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I am pleased to announce that Dashen Bank continued to deliver an outstanding
performance in the reporting year fraught with spillovers of the global
financial challenges and economic despondency. During the year the global
economy has been facing the unprecedented challenges that brought about huge
blows on the global financial system. Some of the global giant banks have been
tottering on the brink of collapse. Though the crisis took different forms in
different places, its generic impact has been felt and is happening everywhere. |
Then the tocsin the global economy inflicted was the alarm signal of danger in
relation to systemic failure, high sensitivity to shocks, information asymmetry
and ill-suited risk management systems and practices. Unfortunately, it seems
still fuzzy as to the depth and time span of the prevailing crisis. So the year
to come will continue to be challenging both in terms of having vibrant
economic activities, revamped consumers’ confidence and effective demand.
Needless to say, the overall global dynamics are shaping the economic policy
and development paradigm of individual nations. There were reported spillovers
of the global challenges in the domestic economy as well.
It has been two years since the third corporate strategic plan of Dashen Bank
set into practice and took up the challenge presented by our strategic plan in
the spirit of engrafting continuous improvement. Consistent efforts have been
made to give the required guidance and look down the road to ensure the quality
of our pragmatism and monitor periodic achievement in relation to our long-run
vision. In effect, our achievements witness that our process worked well for
us.
During the year ended 30 June 2009 the corporate total deposit has increased
from Birr 6.2 billion to Birr 7.9 billion with an annual growth rate of 29%.
Total outstanding loans and advances have been limited to Birr 4.45 billion
having exhibited only a 1% growth over the previous year performance for
strategic and productive reasons. The corporate total asset value amounted to
Birr 9.7 billion with a remarkable leap of Birr 2.01 billion from the reported
performance in 2007/08 fiscal year. The risk-absorbing capability of the Bank
has also been maintaining momentum and the corporate primary capital reached
Birr 787.7 million while for last year period it was Birr 650.7 million. Total
income to the tune of Birr 755.6 million was registered. with a 13%
increase. In effect, profit before tax reached Birr 352.5 million, which is
moderately raised by 6% from the previous year performance.
The payoffs from our entrepreneurial endeavors in the payment card business and
product diversification ventures have been visible in the process of
entrenching our customers’ demand and corporate profitability, coupled with
putting us in a favorable position to better supplement the aggregate foreign
currency supply in the Economy. We will be trying hard to place as much of our
technology in the hands of our customers as possible and effectively use them
as a prime source of cost efficiency and capitalizing further development
opportunities in a constantly changing environment, as a raison d`etre of
Dashen Bank.
Our customers and the public at large continue to put their confidence in us.
Our deposit customer base comprises of 582,497 accounts and 5,978 loanees.
Concerning our service outlets, by the end of June 30,2009 the total number of
Dashen Area Banks had reached 52 excluding the previous 4 Foreign Exchange
Bureaus and the additional one at Intercontinental Hotel while the number of
cashpoints, ATM & POS terminal, has reached 40 and 557 respectively. Through
such expanded acceptance network of VISA and MasterCard branded cards,
encouraging foreign currency has been generated.
Through capitalizing the corporate strategic direction, we keep on reordering
our priorities and consistently raise the bar for performances. In tandem, we
are on the verge of launching M-Commerce, which is believed to be a milestone
in the Country’s aggregate payment system. In relation to asset quality
management, we are succeeding well as per the standard. Moreover, our
prudential level of reserves has kept on strengthening our balance sheet and
hence more effectiveness in our risk management. I am therefore convinced that
with a shared vision and consistent commitment for excellence, we will continue
consciously building on our past performance and maintain the level of
development envisioned by our stakeholders.
Finally, on behalf of the management I wish to take this opportunity to thank
most sincerely all institutions and individuals for their active contributions.
Special gratitude goes to our esteemed customers for their fidelity, integrity
and confidence in us. I would like to acknowledge the gratifying support of the
National Bank of Ethiopia, our Directors, the public and private institutions
for the unreserved cooperation extended to us. I would also like to thank the
Ethiopian Telecommunication Corporation for its usual support for the
achievements in our technological advancement. I congratulate the Board
Directors, the Management and the dynamic work force for their result-focused
active participation..
There is no commitment without involvement!
Lulseged Teferi
President
18 September 2009 |
