Annual Report 2021

ANNUAL REPORT 2020/21
ABAY BANK S.C
ዓባይ - ታማኝ አገልጋይ!

Abay : The Trustworthy Bank !
Board Chairperson’s Message
................................................................................................................................................................................7
Chief Executive Oﬃcer’s Message
................................................................................................................................................................................8
Financial Highlights
................................................................................................................................................................................9
PART I: THE BOARD OF DIRECTORS REPORT
.............................................................................................................................................................................15
1.1. Operational Performance
............................................................................................................................................................15
1.2. Financial Performances
.......................................................................................................................................................17
1.3. Non-Financial and Administrative Issues
.......................................................................................................................................................18
1.4. The Way Forward
.......................................................................................................................................................19
PART II : AUDITORS’ REPORT
2.1. Directors and Statutory Information
............................................................................................................................................................23
2.2. Report of the Directors
.......................................................................................................................................................24
2.3. Statement of Directors’ Responsibilities
.......................................................................................................................................................25
2.4. Independent Auditor’s Report
.......................................................................................................................................................26
2.5 Statement of Proﬁt or Loss and Other Comprehensive Income
............................................................................................................................................................28
2.6. Statement of Financial Position
.......................................................................................................................................................29
2.7. Statement of Changes in Equity
.......................................................................................................................................................30
2.8. Statement of Cash Flows
.......................................................................................................................................................31
2.9. Note to the Financial Statements
.......................................................................................................................................................32
ABAY BANK S.C

ABAY BANK S.C

Board Chairperson’s Message

Dear Shareholders,
It is with great pleasure and sense the country which took the total count to 286 witnessing a 28% growth
of pride that I present to you Abay upon last year’s position. What’s more, Abay’s gross profit for the year
Bank’s annual performance report surged by a stunning 80% put against last year’s feat and the figure,
for the fiscal year just ended, June striding past the one billion mark for the first time, stood at Birr 1.15 bil-
30 2021. lion.
The global macroeconomic envi- There have been scores of impactful initiatives undertaken by the Bank
ronment we passed through all last during the year which meaningfully supported its continuous strive
year had been punctuated with the to offer improved services to its esteemed customers. Revision and
three-wave impacts of the corona implementation of a new organizational structure, upgrading of the
virus which has not only inflicted Core-Banking system, design and implementation of a competitive pay
wide ranging damages across the scheme, finalization of the contract agreement for construction of the
globe but also forced us into adopt- Bank’s Headquarters building can be mentioned among them. These
ing a new way of life. Enduring its wide-ranging endeavors of the Bank had also been reinforced with a
sever impacts as it robbed us of our strong risk management and compliance practices which were under-
loved ones, damped business and taken all year through. The Bank has also been an active participant in
sent families into solitude, it now ap- several CSR activities lending a hand to various nationwide initiatives.
pears that, with invention of and more Looking ahead, as we conclude the just ended fiscal year with all of us
access to the vaccine, the world is gradually coming out of the dark as a nation still to work toward creating a peaceful and stable Ethiopia,
casted by the horrible pandemic albeit in a divergent mode of recovery. and fight against the rise of the ‘third wave’ of COVID-19 which togeth-
IMF’s report labeling part of the year (well into November 2020) as “a er are poised to impact our national growth trajectory, we shall remain
year like no other” says it all about the massive consequences it has resilient and hopeful to come out at the top of our challenges and stay
witnessed. on course to yet again register commendable achievements. Despite
facing headwinds of various forms, our Bank is determined to perform
Almost in a largely similar fashion, the situation in our country had not even better by working to reinforce its growth strategy through enhanc-
been any different. Our country got into an unavoidable war in a mis- ing its organizational capability and level of execution with the help and
sion to inforce law and order in the northern parts of the country and support of all its stakeholders as well as entire Bank’s community.
this, coupled with the repressive impacts of COVID-19, has contributed
toward a stalled economy and a general slowdown in business. The I would like to congratulate the Board of Directors, shareholders, the
economic activity had been hit hard by the slowdown and particularly Bank’s management team as well as the entire staff for the hard work
hotel and tourism, as well as transport sectors were significantly affect- and effort exerted toward this year’s delightful achievement. I would
ed. also like to take this opportunity to acknowledge the positive impacts
and interventions made by the National Bank of Ethiopia in navigating
Just at the close of the fiscal year, the Banking sector has seen a new the industry toward a stable and safe banking environment. My sin-
bank join the industry in the name of a full-fledged Interest Free Bank. cere appreciations also goes to our customers and the entire business
This is known to be tip of the iceberg as there are already well over community who worked with us all year long and helped us serve them
20 others in their formation stages a few of which are finalizing their better.
licensing requirements. It is also in this reporting period that the regu-
latory organ markedly rose the minimum capital requirement necessary
to establish a bank. The government has also successfully undertaken
the initiative to change the national currency notes with new ones in Thank you,
this fiscal year. The intervention had been a positive contribution and
opportunity to the entire sector as money in banks increased markedly
and improved security and control was possible by the government.
Abay Bank decorated its tenth year anniversary with a remarkable per-
formance. The Bank’s achievements against all known industry KPIs
had been impressive. Its performance in resource mobilization had
seen its total deposits grow by 49% hitting as high as Birr 23.9 billion as
at end of the fiscal year. The financing side had an all the more striking Ethiopia Tadesse
growth with total loans and advances expanding by 72% year-on-year. Chairperson, Board of Directors
Abay Bank SC
The Bank was also able to attract and keep its happy customers which
grew by about 46% to reach well above 1.2 million. It has also mark-
edly expanded its service outlet by opening 63 new branches across
7
ABAY BANK S.C
Chief Executive Officer’s Message

Dear Shareholders
I am delighted to present to you Our branch expansion efforts in the year which resulted in opening of
our Bank’s annual performance 63 new branches across the country and various other corporate as
report as I walk you through well as branch level initiatives helped our Bank achieve great results
the salient aspects and devel- in mobilizing deposits which stood at Birr 23.9 billion by the end of
opments that have happened the fiscal year, witnessing a 49% growth year-on-year. The Bank also
over the fiscal year. continued to finance various economic sectors growing its outstanding
Over the past fiscal year, the loans by Birr 8.4 billion and recording a 72% expansion which put the
COVID-19 pandemic continued total amount at Birr 20.1 billon by the close of the fiscal year. The per-
to be the forerunning agenda formance in profits before tax which hit Birr 1.15 billion had, as a result,
on the global stage as it caused been an encouraging one with a record 80% year-on-year growth.
a world-wide health and eco-
nomic crisis unprecedented in Our Bank has also been strengthening its risk management and compli-
scale and impact. The world ance functions through raising awareness and by successfully running
output (GDP) growth had been and deploying an advanced AML/CTF system. In terms of discharging
negative at 3.1% for the fiscal its corporate social responsibility, our Bank has also made marked in-
year with all advanced econo- volvement in several interventions contributing well over Birr 35.5 mil-
mies as well as emerging mar- lion during the fiscal year.
kets and developing economies
registering a much reduced produce. Nevertheless, the year had also While we concluded a largely fruitful fiscal year in the just ended FY
been regarded as one that has seen the fastest of recoveries ever over 2020/21, the challenges awaiting us ahead appear quite formidable.
quite a long time leading to a growth projection of as high as 5.6% in The new fiscal year starts with a yet again another wave of corona virus
2021. The recovery driven by and largely attributable to the unequal infection spike aggravated by the new delta-variant. We also hope that
yet steady distribution and access to the vaccine, thus, seems to have the peace and security of our country would improve and the economy
concentrated only in few advanced economies while emerging markets would rebound with better employment opportunities, lessen inflation
and developing economies are lagging way behind. and trigger savings. As we navigate through the challenges and har-
ness all opportunities the prevailing environment could possibly offer,
According to the World Bank Report 2021, COVID-19 had been spread- we would strive for better results with the help and support of our cus-
ing in the sub-Saharan Africa more slowly than initially expected re- tomers, shareholders, employees and all stakeholders.
sulting in less contraction in GDP while growth in agriculture and com-
modity prices were strong. In Ethiopia, the pandemic also left it late to I would like to extend my appreciation and gratefulness to all employ-
spread gradually and inflict the death tolls putting the country among ees and management staff as well as the Board of Directors for their
the four most affected countries in Africa (Africa-CDC). No sooner had efforts in contributing toward Abay’s achievements. Needless to men-
the 2020/21 fiscal year ended than the third-wave erupted with the tion, our customers have been the strongest source of our success and
spread of the new delta variant which since then claimed quite many we shall pay them back with unmatched service they deserve. I would
lives. The impacts of the pandemic on the economy had been severe as also like to thank our shareholders, the National Bank of Ethiopia as
it crippled business and created a marked slowdown in economic activ- well as other stakeholders for supporting us undertake our activities.
ity. Unfortunately, the economy had also to suffer from the unavoidable
war that our country got into in order to restore law and order in north-
ern region since back in November 2020. Still, the Ethiopian economy
managed to grow by 6.1% in the year under review withstanding stagna- Thank you
tion in large economic sectors such as transport, and hotel and tourism.
The annual headline inflation had also been in double-digits throughout
the year. These unfavorable developments, however, couldn’t deter a
20.9% national savings in the reporting period.
The Banking sector seems on the verge of a twofold expansion with

as many new banks as those already in operation are under various
formation stages to join the industry. Competitive pressures among
participants in the sector as well as policy interventions by the govern-
ment were instrumental toward the sector’s remarkable performance in
resource mobilization. The sector, thus, continued to register growth
Yehuala Gessesse,
in virtually all major parameters such as value of deposits, loans and Chief Executive Officer
advances, capital, outlet expansion, as well as profit. Abay Bank SC
Our Bank also claimed a fair share in the overall industry growth and
registered a commendable performance in the reporting period, cele-
brating its 10th year anniversary with record achievements.
8
Financial Highlights 23,913

20,162
NBE Bill Gross Loans & Advances (In Million Birr)
Total Deposite (In Million Birr)
16,099
11,754
11,598
9,566 7,711
6,003
6,792
4,274
3,333 2,711 2,711
2,628
2,016
2016/17 2017/18 2018/19 2019/20 2020/21

2016/17 2017/18 2018/19 2019/20 2020/21
Gross Loan & Advance & NBE Bill
Total Operating Income (In Million Birr) 3,411 Gross Profit (In Million Birr) 1,153
2,088
683
1,837
640
1,316
419
872
249
2016/17 2017/18 2018/19 2019/20 2020/21 2016/17 2017/18 2018/19 2019/20 2020/21
29,999 2,813
Total Asset (In Million Birr) Paid-up Capital (In Million Birr)
2,171
20,204
1,671
15,106
1,325
12,325
1,000
8,624
2016/17 2017/18 2018/19 2019/20 2020/21 2016/17 2017/18 2018/19 2019/20 2020/21
No. of Employees 5,307 No. of Customers
1,201,319
3,928
3,284
2,689 824,890
2,534
624,566
475,386
337,120
2016/17 2017/18 2018/19 2019/20 2020/21 2016/17 2017/18 2018/19 2019/20 2020/21
No. of Branches No. of Shareholders 4,239

286
223 4,189
192 4,158
162 4,080
144 3,929
2016/17 2017/18 2018/19 2019/20 2020/21 2016/17 2017/18 2018/19 2019/20 2020/21
9
ABAY BANK S.C
Board of Directors’ Meeting
Top Management
Sharia Advisory Board
10
ዓመት
Fourth Round Foreign Currency

Mobilization Campaign Prize Ceremony
11
ABAY BANK S.C
ጊዜ እና ቦታ ሳይገድብዎ ሂሳብዎን ያንቀሳቅሱ

ACCESS YOUR ACCOUNT
WHEREVER,WHENEVER
ዓባይ - ታማኝ አገልጋይ

Abay - The Trustworthy Bank

ABAY BANK S.C

PART I: THE BOARD OF DIRECTORS REPORT

It is with pleasure that the Board of Directors of Abay For the last successive years, Abay’s deposit composition
Bank presents the annual performance report and tends to be more stable and less costly sources of deposit.
Audited statement of financial position for the year The proportion of Saving and Demand Deposits grew to 76%
2020/21. In part I of the report, we present a quick and 21%, whereas the share of Time Deposits declined to 3%
summary of comparative performances, whereas from their records of the previous year.
part II covers a detailed report of the Auditors.
Time
1.1. Summary of Operational Performance Demand
3%
21%
1.1.1. Deposit Mobilization
Abay Bank has achieved remarkable results during
the year 2020/21, and the deposit mobilized was one
of them. During the year alone, the Bank mobilized
additional deposits of Birr 7.8 billion from both con-
ventional and IFB sources. Consequently, the aggre- Saving
76%
gated deposit attained Birr 23.9 billion, registering
a growth of 49% from the previous year’s balance.
Going up by 48% and 71% from its position of the last
year, conventional deposits contributed a total of Birr
22.6 billion, whereas the deposit mobilized through Figure 2. Share of Deposit by Type
Abay Saadiq, the IFB service of the Bank, reached
Birr 1.3 billion.
1.1.2. Loans and Advances
During the year 2020/21, the Bank availed Loans of Birr
During the review period, the deposit position of sav-
19.6 billion to its conventional customer and served a fi-
ings and demand has registered growth of 50% and
nancing request of its Abay Saadiq customers over Birr
68% against their respective record of the previous
538 million summing to Birr 20.1 billion for both financing
year and reached Birr 18 billion and Birr 5 billion in
services exhibiting a growth of 72% on aggregate from
that order. On the contrary, the position of Time de-
the record of the previous year.
posits gained a negative momentum to decline by
16% from the last year’s record and settled at a bal-
The Bank has continued to support viable projects and
ance of Birr 891 million.
lines of business for every economic sector of the coun-
try through its financing arm. The growth of loans of each
The significant surge in the number of depositors was
sector shows the Bank’s direction to maintain a fair port-
one of the drivers of growth in deposit performance.
folio of loans. Concerning the composition of Loans and
In the year 2020/21, Abay has recruited more than
Advances, the financing for international trade takes the
376,000 new customers of conventional and IFB ser-
highest proportion of 42%, followed by the Domestic
vices showing a growth rate of 46% and attaining a
Trade and Services by 20%. The loans availed to the con-
customer base of 1,201,319 in aggregate.
struction and building sector accounted for 16% of the to-
2020/21 2019/20 23,913
tal outstanding, whereas others and manufacturing and
industry sectors take 8% each. Transport and communi-
18,059 16,099 cation sector took the rest 6% share.
12,076 The Bank’s prudent financing practices kept its NPL rate
far below the regulatory requirements, and its book of
4,963 2,957
891 1066
records exhibited a good quality of assets as usual.
Saving Demand Time Total
Figure 1. Deposit by Type (in Million Birr)
15
ABAY BANK S.C
Figure 3: Loans and Advances by Sectors (in million Birr)

Others,
1,565 (8%)
Manufacturing,
1,589 (8%) International Trade ,
8,351 (42%)
Domestic Trade Service,

4,052 (20%)
Transport & Comm.,

1,127 (6%) Building & Construction,
3,274 (16%)
Note: Others include consumer loans, Hotel & Tourism, mines, power and Water resource, and Agriculture.
16
1.1.3. International Banking Operations penses took a share of 5% of the aggregate expenses.
Despite the impact of COVID-19 on international trade
and remittances coupled with the lack of western-based 2259
correspondent banking relations, the Bank’s foreign
currency generation has registered a growth of 27% 1448
from the last year in the same period.

807
In an attempt to broaden sources of foreign currency 567
452
696
641
352
earnings, the Bank continued to incentivize customers 115
77
through prizes for the fourth successive year. Besides,
the Bank has established relationships with additional Interest Expense General Expense Provision Expense Total Expense
international transfer agents and correspondent banks 2020 2021
operating globally. Figure 5: Performance of Major Expense category (in million Birr)
1.2. Financial Performances

1.2.1. Revenue 1.2.3. Gross Profit
During the year, the Bank earned a total income of Birr During the year ended June 30, 2021, Abay’s gross
3.4 billion, which exceeds its performance of the pre- profit has hit a new record-high to reach Birr 1.15 billion.
vious year by 63%. From the total revenue during the The performance exhibited a growth of Birr 513 million
year, interest income constituted 72%, maintaining a and exceeded its record of the prior year by 80%.
similar share of the previous year. Registering a slight 2020 2021
shift from last year’s record, revenue generated from 3,411
commissions and services accounted for 19% of the to-
2,259
tal revenue while revenue from other income took 9%. 2,088
1,448
Other Income 1,153
9%
640
Commision & e
Services Incom
9%
Total Income Total Expenses Gross Profit
Interest Income Figure 6: Performance of Major Expense category (in million Birr)
72%
Figure 4: Income Composition
1.2.4. Total Asset

1.2.2. Expense During the period under review, the bank’s total asset
Increasing by 56% from the last year’s same period, the has attained Birr 29.9 billion going-up by Birr 9.8 billion;
total expense of the bank stood at Birr 2.3 billion. The and manifesting a growth of 48% from the record of the
growth of expenses revealed that the provision held previous year. One of the drivers behind the expansion
has grown by 49% from the record of the previous year. of the Bank’s assets is the growth in loans and advanc-
The year-on-year rise in salary and benefits computed es availed to its customers.
54%, whereas Interest expense and general expenses
increased by 42% and 82%, respectively.
With regards to expense composition, interest expense

accounted for the highest share of 36%, followed by
salary and benefits taking a share of 31% from the total
expenditure of the year. The share of general expense
stood at 28% and the provisions held and other ex-
17
ABAY BANK S.C
1.2.5. Capital 1.3.2. Human Capital

Registering a 37% growth from last year’s same period During the stated period, 1,379 new employees joined
balance, the total equity of the Bank attained Birr 4.2 the Bank, and the overall staff strength reached 5.307.
billion. During the year, the bank’s shareholders inject- From the total staff headcount, 2,757 are permanent,
ed additional capital of Birr 642 million to raise the total whereas 2,550 are outsourced employees deployed at
paid-up capital to Bir 2.8 billion exhibiting a 30% growth non-core activities. The employment opportunity that
from the record of the previous year. the Bank created has grown by 35% against that of last
year’s stock.
1.3. Non-Financial and Administrative
Nurturing a pool of highly motivated, capable, and en-
Issues gaged employees is one of the determinants leading
1.3.1. Branch Expansion towards the attainment of the strategic aspirations of
The Bank has kept on expanding its accessibilities to any organization. Given the above, Abay has placed a
reach more customers through its branch networks. system to attract the best talents and incapacitate them
During the year, sixty-three new branches have opened through successive pieces of training. Consequent to
their doors for service at all feasible locations of the that, 96% of the Bank’s staff hold a first degree at mini-
country, and we dedicated six of them to serving cus- mum, and the Bank has availed developmental or tech-
tomers of IFB services. Exceeding the record of the nical training to its 2,156 staff during the reporting peri-
previous year by 28%, the total number of branches od. As a staff retention mechanism and to enhance the
reached 286. Of which 251 serve customers of IFB effectiveness of the processes, the Bank reorganized
services through dedicated windows or branches fully its structure and revisited the overall staff remuneration
dedicated to the service. structures contributing to the staff turnover rate to re-
main at its lowest minimum.
1.3.3. Digital-Banking Technology

The Bank has apportioned significant investment on
digital technologies, cyber security hardening, and
capacity building to modernize its digital capabilities.
During the review period, Abay has successfully migrat-
ed the core banking system, acquired from Oracle, one
of the leading core banking software developers on
the planet, to the latest version. The seamless migra-
tion into the new system enabled the Bank to improve
system efficiency, to give digital banking services from
the same core-banking system, and enhanced integra-
tion capability. The Bank managed the core-banking
upgrade project in a coordinated manner, and Oracle
has acknowledged the Bank for its successful project
accomplishment.
On the other hand, the Bank has given top priorities

for maintaining data integrity and security. As a result,
we revised the policies and procedures governing data
security of the Bank, acquired and implemented UTM,
Branch Inauguration Ceremony WAF, Security Incident and Event Management solu-
tions, and conducted vulnerability assessments by in-
ternal resources. Moreover, the Bank has integrated its
system with third-party providers or the systems of the
regulatory, enhanced, or developed new systems with
internal capacity.
18

Concerning expanding digital accessibility, the priorities among others.

number of ATMs deployed throughout the country With a view of strengthening the process, the
has increase and the Bank continued to provide Bank has conducted risk assessments, reviewed
Agent Banking Services through its Abay Bedeje internal policies, broadened coverage of assess-
Agents operating in every corner of the country. ments, introduced new tools of risk assessment,
and availed AML/CFT and related training for the
During the year, the number of customers using Bank’s staff at all levels. Moreover, the integration
these digital outlets has also grown tremendous- of AML/CFT software is all but completed during
ly. Exceeding records of the previous year by 85% the reporting period.
and 63%, subscribers of Mobile Banking and the
number of cardholders has reached 303,021 and 1.3.6. Construction Projects
273,569 respectively. The number of Internet In an effort to broaden its asset base and ensure
banking subscribers has grown to 5,146 as the a convenient working environment, the Bank has
subsequent activation rates of these services also
embarked on the acquisition of plots of lands
intensified. and preconstruction activities during the last few
years. Accordingly, preconstruction activities of
Head Quarters and Dessie projects have been
1.3.4. Corporate Social Responsibility completed and construction works will resume in
As one of its core values, Abay Bank is com- the first quarter of the new fiscal year. Finalizing
mitted to discharging its social responsibili- the preconstruction activities of Bahir Dar project
ties by contributing to broad-based economic and concluding the acquisition process of Gonder
benefits and undertaking responsible busi- Quara Hotel building are among our focuses of
ness practices. The Bank has developed a the construction project.
culture of providing financial support to give
1.4. Going Forward
back to the community for its well-being in
The year ahead gives us another opportunity to
general. Given the above, we availed a total put the Bank on front runners on the list of indus-
of Birr 33.5 million to support various com- try players. The Bank endeavors to attain the di-
munity endeavors on a colorful event of the rections set in its strategic plan and sustain the
Bank’s 10th anniversary. growth momentum registered in most parameters
during the previous years. In the year just started,
the elected party will form a new government and
the country’s stability will be maintained and the
economic activity will be stimulated as a conse-
quence.
However, we are aware of the challenges we are

facing in the coming year which include the fierci-
er the competition will get since a considerable
Participation of Bahir Dar Great Run size of new entrants is joining the sector with spe-
cialized services or target markets. Besides, the
1.3.5. Risk Management and Compliance economic condition, impacted by COVID-19 and
Supported by proper risk management practices, the ongoing war in the northern part of the coun-
tools, governances, and policies, managing risks try.
associated with the Banking business and com-
pliance to own or regulatory requirements are al-
ways are at the center of every decision-making
process of the Bank and will remain one of the top
19
ABAY BANK S.C

ABAY BANK S.C
Abay Bank’s Future Head Quarter Building Design- Addis Ababa
Abay Bank’s Future Abay Bank’s Future

Building Design - Bahir Dar Building Design - Dessie
22
23
ABAY BANK S.C
23
24
Ethiopia Tadesse_________________ Yehuala Gessesse_________________

Chairperson of Board of Directors Chief Excutive Officer
25
ABAY BANK S.C
26
27
ABAY BANK S.C
The note on pages 32 to 61 are an integral part of these financial Statements.
28
32 to 61
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30

ABAY BANK S.C

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ABAY BANK S.C
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35
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43
ABAY BANK S.C
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45
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ABAY BANK S.C


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ANNUAL REPORT 2020/21

ABAY BANK S.C

ዓባይ - ታማኝ አገልጋይ!

ዓባይ - ታማኝ አገልጋይ!

ዓባይ - ታማኝ አገልጋይ!

Board Chairperson’s Message

Chief Executive Officer’s Message

The Banking sector seems on the verge of a twofold expansion with

Financial Highlights 23,913

2016/17 2017/18 2018/19 2019/20 2020/21

Gross Loan & Advance & NBE Bill

No. of Employees 5,307 No. of Customers

No. of Branches No. of Shareholders 4,239

Board of Directors’ Meeting

Sharia Advisory Board

Fourth Round Foreign Currency

ጊዜ እና ቦታ ሳይገድብዎ ሂሳብዎን ያንቀሳቅሱ

ዓባይ - ታማኝ አገልጋይ

ዓባይ - ታማኝ አገልጋይ!

ዓባይ - ታማኝ አገልጋይ!

PART I: THE BOARD OF DIRECTORS REPORT

Saving Demand Time Total

Figure 1. Deposit by Type (in Million Birr)

Figure 3: Loans and Advances by Sectors (in million Birr)

Domestic Trade Service,

Transport & Comm.,

from the last year in the same period.

international transfer agents and correspondent banks 2020 2021

1.2. Financial Performances

Figure 4: Income Composition

1.2.4. Total Asset

With regards to expense composition, interest expense

1.2.5. Capital 1.3.2. Human Capital

1.3.3. Digital-Banking Technology

On the other hand, the Bank has given top priorities

ዓባይ - ታማኝ አገልጋይ!

Concerning expanding digital accessibility, the priorities among others.

However, we are aware of the challenges we are

ዓባይ - ታማኝ አገልጋይ!

Abay Bank’s Future Head Quarter Building Design- Addis Ababa

Abay Bank’s Future Abay Bank’s Future

Ethiopia Tadesse_________________ Yehuala Gessesse_________________

The note on pages 32 to 61 are an integral part of these financial Statements.

The note on pages 32 to 61 are an integral part of these financial Statements.

Abay : The Trustworthy Bank !

The note on pages 32 to 61 are an integral part of these financial Statements.

The note on pages 32 to 61 are an integral part of these financial Statements.

ዓባይ - ታማኝ አገልጋይ!

ዓባይ - ታማኝ አገልጋይ!

ዓባይ - ታማኝ አገልጋይ!

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Ethiopia Tadesse_ Yehuala Gessesse_