Abay Hit Record High Gross Profit of ETB1.15 billion

Abay Bank grew its gross profit to exceed last financial year by 80Pct to reach ETB1.15 billion—exhibiting a growth of ETB513 million.

The ten-year-old bank earned a total income of ETB3.4 billion, a 63Pct growth from last year with interest income constituting 72Pct. ETB2.3 billion was registered as expense, of which 54Pct were salary and benefits and 4Pct was disbursed as interest on deposits.

The bank mobilized ETB23.9 million from 1.2 million customers including 376,000 new ones. Interest Free Banking (IFB) registered a growth of 46Pct.

Abay availed over ETB20 billion in loans of which ETB538 was for Abay Saadiq IFB customers.

Total capital increased by 37Pct from last year to reach ETB4.2 billion of which ETB2.8 billion is paid up capital. This value increased by 30Pct or ETB642 million which was injected from shareholders.

Moreover, total assets went up by ETB9.8 billion, a 48Pct growth to now reach ETB 30 billion.