Honorable Shareholders! On behalf of the Board of Directors and myself, it gives me a profound pleasure to highlight the achievements recorded by our Bank in the fiscal year 2007/08. Regardless of the challenges faced in the Sector, it is pleasing that the Bank has managed to attain a record high profit figure of Birr 332.5 million before provision for tax for another successive year. The result attained has surpassed both the previous year’s performance and the target set for the period. The fact that the Bank was awarded for the sixth time as “Best Bank of the Year- 2007 for Ethiopia” by the Banker in London has given birth to our dreams. This will also inspire and motivate us for another success.

Ensuing to the farsighted resolution passed at the 11th Extraordinary Meeting of the Shareholders of the Bank, the Bank’s paid-up capital has increased by 61% to Birr 454 million. Hence, the Primary Capital of the Bank has recorded Birr 650 million by the end of the period under consideration. On behalf of Board Directors and myself, I seize this opportunity to extend our sincere thanks for the timely response of our Shareholders in this regard.

Our deep desire in line with our practical strategy to construct our own buildings so as to address the growing rental expenses and to serve our customers in a conducive working environment, the construction of the seven storey building at Adama and G+2 building at Bedele towns are completed. The construction activities of the Head Office Building in Addis Ababa and another bank building in Wolaita Sodo town have started and are progressing on schedule, while the construction of the intended building in Dilla town is in mobilizing stage.

The strategic investment made on the electronic payment card system is bringing the intended results. The networking, acquiring and issuing performances are well progressing. Hence, by the end of the period under consideration, the Bank was able to generate gross foreign currency transactions of over USD 31 million.

Expanding our services to another brand of card, the Bank won the confidence of the MasterCard Worldwide and its principal membership request has been accepted. The certification process that enables the Bank to acquire and issue MasterCard has commenced.

In view of the technological competence in place, the Bank is preferred and subsequently concluded an agreement with the Ethiopian Commodity Exchange and already has started acting as a Clearing Institute. Tapping other similar identified opportunities in this line will continue vigorously.

To enhance the Board’s role of overseeing the overall performance of the Bank and adopting best practices, the Board has established an independent Audit Committee and it has begun its functions.

The overall results attained would not have been possible without the collective effort of the management and employees of the Bank. It is indeed wonderful to witness vibrant leadership, ever-increasing sense of being in the right place and emergent commitment to add value. Such a team indeed uplifts one’s hope to have an optimistic view to vow for a much better service delivery and thereby attain better bottom line figures in the challenging year to come. In this regard, the Board has been closely following performances and making motivational considerations, which will continue nonstop for deserving members of the workforce. I congratulate the whole team for the remarkable achievement and turning the strategic plan into reality.

I seize this opportunity to thank the Board Directors for the devotion, never failing support, commitment and sincere yearning that they have demonstrated in the challenges of ensuring the Bank is treading the right path to meet customers’ expectations and add value for stakeholders.

Finally, I would like to extend my sincere appreciation to all the stakeholders for their unreserved support and encouragement; our beloved customers for their beneficial feedbacks, friendship and loyalty to upholding their business relationships with Dashen; the National Bank of Ethiopia for their guidance and the management and the staff for their keen and dedicated services. I also hope our success will delight and fill everyone with pleasure.


Thank You.

Teklu Haile
Chairman, Board of Directors
27 August 2008