In the first nine months of the 2018 fiscal year, Amhara bank recorded a profit of 1.82 billion birr while its total assets reached 52.76 billion birr. The bank stated that it operates in a standard manner and complies with National Bank directives. It refuted recent media reports as baseless misinformation confusing customers.
Addis Ababa, March 12, 2018 (Fana FM) - Amhara bank's statement highlights its focused efforts to maintain competitiveness in the finance sector.
In the first nine months of this fiscal year, the bank registered a profit of 1.82 billion birr and saw its total assets grow to 52.76 billion birr. It affirmed strict adherence and respect for the National Bank's provisioning directives.
The bank follows daily banking business procedures and guidelines. It operates with a strong management system, transparency in governance and services, and integrity. Its loan portfolio and credit risk are fully implemented within the National Bank's risk management guidelines.
The total lending to a single borrower stands 25 percent below the National Bank's limit, in line with risk appetite directives. Its current position is described as financially stable, with healthy operations focused on sustainable and long-term growth.
The bank commits to strengthening itself and contributing to Ethiopia's banking sector development through close collaboration with regulators, shareholders, and stakeholders. It addressed recent media reports, stating they misrepresent the bank's situation, services, and financial health, confusing customers and being baseless.