CENTRICITY

CENTRICITY
ABAY BANK S.C.

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S.C

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Board Chairperson’s Message

Dear Shareholders, Despite these circumstances, our Bank has achieved

remarkable results. Total deposits reached Birr 41.8 -
I am pleased to present billion, growing by 29% year-on-year. The number of
our Bank’s operational clients increased by 49%, with close to 2.5 million
performance results for customers. We expanded our service outreach by
the fiscal year ended on opening 110 new branches, and our profitability
June 30, 2023. reached new heights with profits before tax of Birr 2.1
billion.
The past year has been marked by challenging times
and global economic vulnerabilities. Heightened We have also undertaken strategic planning for the
tensions between the US and China over the Taiwan future. Our five year strategic plan, "Journey to
issue have persisted, while the Russia-Ukraine Greatness," will guide our operations from 2023/24
conflict has continued with no sign of resolution. to 2027/28. We have redefined our vision as "To
Climate change has brought about extreme weather Become the First Bank of Choice" and reaffirmed
events such as heatwaves, floods, and earthquakes, our mission “Providing best-in-class banking servic-
impacting lives across continents. es and adding value for stakeholders”. A new
organizational structure and a rebranding initiative
Global inflation remained high due to disruptions in have been implemented to support our strategic
both demand and supply. Government monetary goals. Despite global and domestic challenges, we
policies and spending to combat the economic remain committed to our goals and are confident in
effects of the COVID pandemic have contributed to our ability to overcome obstacles through profes-
the demand-side disruptions. Supply chains have- sionalism and focused efforts.
largely recovered, but the aftershock effects of the
pandemic and the Russia Ukraine conflict have I extend my gratitude to the outgoing and incoming
impacted the supply side. members of the Board of Directors for their oversight
and guidance. I also appreciate the hard work of our
Despite these challenges, there have been positive management team and employees, as well as the
developments, including the announcement by the support of our valued customers. Special thanks to
WHO that an end to the pandemic is in sight. Among government organizations and the NBE for their
other noteworthy events that happened during the efforts in ensuring a stable financial sector.
fiscal year, the signing of trade agreement between
Brazil and China to use their own currencies for a
trade exchanges can be mentioned.
Thank You!
Global growth has been below historical averages,
with the 2022 output at 3.5%. Projections for 2023
indicate a further decline to 3%. Africa has faced
similar growth challenges, with countries grappling
with crises related to conflicts, commodity prices,
climate shocks, and debt.
Amlaku Asres, PhD
In Ethiopia, peace and stability have been restored Chairperson, Board of Directors
after a two-year war in the north. Economic growth,
thus, improved to 7.5% from 6.4 last year.

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The banking sector has expanded with the total

Dear Shareholders,
number of participants reaching 29 including the
government owned banks. Despite wide ranging
I am delighted to extend
impediments in the domestic scene and beyond, the
my greetings to you all
sector continued to grow across all parameters
yet again this time when
including value of deposits, capital, expansion of
we return to look back at
service outlets, and profits.
the past year against our

Bank’s operational performance results for the fiscal Our Bank recorded growth across all key parameters
year ended June 30, 2023. in the fiscal year. Value of deposits grew at 29% to
reach Birr 41.8 billion by the close of the year. Efforts
2022/23 had seen several challenges from the to expand customer base returned satisfactory
global to the domestic macro environments. Adverse results with the total number of clients hitting as high
developments in the global geopolitics manifested as 2.5 million and growing by 49% up on last year’s
itself in several conflicts. The lingering Russia position. We have advanced into several locations
Ukraine war which burst into the global scene the across the country and opened a total of 110 new
previous year had become an ongoing world branches, the largest number to attain ever in a year
phenomenon. The globe and its inhabitants also had since establishment.
to entertain adverse natural disasters and environ-
mental calamities as climate change continued to Efforts to push the effectiveness of the overall opera-
demonstrate its vocal presence. tional frontier through the enhancement of revenues
and optimizing costs and expenses through efficient
The spike in global inflation had generally been working practices paid off in surpassing new heights
easing over the year, albeit still remaining high, owing in profitability. Profits before tax, thus, reached Birr 2.1
to both supply as well as demand side disruptions. billion for the year exhibiting a growth of 63% against
the previous year. Practicing prudent lending as it
IMF reports showed that global growth had been does, the Bank was able to maintain desirable levels
weak as it read 3.5% for 2022 staying well below the of asset quality well within expected ranges. Pursu-
historical average of 3.8%. The projections for 2023 ing our business purpose and upholding our values,
keep declining from period to period and the current Abay has been giving back to communities near and
estimates read 3%. far in various forms of assistance. Spending close to
Birr 34.6 million, the Bank has lent its empowering
Growth challenges in Africa also appear to mirror hands to help thousands recover from draught and
those witnessed at the global stage. Several coun- war torn incidents.
tries remain weighed down by a series of crises,
including the impacts of Russia-Ukraine conflict, During the review period, our Bank has particularly
soaring commodity prices and food shortages, been engaged in paving a winning way forward for
devastating climate shocks, and debt distress. Real the years ahead by crafting a 5-year strategic plan
GDP growth in the region slowed down to 3.6% in named “Journey to Greatness.” The new corporate
2022 from 4.1% in 2021. The projections for 2023 code, developed by in-house capacity supported by
indicate a further decline to 3.1%. an overseas external consultant is set to run from
2023/24 to 2027/28. Following this critical exercise,
Our country Ethiopia eased into the realm of peace the Bank was able to undertake all the vital pre-im-
and stability after ending the two-year war in the plementation tasks readying the entire stage for
north courtesy of peace talks brokered by the African execution right by the onset of the fiscal year. A key
Union. Even though the year was one marred by bouncing board was designing a new organization
several adverse circumstances, the economic growth structure in a manner that supports the five year
exhibited growth of 7.5% put against 6.4% recorded strategy and allows for a leapfrog across processes.
the previous year. In terms of sector wise move- Redeployment of staff was also duly finalized
ments, the economy has undergone slight structural followed by a kick-start to one of the Bank’s key
shift in the services sector compared to a corre- strategic initiatives rebranding Abay.
sponding marginal drop recorded in industry and
agriculture sectors.

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Looking ahead, we remain upbeat despite formida- Abay’s entire team stands for a round of applause to
ble headwinds from the global stage as well as the all our customers as well as shareholders whom we
domestic scene to overcome current and foreseea- can only repay their exceptional patronage through
ble challenges by exercising due professionalism, excellence in all we do. We duly recognize and
and staying focused as well as committed towards extend our gratitude for the efforts exerted by all
our goals. We would exert efforts to our level best government organs as well as the NBE toward creat-
and ensure overall results live up to expectations and ing a stable and healthy financial sector.
beyond.

We are grateful to all our stakeholders for our

achievements this year. We are particularly indebted Thank you,
to our committed Board of Directors, including those
who concluded their terms this year, for their impact-
ful and inspiring guidance.

I take this moment to express my appreciation to the Yehuala Gessesse,

entire management team and employees for their CEO
hard work and commitment.

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Highlights of Major Achievements

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PARTNERSHIP WITH SAFARICOM ETHIOPIA

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SOME OF THE PROJECTS

FINANCED BY THE BANK

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2022/23
BUDGET YEAR HIGHER
TAX PAYER AWARD

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STRATEGY FORMULATION EXERCISE

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PART I: THE BOARD OF DIRECTORS REPORT

It is with pleasure that the Board of Directors of Abay Time
8%
Bank presents the annual performance report and
Audited statement of financial position for the year
Demand
2022/23. In part I of the report, we present a summa- 31%
ry of comparative performances, whereas part II
Saving
covers a detailed report of the Auditors. 61%

1.1. Summary of Operational Performance

1.1.1. Deposit Mobilization
In the face of the political and macro-economic Figure 2. Share of Deposit by share
challenges exhibited during the 2022/23 fiscal year,
Abay Bank has managed to attain a positional depos-
it of Birr 41.8 billion. The performance for the period is 1.1.2. Loans and Advances
higher than the year it preceded by Birr 9.4 billion or
29%. During the FY 2022/23, the Bank has extended loans
and advances to customers engaged in various
Surging by 28% and 40% from its positions of the business activities. Consequently, total outstanding
year that proceeds, conventional and Abay Saadiq loans and advances of the Bank have reached Birr 37
deposits accounted for a total of Birr 39.5 and 2.3 billion at the end of June 2023, above the perfor-
billion, respectively. During the review period, the mance registered in the preceding fiscal year by 37%
deposit position of savings, demand and time depos- growth.
its registered growth of 18%, 42% and 90% against
their respective record of the previous year and The growth of loans of each sector shows the Bank’s
reached Birr 25.5 billion, Birr 12.9 billion and Birr 3.4 direction to maintain a fair portfolio of loans. Looking
billion in that order. at the amount of loans and advances by economic
sector, International Trade constituted 38.8% share of
The deposit performance was driven to a greater the total loans portfolio followed by Domestic Trade
extent by the substantial surge in the number of & Service 17.9%, Construction & Building sector
depositors. Accordingly, in the year ended June 14.3%, Manufacturing & Industry 10.6% , Transport &
2023, Abay has managed to recruit more than Communication 6.6%. The remaining sectors togeth-
817,573 new customers of conventional and IFB er accounted for 11.8% .
services demonstrating a growth rate of 49% and
attaining a customer base of 2.5 million in aggregate. Moreover, in response to the financing demand of
Abay Saadiq IFB customers, the Bank has availed
financial support to the tune of Birr 1.5 billion which
registered annual growth of 106%.

Transport and Construction &

Communication, Building, 5,312
2,457

Looking at the fund structure, Savings Deposit still

leads the portfolio share of 61% followed by Demand Note: Others include Consumer Loans, Hotel & Tourism, and Agriculture.

Deposit 31% and Fixed Time Deposits 8%.

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1.1.3. International Banking Operations Among non-interest expenses, the spending on

salary and benefits accounted for over half of the
In the face of the daunting challenges of the export
non-interest causes, 58.3%, followed by a general
sector, our Bank has managed to upsurge its foreign
expenses share of 22.4%. Impairment on loans and
currency mobilized through various sources by 31%.
other assets, depreciation and amortization, fees and
Constituting 63%, foreign currency earnings through
commission expenses, and interest expense on
exports registered an annual growth of 14%. Likewise,
lease liability took the remaining 19.3%.
foreign currency mobilization through SWIFT and
money transfers exhibited increments against the
last year's record. In contrast, the value of cash
purchases and dealings declined significantly.

To broaden the sources of foreign currency earnings,

the Bank continued to incentivize customers through
prizes for the sixth successive year in a row. Besides,
the Bank has established relationships with addition-
al international transfer agents and correspondent
banks operating globally.

1.2.3. Gross Profit

1.2. Financial Performances At the end of June 30, 2023, the Bank registered a
1.2.1. Revenue record Profit before Tax of Birr 2.1 billion. The perfor-
mance was higher by 63% or Birr 823 million from the
The Bank has generated a total income of Birr 7.1 last year's record.
billion during the period under review. The achieve-
ment has depicted a growth of 61% in comparison to Figure 4: Income Composition

the income generated in the preceding year. The

revenue from interest income is the dominant source
comprising 78% of the aggregate income, whereas
the revenue from non-interst income sources contrib-
uted 22%.
Other Income
Commision & 4%
Services Income
18%

Figure 6: Operating performance

1.2.4. Total Asset

Driven by the significant growth in resource mobiliza-
Interest Income
78% tion, financing, and other assets, the Bank's total
assets have jumped to Birr 55 billion by displaying an
annual growth of 35%.
Figure 4: Income Composition
1.2.5. Capital
1.2.2. Expense The total capital of the Bank, composed of paid-up
capital, regulatory risk reserve, retained earnings,
The Bank incurred a total operating expense of Birr and legal and special reserve, increased by 31% and
4.9 billion during 2022/23, increased by 59% against stood at Birr 7.7 billion at the end of June 2023.
last year's same period record. Of the total expenses, Paid-up Capital of the Bank reached Birr 4.7 billion at
the spending on non-interest sources consumed the end of June 2023. It went up from last year's
68%, and interest payments for depositors took the balance by 19%, geared by the effort to strengthen its
remaining 32%. capital base to be competitive enough and to fulfill
the supervisory requirement ahead of time.

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1.3. Non-Financial Developments In terms of the workforce, the number of employees

1.3.1. Branch Expansion administered by local employment agencies is 4,328,
while the number of permanent employees stood at
During the year, Abay has expanded its branch 4,298.
accessibility by opening 110 additional branches,
bringing the total number of branches in its network Aiming at nurturing the capacity and skills of its
to 483. This significant stride in branch expansion employees, the Bank has designed continuous
aims to incorporate inclusiveness into new markets competency development programs. Consequent to
and lines of business. As a result, the number of that, 5,256 employees have benefited from the
branches providing Interest-Free Banking (IFB) technical and developmental training availed cover-
services through dedicated windows and ing a variety of contents specific to the targets identi-
stand-alone IFB branches has increased to 395, of fied during the gap assessment.
which 20 are open to serve customers of Abay
Saadiq Interest-Free Banking services alone. The Bank has developed a new strategic plan for the
coming five years. In line with the strategic directions,
a new organizational structure has been redesigned
and implemented. Besides, the subsequent tasks of
job design and employee compensation packages
are on the implementation.

The organizational redesign is to formulate a compat-

ible structure that will elevate the Bank's efficiency,
accelerate operational growth, and boost the
engagement of its employees.

1.3.3. Digital Banking Technology

Nowadays, the strength of the capabilities of digital
banking technologies is becoming one of the key
drivers of competitiveness in the Banking business.
The trend in global banking practices reveals that the
leading owners of digital technologies are also the
leaders in the growing market shares. Hence, it is
vital to equip banks with these digital capabilities, the
competence to lead in the development and execu-
tion of digital banking products while protecting
customers and the Bank’s worth, the data, in highly
integrated security perimeters.

Given the above, Abay has continued to inject

additional investment to strengthen its digital capa-
bilities. In due course, a series of patch updates
undertaken on the Bank’s OBDX system and upgrad-
1.3.2. Human Capital ing the Payment Switch System are among the
success stories. Besides, the enhancement of the
mobile banking system is in progress, whereas the
The fast growth of the operation has led to the acqui- Bank acquired additional servers for various modules
sition of qualified and competent talents. As a result, and systems. Monitoring the health of IT applications
the bank has created a job opportunity for 1,636 new and systems and strengthening cyber security were
employees during the year alone. Registering annual among the priorities of the Bank’s IT strategies.
growth of 23%, the total stock of permanent and
outsourced employees has reached 8,626. The staff On the other hand, recruiting customers for digital
composition of the Bank, in parallel with academic services has gone hand-in-hand with expanding
achievements, reveals that 98% of the emplyees are digital accessibility and enhanced IT capabilities.
qualified professionals holding a minimum of first Consequently, the number of subscribers to mobile
degree. banking services doubled during the year.

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As a result, the number of subscribers to mobile Moreover, to strengthen the effectiveness of the risk
banking services went above 1.28 million, and the management framework, the Bank carried out contin-
number of subscribers for Card and Internet Banking uous reviews on the internal control systems, policies
services aggregated to 685,000. When compared to and procedures, and the coverage of risk assess-
the position of last year's same period, the number of ments. As a result, the Bank institutionalized new risk
active users of these digital services offered by the assessment tools and revised fraud management,
Bank has doubled to go above 1.1 million. governance, and KYC policies.

1.3.6. Construction Projects

1.3.4. Corporate Social Responsibility With all the challenges constraining the construction
sector and the national environment in general,
Beyond the breadth of its branch network, Abay construction projects of the Bank have progressed
continued to contribute to the well-being of the moderately. As of the reporting period, the construc-
society it is working with. The Bank has a strong tion of the superstructure resumed for the headquar-
belief and culture in supporting the vital values of the ters and Dessie mixed-use buildings. Construction of
community in offering equal opportunities for every the substructures of the Bahir Dar and Tikur Abay
stakeholder in economic and relief engagements, mixed-use buildings construction projects are all
undertaking its business activities responsibly, and underway. Given all the uncertainties, we hope to
providing financial support to the affected segments complete the construction of superstructures for the
of society in discharging its social responsibility. Head Quarters and Dessie buildings during the
current year.
During the year, the Bank has supported various
social engagements, developmental activities, and
relief efforts in the country. As a manifestation of its 1.4. Going Forward
affinity to the community, Abay has availed financial The year ahead is the beginning of reaffirming our
support of Birr 34.6 million in the year just ended. journey to greatness while executing our newly
developed strategic plan with a high emphasis on
educating the essence of the strategic plan to the
whole stakeholders and with the commitment to
allocate resources to implement the strategic initia-
tives of prime concern.

In line with the newly formulated strategy, the bank

will exert extra effort to develop the competence of
its employees and enhance the capability of its digital
banking services. Given the volatile and uncertain
business climate that would significantly affect the
bank's profitability, we will gear more effort toward
strengthening the Abay Saadiq business line to
withstand the impacts of unfavorable environmental
1.3.5. Risk Management and Compliance changes.
The Banking business we are operating in is highly
susceptible to financial and non-financial risks where Moreover, the bank will strive to advance the growth
the regulatory attention is high. On the other hand, trends registered in the previous periods by further
managing risks is one of the core functions of the elevating the momentum. Accordingly, the aggres-
Banking business. Given this, Abay has developed a siveness in resource mobilization, capital growth,
sincere risk management culture where regular risk expanding accessibility, customer base, and intense
and compliance assessments are considered among follow-up on the execution of construction projects
routine practices of the Bank in gauging the statuses will be our key focuses. To that end, Abay leverages
of liquidity, credit and operational risks, cyber securi- its strength and accumulated institutional experience
ty, nonfinancial risks, and environmental factors. to achieve its strategic objectives.

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HEADQUARTERS BUILDING PROJECT CURRENT STATUS
BAHIR DAR MIXIED USE BUILDING PROJECT

DESSIE MIXIED USE BUILDING PROJECT

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INDEPENDENT AUDITOR'S REPORT ON THE ACCOUNTS OF

ABAY BANK SHARE COMPANY

Report on the Audit of the financial statement

Opinion

We have audited the financial statements of Abay Bank Share Company specified on page 30-57, which comprise
the statement of financial position as at 30 June 2023, the statement profit or loss and other comprehensive
income, statement of cash flows and statement of changes in equity for the year then ended, and notes to the
financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial
position of the Company as at 30 June 2023, and its financial performance and its cash flows for the year then
ended in accordance with International Financial Reporting Standards (IFRSs).

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities
under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial
Statements section of our report. We are independent of the Company in accordance with the Ethiopian Code of
Ethics for Professional Accountants, and we have fulfilled our other ethical responsibilities in accordance with
these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide
a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of
the financial statements of the current period. These matters were addressed in the context of our audit of the
financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on
these matters.

As described in notes 11 and 12 to the financial statements, the impairment losses have been determined in
accordance with IFRS 9 Financial Instruments. This was considered a key audit matter as IFRS 9 is a complex
accounting standard which requires significant judgment to determine the impairment losses.

IFRS 13 requires entities to measure fair value using observable inputs whenever possible, and unobservable
inputs only when observable inputs are not available. In the case of the Bank's investment in other entities, the
Bank has determined that there are no observable inputs available to measure fair value. Therefore, the Bank has
used a valuation model that incorporates unobservable inputs, such as the discount rate and future cash flows.

The use of unobservable inputs in the valuation model poses a risk of material misstatement, as the Bank's
judgment in determining these inputs could be biased or inaccurate. We have identified this as a key audit matter
because of the following factors:

The Bank's investment in other entities is significant, is material to the financial statements.
The valuation of the investment is complex and requires the use of a number of unobservable inputs.

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To address this key audit matter, we have performed the following audit procedures:
We assessed the Bank's valuation methodology and evaluated the reasonableness of the key assumptions
used in the valuation model.
We compared the Bank's valuation results to those of independent market participants.

Based on our audit procedures, we believe that the Bank's valuation of its investment in other entities is
reasonable and in accordance with IFRS 13. However, we recommend that the Bank consider the following
actions to mitigate the risk of material misstatement in the future:

Consider using a valuation methodology that incorporates more observable inputs.

Regularly monitor the performance of the investment and update the valuation model as needed.

Also as indicated on Note 38 of financial statements, the performance and advance payment guarantee issued to
construction Companies casts uncertainty and the bank should adopt strict follow up and action to this matter.

Responsibilities of Directors for the Financial Statements

The Directors are responsible for the preparation and fair presentation of the financial statements in accordance
with International Financial Reporting Standards (IFRSs), and for such internal control as Directors determines is
necessary to enable the preparation of financial statements that are free from material misstatement, whether due
to fraud or error.

In preparing the financial statements, the Directors are responsible for assessing the Company’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless Directors either intend to liquidate the Company or to cease operations, or
have no realistic alternative but to do so.

The Directors are responsible for overseeing the Company’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error
and are considered material if, individually or in the aggregate, they could reasonably be expected to influence
the economic decisions of users taken on the basis of these financial statements.

Report on other Legal and Regulatory requirement

We have no comment to make on the report of your Board of Directors so far as it relates to these financial
statements in accordance with the Commercial Code of Ethiopia of 2021 (Proclamation No-1243/2021)
recommend approval of the financial statements. In addition, we have no objection on the amount of dividend
proposed by the directors and hence in accordance with article 349(3) of the commercial code of Ethiopia of
2021 recomended approval of the proposed dividend distribution.

,
Tafesse,Shisema and AyalewCertified Audit Partnership
Chartered Certified Accountants (UK) Addis Ababa
Authorized Auditors (ETH) 07 October 2023

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