Dazzling Profits 🏆

Welcome to this week’s edition of ፍራንክ Digest!

Your Weekly Brief on all things Finance and Investing. Quick, enjoyable reads for busy professionals in 5 minutes or less.

Topics this week:

• ⚡ BUZZ: Awash, Dashen Make Billions With Your Money

• 👋 New Players in Town: Investment Banks

• 💳 Credit Scores: Ready, Set, Borrow!

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BUZZ: Awash, Dashen Banks: Profits Soar Amid Challenges

Hold onto your hats, ፍራንክ family! Awash Bank and Dashen Bank are turning heads with their latest annual reports, showcasing impressive profits and growth despite economic hurdles.

Awash Bank's Stellar Performance

Awash Bank has reported an impressive ETB 14 billion pre-tax profit for the 2023/24 fiscal year. That's a whopping 42.85% increase from last year's ETB 9.8 billion! Their total assets have surged to ETB 224 billion, nearly doubling over the past three years. Even with a credit cap from the National Bank of Ethiopia restricting yearly credit expansion to 14%, Awash Bank’s continued expansion and growing customer base have propelled them forward. With over 875 branches and more than 20,055 employees, Awash Bank remains a formidable force in Ethiopia's banking sector.

Dashen Bank's Digital Success

Dashen Bank isn’t far behind, boasting a profit of ETB 6.6 billion for the same period. Recognized for its global trade finance program by the International Finance Corporation (IFC), Dashen Bank has been making waves with its digital banking initiatives. Their focus on financial inclusivity and innovation has paid off, consolidating them as a key player in Ethiopia’s financial landscape. Dashen's strategic investments in technology and a broad range of financial services have ensured steady growth and customer satisfaction.

In a nutshell, both Awash and Dashen Banks are riding high on the waves of success, proving that innovation and strategic planning can lead to growth even in challenging times.

For more details, check out their full reports on Awash Bank and Dashen Bank.