Dashen Bank, Ethiopia’s second-largest private commercial bank, closed the last fiscal year with 31.4 billion Birr revenue, a 34% year-on-year increase.
Announced on Thursday morning during the bank’s 32nd ordinary shareholders’ meeting at Millennium Hall, the revenue surge was accompanied by a rapid expansion of total assets, which reached 254 billion Birr, up 38.5% from 183.7 billion Birr a year earlier.
Customer deposits reached 202.2 billion Birr, marking a 38.7% annual increase. Interest-Free Banking (IFB) continued to gain traction, with IFB deposits expanding by 42.3% to 15.8 billion Birr, reflecting rising demand for Sharia-compliant products and the growing role of diversified funding sources. The bank also generated $1.12 billion in foreign exchange during the year, a 15.8% increase from the previous period.
Profitability, however, did not keep pace with revenue growth. Gross profit rose 5.1% to Birr 6.7 billion, up from Birr 6.4 billion a year earlier.
Outstanding loans and advances, including IFB financing, rose to 134 billion Birr, representing a 17.3% year-on-year increase. Dashen strengthened its capital base during the year, increasing paid-up capital to 14.3 billion Birr following an additional 2.3 billion Birr injection.
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