PRIVATE BANKS CONTINUE THEIR PROFITABILITY FOR HALF OF THE 2022/2021 FISCAL YEAR

Private banks in Ethiopia are continuing their profitable trend into the 2022/2021 financial year. According to their 6-month financial reports, most banks have doubled their profitability compared to 6 months in the 2021/2020 financial year.

Awash Bank has managed to earn a gross profit of 4.6 billion birrs while Abyssinia Bank grossed 3.3 billion birrs for the first 6 months of 2022/2021 half year.

Dashen Bank, Cooperative Bank of Oromia, Zemen Bank, and Hibret Bank have also managed to double their 6-month profit compared to the 2021/2020 fiscal year. Nib Bank managed to earn 1.16 billion birrs in the first 6 months of 2022/2021 f.y which showed a 51% increase compared to the previous year.

Only three banks managed to earn less 6-month profit compared to the previous year.

Regarding deposits, Awash Bank managed to collect 110 billion birrs while Abyssinia Bank is trailing closely at 105 billion birrs.

In terms of total loans dispersed, Awash is leading with 98.3 billion birrs while Abyssinia, Dashen, and Cooperative Bank of Oromia is trailing with 84.8 billion, 68.2 billion, and 65.7 billion birrs.

Report courtesy of EthiopianReporter