Board Vice Chairperson’s Message
On behalf of the Board of Directors, it gives me great pleasure and sense of pride to present the bank's 2017/18 annual report to our esteemed shareholders. Over the years, the bank remarkably performed in both financial and non-financial business endeavors.
In view of total financial performance, the bank registered a gross profit of Birr 419 million; a growth of 68%. Compared to the previous year performance, the total deposit of Birr 9.6 billion indicates a growth of 41 %, and the total loans and advances which raised to Birr 6 billion shows a growth of 40%. Likewise, the total assets of the bank reached over Birr 12.3 billion showing an increment of Birr 3.7 billion from the previous year; the paid up capital reached Birr 1.3 billion increasing by 33% from the previous year.
In non-financial enterprises, the bank opened 18 new branches and increased the customer base to 475,386. In this regard, branch expansion will continue to be a critical business development strategy in future years. The bank also introduced new products and services such as the lottery award scheme for foreign currency earning. In order to raise its resource through product innovation, the bank has implanted IFB banking and multi-channel and diaspora banking services. Recognizing the significance of good governance and human resource development, the bank has also worked on such initiatives in different dimensions. It has also provided several capacity building trainings to employees including to management teams and to the Board of Directors. Different image building and social responsibility activities were also conducted during the budget year.
The encouraging results in all areas of the bank were obtained because of the bank's aggressive branch expansion, its persistent strive to excel in operational matters, its diversified income generating activities, its efficient organizational development and, most of all, because of the bank's employees, its management team and its Board of Directors who are committed to the bank's primary values and objectives.
Today, Abay Bank is equipped with a robust business strategy, a young dedicated, energetic and experienced workforce, a supportive organizational structure and a state-of-the art technology.
Furthermore, the bank is preparing to finalize the construction of its own buildings in Addis Ababa, Bahir Dar and Dessie. With all these capacities, the bank aims to be a leading and innovative financial center.
In line with the proclamation, regulation and schedule of the IFRS adoption in Ethiopia, the Bank has fully implemented and presented its financial statement for the year ended on June 30, 2018 as per the IFRS standards.
Finally, all these financial and non-financial achievements would not have been true without the cooperation of our esteemed shareholders, the dynamic management team and the energetic staff of the bank, the National Bank of Ethiopia and our valued customers. Therefore, on behalf of the Board of Directors and on my own behalf, I would like to take this opportunity to express my sincere gratitude to all of you who contributed to the bank's success. I hope your sustained support and encouragement will continue.
Vice Chairperson, Board of Directors