While the pace of change in the banking industry continued to accelerate with enhanced competition and challenges in the year 2016/17, Abay Bank S.C. with coordinated efforts of the Board, the management, its valued employees and the trust of our customers, positioned itself with remarkable performance.
The global economy experienced challenging conditions in the Fiscal year 2016/17, with weak growth, divergent monetary policies in advanced economies, stringent de-risking policies and significant decline in commodity prices. The Ethiopian economy on the other hand, continued to make progress during the year. However, there have been some challenges such as unrest in some parts of the Country, drought in some parts of the Country and low level of foreign currency earning against the plan.
Against this backdrop, the Bank focused on capitalizing on growth opportunities while at the same time taking necessary steps to address challenges in the environment. The Bank continued to enhance its accessibility, and maintained our financial strength with robust capital levels.
It is an honor for me to share some performance highlights of the Bank during the year under consideration.
In order to accelerate the growth of the Bank, comprehensive five years strategic plan has been crafted. The strategic focuses, among other things include resource mobilization, human resource development, risk management and compliance, optimal utilization of IT, capital growth and sustainable profitability.
Finally, on behalf of the management, employees of the Bank and myself, I would like to extend my sincere appreciation to our customers and shareholders for their support and investment in our Bank and working together, and also, to the National Bank of Ethiopia for its unreserved effort on follow-up and guidance and to all stakeholders who supported us in facilitating our business.
Members of the Board of Directors of our bank also deserve special gratitude for the commendable efforts they have exerted towards assisting the management and employees of the Bank.
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