Addis Ababa, November 23, 2024 — Abay Bank proudly announced remarkable achievements during its 15th Ordinary Shareholders General Assembly Meeting held on November 14, 2024. The Bank has recorded its highest-ever annual revenue, amounting to Birr 8.4 billion.
In the fiscal year, the Bank’s deposits surged to Birr 52.6 billion, reflecting a 26% year-on-year growth. The customer base also expanded significantly, reaching 3.5 million, a 42% increase from last year. Digital transactions now account for 54% of the total transactions, with the digital banking customer base growing by 62% to reach 3.2 million users.
The Bank’s effective cost management and revenue enhancement schemes have led to a pre-tax profit of Birr 1.9 million. Additionally, the Bank’s total assets have reached a record high of Birr 66.4 billion, marking a 21% year-on-year growth.
Dr. Amlaku Asres, the Board Chairperson, delivered an opening speech in which he commended the dedication of the Bank’s employees and executive management in executing critical projects, including the preparation and execution of a new five-year strategic plan and an effective rebranding exercise. He indicated that the Bank’s commitment to effectively complete as many as ten various vital projects had been instrumental towards its overall achievements.
CEO Ato Yehuala Gessesse highlighted the challenges and obstacles the Bank has navigated and expressed his satisfaction with the impressive results achieved. “Our team’s commitment and innovative approaches have been key to our success,” said Ato Yehuala. The Bank has also indicated that its various construction projects particularly the 33-storey Headquarters building in the capital Addis as well as 10-storey building in Dessie have progressed satisfactorily over the fiscal year. In addition, substantial IT projects and initiatives have been executed and completed to create improved customer experience across the Bank’s digital platforms.
Abay Bank operates 548 branches across Ethiopia, staffed by over 9,500 permanent and contractual employees, continuing its mission to provide excellent banking services nationwide.
