Awash International Bank S.C. held its annual management meeting from August 2-3, 2013 at Hilton Addis Ababa and disclosed that its performance during the financial year 2012/13 is astonishing. Accordingly, the total deposit of the Bank including L/C margin held, rose to Birr 13.1 billion depicting a growth of above Birr 3.5 billion (37 percent) compared to the previous year.
The total loan and advance of the Bank extended to different sectors of the economy also markedly rose to Birr 7.7 billion by end of June 2013, up by 40 percent or Birr 2.2 billion compared to the preceding year.
In a similar development, the Bank’s total income also surged to Birr 1.4 billion depicting a growth of 28 percent or Birr 309 million compared to the preceding financial year.
The Bank also recorded a highest ever unaudited gross profit of Birr 639 million in financial year 2012/13, exceeding that of the previous year by 20.3 percent.
The paid up capital of the Bank also reached Birr 1.2 billion by the end of June 30, 2013 from Birr 912 million a year ago.
During the financial year 2012/13, the Bank has opened 29 new branches raising the total number of its branches to 115. The Bank continued to hold the leading position among private banks in terms of branch network. The Bank also created job opportunities for over 4,011 employees at the end of financial year 2012/13.
Ghimbi Building Inaugurated
The four story Ghimbi building of Awash International Bank s.c was inaugurated on May 18,2013 in a warmly and colorful manner in the presence of government officials, members of the Board of Directors, management and invited guests and residents of Ghimbi town.
The four storey Ghimbi building of Awash International Bank s.c. is constructed primarily for the use of Ghimbi branch as an office. The total area of the building is 630 m2 while the built up area is 317 m2.
The total cost of Ghimbi building is estimated at Birr 14 million. It is the tallest and beautiful building in Ghimbi town thereby expected to enhance the image of the town.
Awash International Bank s.c. had inaugurated various branch offices at different places. The 8 storey modern complex building at Adma town, named “Adama Awash Tower” was inaugurated on June 30, 2012. Similarly, a 3 story building at Shashemane and a 2 & 1 storey building at Nekemet towns are currently serving as branch offices of Shashemane and Leka branches, respectively.
The on-going construction of a 4 story Agaro building at Agaro town and a G+2 +10 storey modern and complex building of Balcha Aba Nefso, in front of St Lideta Church, in Addis Ababa are well underway.
The Bank is also making necessary preparation to commence the constructions of a 7 storey Bulbala building in Addis Ababa, in front of St. Joseph Church and a 6 storey complex building in Hawasa town.
Awash International Bank s.c. is the first private bank in the country to build its own Headquarters, 18 and 16 storey complex buildings named “Awash Towers”, with its sister company, Awash Insurance Company s.c.
In pursuit of reaching its customers, Awash International Bank S.C has continued expanding its branch networks across the country.The Bank’s total branch network reached 108 as at end April, 2013 from 86 branches at the end of June, 2012.Indeed the Bank managed to open 22 branches up until end April 30, 2013.
The newly opened branches are:-
Branches in Addis Ababa and the majority of branches in regional towns are providing on-line banking services, i.e allowing inter-branch deposits and withdrawals.
Awash International Bank S.C. was officially invited by Citi Bank to participate in the Citi’s Global Banks Forum 2013 due to take place from 15 April-17 April 2013, in Turkey, Istanbul at Intercontinental Hotel.
Accordingly, a delegation led by Ato Tsehay Shiferaw, President of AIB attended the conference and comeback home.
The conference is aimed at discussing on the issues of fostering global exchange of ideas emphasizing on current economic insights, growth prospects and the geo-political frameworks as well as on- growing needs and tools available to improve the business environment and how to work together for future business success.
Awash International Bank S.C was invited to take part in the conference because of its leading role in the Ethiopian banking industry.
Awash International Bank S.C extended its branches working hours to 7:00 pm in the evening.
Accordingly, all branches in Addis Ababa and outside Addis Ababa are open from Monday to Friday until 7:00 pm, while they are open on Saturday only up to 5:00 pm.
It is believed that the extended working hour would create a convenient banking environment for the customers of the Bank.
The Construction activities of AIB’s own buildings commenced at different places are under steady construction phases.
According to the Bank’s Engineering Services Department, the on-going construction of a 4 storey buildings both in Ghimbi and Agro towns are well underway.
The on-going constructions of Ghimbi building has reached a final phase of construction work and scheduled to be inaugurated on May 18, 2013 in the presence of higher officials from Oromia Regional Government, the Bank’s officials, and invited guests.
In similar development, the on-going construction of Agaro mixed use building is also moving forward and expected to be completed as per the plan of the project.
The Bank was awarded a trophy by the City Administration of Agaro town in recognition of its investment endeavors and for constructing a modern complex building in the town.
Furthermore, the construction of a two basements and a 10 storey, complex building of Balcha Aba Nefso is also progressing well.
On the other hand, the architectural design of a 6 story building of Bubla is submitted to the Nefas Silk Lafto Sub-City Administration for approval. It was also known that the soil test process is underway in collaboration with Addis Ababa Geosystem plc to determine the soil bearing capacity and other design parameters to commence the construction work.
In similar way, the architectural design of a 6 storey building in Hawassa town is also submitted to Hawassa Municipality for its approval.
It is recalled that Awash International Bank s.c. is the first private commercial bank in the country to build its own head quarters building together with its sister company, Awash Insurance Company named “Awash Tower” at the hub of the country’s financial centre.
Moreover, Awash International Bank S.C has constructed and inaugurated an 8 story building at Adama town, a 3 storey buildings at Shashemeane and Nekamete towns each.
Speaking at the opening of the Semi-Annual Management meeting held at Ghion Hotel on Feb. 16, 2013, Ato Tsehay Shiferaw, the Bank’s President invoked the management for the implementation of the Bank’s Second Five Year Strategic Plan for the period 2012/13-2016/17.
Ato Tsehay stressed that the Second Five Year Strategic Plan would enable the Bank to embark on another historical chapter.
He further underlined that the management team of the Bank is expected to contribute its utmost effort through creating a team of Sprit among the staff of the Bank and mobilize necessary resources for the implementation of the strategic plan targets.
He also added that the plan is subject to revision and flexible to accommodate changes in local and international economic environments.
He finally called up on the participates of the meeting to be instrumental in the process of the implementation of the strategic plan.
The annual Staff day of Awash International Bank s.c. and Awash Insurance company was celebrated on Feb.17, 2013 at Addis Ababa Golf Club, after disruptions for some years.
Over 3,000 staff of the sister companies from the headquarters and Addis Ababa branches were presented on the occasion. The occasion was organized by the joint committee formed by the sister companies.
It is believed that the celebration of the event has an immense contribution to strengthening sympathy and belongingness among the staff of the sister companies and enhances internal corporate communication culture.
Expressing their views and commenting on the occasion some staff told that the staff day of the sister companies is important for both the management and the employees of the sister companies in exchanging over all information of the companies.
Seizing the opportunity, the CEO’s of the sister companies had delivered their corporate messages and invoked the staff of the sister companies to extend mutual cooperation and team work among themselves for the benefit of the sister Companies.
Awash International Bank s.c. has launched modern electronic payments products using ATM and POS terminals , on July 05, 2012, jointly with Nib international Bank and United Bank by deploying shared switch card payment system infrastructures through Premiere Switch Solutions s.c. a share company established by the three banks.
Awash International Bank s.c has officially inaugurated its 8 story - building called, Awash Bank Tower, in Oromiya Regional State at Adama City on June 30, 2012 in the presence H.E., Ato Abdulaziz Mohammed, V/President of Oromiya Regional State, AIB Board of Directors, Executive Management Members, Distinguished Guests, Business People, and Residents of the city and the Surroundings. The Guest of Honor, H.E., Ato Abdulaziz Mohammed, V/President of Oromiya Regional State has officially cuts the ribbons of the the new building of AIB.
Awash International Bank s.c. has opened its 81th branch at Arsi Negelle town Western Arsi Zone, Oromiya Regional State on May 24, 2012 and started providing full-fledged banking services.
Similarly, the bank has opened its 82th branch at Batu town, East Shewa Zone, Oromiya Regional State, on May 26, 2012.
On the other developments, as part of its strategic objectives of branch network expansion, the bank has opened its 83th, 84th,85th and 86th branches, namely Churchill Road, Gergi Giorgis, Gotera and World Bank on June 9,15,17 and 28,2012, respectively, in the Capital.
Awash International Bank Share Company (AIB) signed a 257.7 million Birr agreement with Giga Construction Private Limited Company to build a 10 story building named Balcha Aba Nefso at Lideta area.
The building, lying on 2800 square meters, was taken on an 18 million birr lease agreement from the Addis Ababa City Administration and is expected to be completed within 1,095 days.
It’s expected to house, in addition to a branch of the bank, other shops and offices.
Tsehay Shiferaw President of AIB said the bank, which has shown remarkable achievement over the last 17 years of its existence, has not only built its edifices in Addis but also in regional states.
Awash International Bank S.C disclosed its performance during the financial year 2011/12 to the 17th Ordinary Annual General Meeting of Shareholders. The meeting was held on November 17, 2012 at Hilton Addis Ababa. The overall financial performance of the Bank was gratifying. Accordingly, the Bank recorded a highest ever gross profit of Birr 531 million in the financial year 2011/12, exceeding that of the previous year by 5 percent.
In a similar development, the Bank’s total income also surged to more than Birr 1.1 billion depicting a 19.7 percent growth compared to the preceding financial year.
The paid- up capital of the Bank also increased to Birr 912 million as at June 30, 2012 and its total asset ascended to Birr 13 billion.
With regard to the deployment of the state-of-the art technology, the Bank signed an agreement worth US Dollar 3-5 million with MISYS International Banking System to replace the existing Core Banking System with a new one. It is hoped that up on the completion of the project, the customers of the Bank would get a new modern banking services that were not yet introduced in the country.
Besides, the Bank in collaboration with NIB International Bank S.C and United Bank S.C. established a Company named Premier Switch Solutions S.C. to speed up the joint operation and management of the card banking services by using Automatic Teller Machine (ATM) and Point of Sales terminals at different locations. The card banking services has been launched in June 2012 and the three banks have started to provide an ATM services particularly to their staff at selected sites in Addis Ababa. Up on the completion of the project, the customers of the three banks would get a 24 hour plus 7 days banking service.
During the financial year 2011/12, the Bank opened 16 new branches and planned to open 20 new branches across the country in the current financial year.
It was reported that the Bank has created a job opportunity for more than 3000 fellow citizens at the end of the closed financial year.
Awash International Bank would like to extend its gratitude to all governmental and non-governmental institutions for their unreserved support for the Bank’s continuous ladder of success.
The Bank’s 12th Extra-ordinary General Meeting of Shareholders held at Hilton Addis Ababa on November 17, 2012 unanimously approved the proposal tabled on the meeting by the Bank’s Board of Directors to raise the paid-up capital of the Bank to Birr 1.5 billion within the next consecutive three years. It was discussed on the meeting that the increase of the paid-up capital of the Bank would boost the Bank’s financial base in the future and enhances public confidence.
Currency Exchange Rates Date: 14/10/2013
AIB launched ATM & POS Services
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