The Bank of Abyssinia this Saturday declared a 4.6 billion birr gross profit. The Bank announced its profit in a meeting at the Inter Luxury Hotel in Addis Ababa.
The Bank of Abyssinia which started operations in 1996 has over 748 branches across the country and employs nearly 10,000 Ethiopians.
Mekonen Manyazewal, Chair of the Board Of Directors, told participants of the conference that the total wealth of the Bank has reached 149.4 billion birr and the working capital is about 14.2 billion birr.
The asset is said to have demonstrated a 45.4 billion growth compared to the last budget year.
He also said that the Bank has spent 30 million birr during the budget year as part of its commitment to discharge its responsibility. It has supported charitable organizations, individuals and the government.
The volume of deposits has reached 122 billion birr.
The Bank draws shareholders from all walks of life including individuals from the business, entertainment and education sectors – according to the information from the Bank.
Ethnic-based banks in Ethiopia generate a lot more wealth. The Cooperative Bank of Oromia created 32.8 billion wealth just this past year.
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