Dashen Bank
A strong all-round performance in a difficult environment for Ethiopian banks has enabled Dashen Bank to win the award for the third consecutive year.
Dashen, which is named after Ethiopia’s tallest mountain, last year boosted net profit by 10% and Tier 1 capital by 38%, despite the unfavourable conditions. It hung on to a return of equity of 20% and a fairly respectable cost-to-income ratio of 60%. It also managed to increase its market share for deposits to 29.4% from 27% and for lending to 28.3% from 27%, making it the market leader among the country’s private banks.
The bank’s achievements in 2002 extended to the product sphere: it was the first ever in Ethiopia to introduce a credit card facility.
Dashen Bank president Lulseged Teferi said: “All this illustrates the determination of the bank to strive for standing second to none in all aspects of banking activities.”
