Borkena
Toronto – Amhara Bank on Thursday disclosed a 1.82 billion birr eight months profit.
In a press release shared on its social media page, it said its total asset is now 52.76 billion birr.
It said to share holders, clients and regulatory institutions that it has established stable and healthy banking practice and is complying with National Bank of Ethiopia’s regulatory guidelines.
Recently, the Bank of was in the news with a grim image of corruption and management issues – among other things.
In its latest news update, it emphasized messages of lawful banking practices and business principles.
“The Bank is carrying out its day to day banking business activities by adhering to business practices, principles and guidelines,” it said.
It also openly rejected that recent media reports do not reflect the Bank’s current situation. It said the allegations are from those (unspecified “who do not understand regular service and finance practice.”
The bank argued that the reports misinformed the public.
The bank said that it was necessary to release the statement. “We would like to inform [the public] that it was necessary to demonstrate continued growth of the bank, its strong administrative system, and transparent practice in service delivery…” it said.
Amhara Bank was established in June 2022. Information from the bank indicates that it was established “by more than 163 thousand subscribers with 7.4 billion paid up and subscribed capital.”
Currently, it has over 319 branches across the country and has over 5000 employees. In September 2024, the Board of Directors appointed Yohannes Ayalew as president of the Bank. He was successful in overcoming, as president, challenges Development Bank of Ethiopia, a state-owned bank, was facing.
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