Dashen Bank Nets 3.8bln Birr Gross Profit in 2021/22FY

ADDIS ABABA – Dashen Bank, one of the largest private commercial banks in Ethiopia, recorded a 3.8 billion Birr gross profit during the 2021/22 financial year.

The figure has shown a 57% increase as compared with the previous fiscal year, reported Asfaw Alemu, CEO of the Bank, on Thursday.

The CEO presented the 2021/22 performance report of Dashen Bank to the 29th general meeting of stakeholders held at Sheraton Addis.

According to his report, Dashen collected 16.7 billion Birr deposits in the 12-month period that ended on July 7, 2022.

This has increased its total deposit to 91.2 billion Birr. Of this, the Bank said, 5.9 billion Birr is from Sharik’s interest-free banking services.

The Bank’s loan portfolio also increased to 79 billion Birr while its total assets grew by 24% to reach 117.14 billion birr during 2021/22FY.

Dashen Bank’s paid-up capital reached 7.5 billion Birr at the end of the last fiscal year while increasing its loan portfolio to 79 billion Birr, according to the performance report.

Dashen, which began banking service on January 1, 1996, with eleven branches, has also expanded its network of branches to more than 500 branches, after opening 118 new branches across the country last year.

The bank also has more than 3.7 million subscribers to its digital banking services.

Dashen Bank was founded by 11 shareholders with an initial capital of Birr 14.9 million birr in September 1995.