Tsehay Bank Reports Promising Results in Second Year of Operations

Addis Ababa, July 26, 2024 – We are proud to announce that Tsehay Bank has reported impressive results for the 2023/24 fiscal year, our second year of operations, showcasing our potential for growth and innovation in Ethiopia’s banking sector.

According to the details shared during our annual performance review meeting held on 25 July, 2024, at Eliana Hotel in Addis Ababa, Tsehay Bank’s total deposit reached 4.3 billion Birr, while our total asset surpassed 6.2 billion Birr during the just-concluded fiscal period. Furthermore, our customer base has crossed the significant milestone of half a million, demonstrating our ability to attract and retain a diverse clientele in a short span of time.

“Despite being a young player in the market, Tsehay Bank has accomplished significant achievements during the last fiscal year, which has enabled us to record impressive profits,” said Yared Mesfin, CEO of Tsehay Bank. “This is a testament to the hard work and dedication of our team, who have been instrumental in driving the bank’s growth and success,” he added.

“At Tsehay Bank, we continue to provide a range of financial services, including conventional and Interest-Free Banking options, coupled with state-of-the-art Omnichannel digital banking solutions, through our network of 91 branches across Ethiopia. This comprehensive offering has played a crucial role in attracting and retaining a diverse customer base.”

Ato Yared emphasized the need for the bank to maintain this momentum, urging the executive management and employees to redouble their efforts to achieve even greater milestones in the current 2024/25 FY.

As a gesture of appreciation, the bank honored employees and branches with outstanding performance during the annual performance review meeting.

The impressive financial results reported by Tsehay Bank, in its second year of operations, underscores our potential to become a significant player in Ethiopia’s dynamic banking sector, as we continue to deliver innovative solutions and exceptional value to our customers and shareholders.

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