On behalf of the Board of Directors and my own behalf, I am pleased to present the Annual Report of Abay Bank S.C for the Fiscal year ended on June 30, 2017, to our esteemed shareholders, customers and all stakeholders.
According to the 2017 world economic perspective, the World economy was not extricated from the period of slow growth which was characterized by weak investment, dwindling trade and flagging productivity growth. The Ethiopian economy, on the other hand, registered a continuous growth for the last decade. However, low export performance, price fluctuation in major export items, drought and unrest in some parts of the Country were among the major challenges of the year under review.
The financial sector in general and the banking industry in particular has continued to grow and contributing its share toward the spelled growth in the national economy. Competition among the industry has been growing markedly over the years particularly in the resource mobilization, service delivery, product diversification, digital banking expansion, price setup, employee turnover, etc.
Despite the foregoing challenges, Abay Bank has registered an encouraging performance in key performance indicators described as follows:
These encouraging performances were realized due to concerted efforts of employees of the Bank, Board of Directors, shareholders and all stakeholders.
In the year 2016/17, the Bank has critically assessed its overall performance since its establishment and crafted a new five year strategy plan. Based on this strategic plan, the Bank would focus on resource mobilization, human resource developments, capital growth, optimal utilization of information technology, process efficiency and effectiveness, proper marketing and promotion, risk management and construction of own buildings. Above all, the Bank will strive to excel the competition in the industry and become the Premium Bank.
Finally, I would like to convey my sincere gratitude to our esteemed customers for choosing Abay; to members of the Board of Directors, respected shareholders, management and entire staff for their unified effort, commitment and dedication to support our Bank; and to the National Bank of Ethiopia for its continuous support and guidance.
Chairperson, Board of Directors
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