number of branches has reached at 373 with the increment of 70 new branches. The bank has created a job opportunity for close to 9,000 individuals as of June 30 this year.