Profit at Dashen Bank Grew by 57% to Reach ETB3.8 Billion in FY2021-22

Addis Ababa, Ethiopia (28 October 2022)

At its 27th ordinary and 24th extraordinary general meeting of shareholders, Dashen Bank revealed and reviewed its key financial and social performances during the just-ended Ethiopian fiscal year (2021/22).

The period under consideration is considered fraught with national and international conflicts, supply chain disruptions, and a subsequent escalation of inflation. Despite these constraints, Dashen was able to identify opportunities and achieve relative success.

To mention some key figures obtained from its press release:

• Assets: surged to Br. 117.14 billion, registering a 24% growth.
• Owners’ Equity: went up to Br. 14.4 billion attaining 42% growth relative to last year.
• Loans and Advances: registered a growth of 23.9% and stood at Br. 79.2 billion
• Deposits: increased to Br. 91.2 billion following an incremental deposit of Br.16.7 billion, indicating a 22.4% growth compared to last year’s same period.
• Profit before Tax: reached the high of Br. 3.8 billion registering a 57% growth over last year’s same period.
• Interest-Free Banking: contributed Br. 5.9 billion to the aggregate deposits of the bank after registering a growth of 24 %. 
• Branches: opened 128 additional branches including eight outlets at various locations across the nation.

Furthermore, with an additional injection of Br. 2.5 billion following the decision of the shareholders, the paid-up capital of the Bank has reached Br. 6.9 billion at the close of the book by June 30, 2022.

Source: Dashen Bank