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Bank of Abyssinia, one of Ethiopia’s oldest private banks, has announced a net profit of 4.2 billion birr for the past fiscal year.
According to the report presented during the bank’s general assembly held on November 15, 2024, the bank recorded a pre-tax profit of 5.28 billion birr for the 2024 fiscal year. Its shareholders have also decided to raise its paid-up capital to 17.5 billion birr. The dividend per share for the bank’s shareholders amounted to 33 per cent, equivalent to 330 birr per share.
Among the key metrics reflecting the Bank’s performance is its annual revenue, which surpassed 27.75 billion birr. The figure represents an increase of 22.09 per cent or 5.02 billion birr compared to the previous year. According to the report, the bank’s revenue for the last fiscal year ranked as the second-highest among private banks in the industry.
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The report disclosed that the bank demonstrated strong growth in mobilizing deposits. According to the report, the Bank of Abyssinia’s total deposits reached 192.5 billion birr, an increase of over 33.97 billion birr compared to the previous year.
