Dashen Bank Achieves Remarkable Revenue Growth, Reaching Birr 31.4 Billion
Dashen Bank has announced a remarkable financial performance in the last fiscal year, with total revenue climbing to Birr 31.4 billion, reflecting a substantial 34% increase compared to the previous year. This impressive growth underscores the bank’s effective operational strategies and strong market position in a challenging economic landscape.
Dashen Bank’s total assets soared to over 254 billion birr in the fiscal year, reflecting a significant 38.5 percent increase from last year’s figure of 183.7 billion birr.
In addition to revenue growth, Dashen Bank’s deposits has reached Birr 202.2 billion, marking a significant 38.7% increase year-on-year. The Interest Free Banking (IFB) segment contributed Birr 15.8 billion to the total deposits, showcasing an impressive 42.3% growth over the same period last year. The bank excelled not only in mobilizing local currency but also in generating foreign exchange, achieving USD 1.12 billion, which represents a 15.58% increase compared to the previous year.
The financial year concluded with a gross profit of Birr 6.7 billion, demonstrating a 5.1% rise from the preceding year. Outstanding loans and advances, including IFB financing, reached Birr 134 billion, reflecting a year-on-year growth of 17.3%. The bank’s paid-up capital also saw an increase, growing to Birr 14.3 billion following an additional injection of Birr 2.3 billion during the reporting period.
Dulla Mekonnen, Chairman of the Board of Directors, remarked that the year unfolded amidst mixed global economic signals. Nevertheless, Dashen Bank continues to spearhead digital transformation in Ethiopia with the launch of The Dashen Super App, a pioneering platform engineered to streamline the shift towards a cashless economy. “This innovative solution is crucial in advancing our commitment to enhancing customer experience and promoting financial inclusion,” stated Dulla.
Asfaw Alemu CEO of Dashen Bank, expressed his profound gratitude to shareholders for their unwavering support, customers for their trust, and staff for their professionalism and commitment to excellence. He also acknowledged the invaluable guidance of the Board of Directors, the cooperation of regulators, and the support from fintech and development partners, all of which contributed to the bank’s annual performance.
Asfaw emphasized that the Bank has proactively recalibrated its portfolio strategy, strengthened liquidity management, and embedded enhanced compliance and risk governance frameworks. “Our strong operational and financial results are a testament to our resilience and adaptability in a dynamic environment,” he remarked.
