Dashen Bank profits 2.4 bln Birr before tax

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Dashen Bank, among the most profitable banks in Ethiopia, has reported an annual profit of 2.4 billion Birr before tax during the financial year concluded on July 2021.

Dashen mobilized 21.1 billion Birr in deposits, and its total deposit has reached 74.6 billion Birr, which registered 39.4 percent increase from last year’s performance, according to Niway Beyene, Dashen Bank’s Board of Directors Chairperson.

The Bank has held its 28th ordinary and 25th extra ordinary meeting at Mecharie Meda on Thursday.

The total asset of Dashen reached 94.7 billion Birr, which has increased by 38.7 percent from the previous year. Meanwhile, it collected 4.8 billion Birr deposits from the interest-free banking service.

Bank’s total number of customers reached 2.4 million in July 2021.

“Local conflicts and the Covid-19 pandemic were major hurdles that faced the bank’s activities,” said Niway. “On the other hand deposits was massively increased due to the introduction of new currency in 2020”.

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