Dashen Bank Reports Profit of ETB 6.6 Billion

Dashen Bank, one of Ethiopia’s biggest private bank, has reported a profit of ETB 6.6 billion in the 2023/24 fiscal year, further solidifying its position as a dominant player in the country’s banking sector next to Awash Bank.

Established in 1995, Dashen Bank has grown to become a formidable institution, leveraging its innovative approach and expertise to drive consistent growth. According to the bank’s financial statements, Dashen Bank recorded a pre-tax profit of ETB 5 billion in the last fiscal year, representing a 31.9% increase compared to the previous year.

The bank’s performance was underpinned by strong deposit mobilization, with incremental deposits reaching ETB 23.6 billion, leading to an aggregate positional balance of ETB 114.8 billion, a 25.9% year-over-year increase. Total assets also surged to ETB 144.6 billion, a 24.7% growth, while owners’ equity climbed to ETB 19.3 billion, a 34.3% increase.

Notably, Dashen Bank’s paid-up capital saw a significant boost of 36.2%, reaching ETB 2.5 billion, further strengthening the bank’s financial foundation.

As Dashen Bank celebrates its 29th anniversary, its commitment to innovation and customer-centric service has cemented its position as one of the leading financial institutions in Ethiopia, poised to contribute significantly to the country’s economic development.