Abyssinia Bank Reports Over 5 Billion Birr Gross Profit for 2023/24 Fiscal Year

Abyssinia Bank has reported a gross profit of 5.28 billion birr for the 2023/24 fiscal year, representing a growth of 0.92% compared to the previous year. The announcement was made during the bank’s 28th Annual General Meeting of Shareholders, where key financial highlights were presented.

Key Financial Performance:

• Deposits: Total deposits increased to 192.51 billion birr, a growth of 33.97 billion birr from the prior fiscal year. The bank’s deposit market share was reported to exceed 66%, according to its financial report.
• Loans and Prepayments: The bank’s loan and prepayment portfolio reached 167.7 billion birr, an increase of 21.2 billion birr compared to the previous year.
• Total Assets: The total assets of the bank grew to more than 222 billion birr, reflecting its expanding financial base.
• Capital Base: Abyssinia Bank’s total capital was reported at 23.19 billion birr for the fiscal year.

The meeting provided an overview of the bank’s operational and financial achievements over the year, highlighting its performance in a competitive banking sector. The bank’s leadership noted the growth in deposits, loans, and total assets as indicators of its continued stability and development.

The financial report underscores Abyssinia Bank’s position as one of Ethiopia’s prominent banking institutions, with a focus on consolidating its market presence and capitalizing on opportunities for growth.

Source: Addis Insights.