Awash Bank bags net profit of 3.39 bln Birr

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Awash Bank, among the most profitable private banks in Ethiopia has reported a record high net profit of 3.39 billion Birr during the financial year of 2020/21 that was concluded in July 2021.

The profit before tax was 4.8 billion Birr.

The profit was not only a record high in the history of Awash Bank but also in the history of private banks operating in Ethiopia, according to Awash Bank’s report, which was revealed on its 26th regular meeting of shareholders on Saturday.

Awash Bank netted 2.6 billion Birr in profit in the 2019/2020 fiscal year. Whereas, last year’s profit has surged by 34 percent, largely supported by substantial increases in both interest and non-interest incomes.

Earnings per Share (EPS) of the Bank modestly declined to 470 Birr in 2020/21 from 510 Birr in 2019/20 for a par value of 1,000 Birr solely due to the significant increase in paid-up capital of the Bank by 2.3 billion Birr.

In terms of composition, interest income continued to account for the lion’s share of total income (72 percent), followed by fees and commission income (19.1 percent) and other operating income (8.8 percent).

A total deposit of the bank, including the LC margin has reached 108.1 billion Birr as of July 2021.

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