The Board Chairperson explained that the ongoing wars in Ethiopia, Russia-Ukraine and drought in parts of Ethiopia adversely affected operations of the Bank.
“The banking sector was operating under the restrained monetary policy environment that aimed at curbing inflation, tackling economic sabotage, encouraging exports and maintaining reserves among others,” Dulla said.
Asfaw Alemu, CEO of the Bank on his part said that the Bank hammered on branch expansion, customer attraction, resource mobilization, deployment and digital banking expansion.
Dashen Bank managed to mobilize incremental deposits of 16.7 billion Birr and increased the aggregate positional balance to 91.2 billion Birr, up 22.4% compared to the same period previous year, according to the report presented by Dulla.
The Interest Free Banking wing of the Bank has continued growing, contributing 5.9 billion Birr to the aggregate deposits of the Bank after registering a growth of 24%.
The aggregate loans and advances balance of the Bank has also registered a growth of 23.9% and stood at Birr 79.2 billion.
“There was a stiff competition in the previous fiscal year due to the entrance of new banks and other enterprises into the banking sector,” Dulla said.
The Interest Free Banking wing of the Bank has continued growing, contributing 5.9 billion Birr to the aggregate deposits registering a growth of 24% compared to the previous year. The aggregate loans and advances balance of the Bank also registered a growth of 23.9% and stood at 79.2 billion Birr.
Total assets of Dashen surged to 117.14 billion Birr, went up by 24% on the same period last year. Owners’ equity also went up to 14.4 billion Birr attaining 42% growth compared to last year.
With additional injection of 2.5 billion Birr following the decision of the shareholders, the paid up capital of the Bank has reached 6.9 billion Birr at the close of the book by June 30, 2022.