Abyssinia Bank reports that its reserves have increased by more than 14 percent

At the 24th annual shareholders meeting of Abyssinia Bank being held in Addis Ababa, officials reported that the bank has increased its reserve to an amount exceeding 47 billion ETB. The bank’s reserve for the previous fiscal year was 32.15 billion ETB.

Similarly, the bank also reported that its capital has seen an increase of more than 14 percent. While the banks capital for the previous fiscal year was 4.95 billion ETB it has now grown to 5.68 billion ETB.

This is cited as a consequence of the bank receiving more than the 14.5 billion ETB it planned on gaining through deposits due to the recent demonetization of the country’s currency and policies surrounding the change. The bank was able to collect more than 16 billion ETB and increase its customer base by more than 1.3 individuals which follows current trends within Ethiopia’s banking system.

Similar favorable trends have in turn led to a 6 percent increase in the bank’s revenues over the past 12 months. At the shareholders’ meeting, bank officials reported that the bank has made more than 1 billion ETB in profits.

Ethio FM 107.8

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