dashen bank · dashen bank annual report 2010 -11. page. statement of the board chairman 06 - 07...

Dashen Bank

Annual Report for

the year ended June 30, 201115th

October 18, 2011

Table of Contents

DASHEN BANK ANNUAL REPORT 2010 -11

Page

Statement of the Board Chairman 06 - 07

The President’s Message 08 - 09

Board of Directors’ Report 10 - 17

Auditors’ Report 18 - 19

Balance Sheet 20

Profit and Loss Account 21

Cash Flow Statement 22

Notes forming part of the

Financial Statements 23 - 33

VISION

‘‘In as much as Mount Dashen excels all other mountains in Ethiopia,

Dashen Bank continues to prove unparalleled in banking services.’’

MISSION

‘‘Provide efficent and customer focused domestic and international

banking services, overcoming the continuous challenges for excellence

through the application of appropriate technology.’’

VALUE

* Develop banking habit in the community

* Assist continuous growth of customers

* Sustainable growth and stability

* High integrity and accountability

* Esteemed customers satisfaction

* Non-stop openness for community access

* Brightened and trained employees

* Attend customers’ constructive outlook

* Normative confidentiality

* Keen to consciously build professionalism and service quality

DASHEN BANK ANNUAL REPORT 2010 - 11 3

7,840

9,733 12,353

14,660

731 909 1,123 1,396

2007/08 2008/09 2009/10 2010/11 Year

Total Capital & Asset Level (In millions of Birr)

Total Asset Level Total Capital Level

6.2 7.9

10.1 11.8

4.4 4.5 4.9 6.1

2007/08 2008/09 2009/10 2010/11 Year

Loans and Deposits (In billions of Birr)

Total Deposit Total Loans & Advances

2007/08 2008/09 2009/10 2010/11

670 756 964

1,283

In m

illio

ns o

f Birr

Year

Total Revenue (in millions of Birr)

2007/08 2008/09 2009/10 2010/11

337 403

506

652

In m

illio

ns o

f Birr

Year

Total Expense (including provisions) (in millions of Birr)

2007/08 2008/09 2009/10 2010/11

333 353 458

630

In m

illio

ns o

f Birr

Year

Gross Profit Before Tax (In millions of Birr)

2007/08 2008/09 2009/10 2010/11

239 250 324

451

In m

illio

ns o

f Birr

Year

Net Profit (In millions of Birr)

2007/08 2008/09 2009/10 2010/11

487 582

693 809

Year

Number of Depositors (In thousands)

2007/08 2008/09 2009/10 2010/11

5,496

5,978 6,269

5,805

Year

Number of Loanees

47 52 58

64

4 5 5 5 20

40

55

70

2007/08 2008/09 2009/10 2010/11 Year

No. of Area Banks, Forex Bureaux, & ATMs

Number of Area Banks Number of Forex Bureaux

Number of ATMs

409 501

669 704

254 371 395 404

2007/08 2008/09 2009/10 2010/11 Year

No. of Bilateral Key Exchange Arrangement & POS Terminals

No. of POS Terminals

No. of Bilateral Key Exchange Arrangement

2007/08 2008/09 2009/10 2010/11

1,866 2,249 2,541

2,826

Year

Staff Strength

2007/08 2008/09 2009/10 2010/11

846 550 609 753

453,993,000 528,512,000 591,860,000

698,709,000

Year

Earning Per Share & Paid-up Capital

Earning Per Share Paid-Up Capital

OUR SCORECARD

DASHEN BANK ANNUAL REPORT 2010 - 114

BOARD OF DIRECTORS

Teklu HaileChairman

Yilma Yemane-BerhanDirector

Teka AsfawDirector

Melaku BezaDirector

Ahmed HassenDirector

Ayele DemissieDirector


POLICY DEVELOPMENT COMMITTEE

Lulseged TeferiPresident

Asfaw AlemuV/President - Operations

Management

Abebe GirmayManager, Payment Card Department

Messeret TayeManager, Human Resources &

Logistics Department

Esubalew TekesteManager, International Banking

Department

Negussie DemieManager, Fund

Management & Accounts Department

Girma K/MichaelManager, Information

Technology Department

Samuel AdaneManager, Corporate Planning &

Development Department

Girma TilayeManager, Engineering

Department

Tilahun HailuManager, Credit Department

Abebe TekluController

Yonas AbebeManager, Regional Office A/A

Berhanu W/SelassieV/President - Systems & Resources Management

Yeshiwork YimerManager, Legal Department

Yonas KidanePrincipal Risk Management and

Compliance Officer


Statement of the Board Chairman

Honourable Shareholders,

On behalf of the Board of Directors and myself, I am pleased to

report on registering better results in the year ended June 30, 2011.

The fiscal year ended June 30, 2011 has encountered challenging

global and domestic phenomena that had direct and indirect

impacts on the performances of economies of the world in general

and on the domestic economy in particular. The domestic economy

continued to grow as measured by Sectoral performances and the

consequent GDP growth. The launch of the five-year Growth and

Transformation Plan of the Government has also set clear macro

directions that enable stakeholders to streamline their involvements

in respective areas of engagement. Among the domestic phenomena

that challenged the performance of the economy, the devaluation

of the Birr, high oil price and inflation were the major ones. The

financial sector, which is growing from time to time in terms of

financial deepening and outreach, has been hosting increasing

competition, which is an essential factor to enhance innovation and

availing alternatives to the public. The financial sector was faced

with fundamental challenges, and the sum of these was significant towards making progress and positive

results.

Despite the pressure faced by the domestic economy at large and the sector in particular, the Bank has

managed to sustain its profitability by achieving a record high profit of Birr 630 million before provision for

tax. This result has surpassed the last year’s performance by 38%. As a result, in the just ended year alone

the Bank has paid to the Government coffer Birr 179 million in the form of profit tax. The earnings per share

stood at 753, which hits a growth of 24% compared with that of last year’s earnings per share position.

There are no rules for success, but the team spirit, the banking skill that our management and staff have

developed, enabled us to plan right and hit our target.

The achievement once again proved the Bank is up to its commitment of registering sustainable and

consistent growth. As they say “ Time has no divisions to mark its passage”. The Board, management and

employees accept travels, which open their minds for their dreams to come true.

Subsequent to the resolution passed by the far-sighted shareholders of the Bank, the paid-up capital of

the Bank has increased to Birr 698,709,000. Consequently, the primary capital of the Bank is raised to Birr

1,151,589,242. This has significant implications to pursuing the expansion plans ahead, maintaining steady

capital adequacy, increasing borrower limits and overall open foreign currency position. This is a window

of opportunity and at this juncture on behalf of the Board of Directors and myself, I would like to extend

my admiration to our shareholders and we need to build on this positive trend for the future.

In terms of improving service delivery efficiency, the Bank has tested the effectiveness of embarking upon


the One Window Service delivery model the practical result of which is proved to be effective and

encouraging. The expansion plan in this regard will further be carried on to other Area Banks as well.

Moreover, in view of the growing operational and customer size of the Bank, a Regional Office for Addis

Ababa is established with the aim of enhancing efficiency and effectiveness in service delivery.

Investment on our own building has continued. The structural work of the Head Office building is now

completed and the finishing work will commence soon. Construction activities in Addis Ababa at the

Lideta area are also started. Plots at different locations both in Addis Ababa and upcountry areas are

secured and design works and acquiring of construction permits are in progress. Such strategic investments

in addition to easing office space and rental price problems have become sources of non-interest income

to the Bank.

Regarding corporate governance, which is a source of new ideas and fresh thinking, the Board has been

regularly meeting and overseeing the overall activities of the Bank. The roles of the Board Directors and

Board Committees established for specific tasks were indeed valuable to the oversight tasks of the Board.

The methodical risk management practice instituted is showing progress from time to time so that it will

further strengthen the Risk Governance of the Bank.

The annual financial results attained could not have been possible without the strategic leadership,

commitment and dedication of the overall staff of the Bank. The five-year strategic plan that has been a

powerhouse since July 2007 is approaching its culmination at the end of June 2012 and the necessary

preparations are underway to craft the fourth strategic plan for the period ahead.

The Bank always considers itself a learning institution. Consequently, it has never given room for

complacency and will continue so in the future. Both the successive achievements attained and the

possible challenges to be faced shall never impede us from standing firm, undertaking new initiatives and

finding space to improve. In this regard, by exploiting opportunities we are determined to remain

unparalleled and renew our commitment for a dedicated service to our esteemed customers and add

value for our shareholders’ investment. As Bankers, we know there are no short-cut formulas for success

except the public trust for which we are committed to quality care. Our Banking starts and ends with our

clients.

Lastly, on behalf of the Board of Directors and myself, I would like to take this opportunity to extend my

sincere appreciation to all stakeholders for their support, encouragement and assurance. Special gratitude

goes to our beloved customers for their increasing and solid confidence, tolerance, feedbacks and

backing; respected shareholders, for their confidence, encouragement, and insightful decisions; the

National Bank of Ethiopia for their well-timed and organized directives; the Board Directors for their

devotion, valuable contribution and forward-looking; the management and staff of the Bank for their

resolute effort, belongingness, strong financial performance and organizational commitment.

Thank you,

Teklu Haile

Chairman, Board of Directors

10 September 2011


The President’s Message

The syndrome of the global financial crisis continued

reverberating during 2010/11 fiscal year. The debt crisis shed

a dark cloud on the credibility of some countries and led to

abrupt adjustment through austerity measures. During the

reporting period, the world has also experienced

unprecedented wide-ranging political deadlocks and costly

natural disasters. Inflation is also becoming a major challenge

in the global economy including those resilient emerging

economies. In general, the prevailing global socio-economic

and political quagmires are believed to have partly created

fluxes on the overall price level and wellbeing of the domestic

economy.

However, from the perspective of the second-generation

reform and development history, 2010/11 fiscal year clearly

marked an important turning point in Ethiopia. Major

development initiatives were the launching of the national

payment system and electronic payment proclamation as

relates to the banking sector, and the moving spirit of the

Growth and Transformation Plan, in particular, the resultant endeavor to construct the historical

“Great Ethiopian Renaissance Dam” on the Blue Nile River.

National Bank of Ethiopia started championing centralized, online, real-time electronic banking and

the National Payment System, which helps to use a shared platform to facilitate the payment services

in a more cost effective manner. With the potential for many more, the financial sector’s gross value

added is believed to be growing and effectively plays a pivotal role in the enhancement of growth

and development of the country.

By and large, encouraging progress has been witnessed in the contribution of private banks to the

application of modern banking technology, stable deposit mobilization, extension of loans and

gaining impetus in financial leverage. We are then proud of the fact that in 2011, Dashen Bank

continued its leading role in this regard by all standards. We have also made significant strides in

leveraging our technology by upgrading our core banking solution to its latest version and enhanced

our bandwidth strength.

We continued capitalizing on the advantages of being the first mover and reaping the payoff for the

amount of enduring efforts that have been invested over the past years on our payment card

services. The increased volumes, registered in our non-credit related activities, substantiated that the


corporate income was well supplemented by a good performance; this is on our fee-based income.

If we look at our profitability, we have made a total of Birr 630 million, which increased by 38%

compared to last year performance; this is by far the largest amount in the Bank’s history and the

second private banks’ peer group maximum. We have been generating an impressive level of return

on equity, which helps to strengthen our capital buffers.

The past fiscal year has also given us the opportunity to witness notable achievements such as

successful implementation of a well-integrated One Window Service modality, partnership agreement

with UnionPay for card acquiring business, prestigious ceremony of our Bank’s 15th anniversary and

embarking of all our Area Banks into our Core Banking platform having withstood challenges in

infrastructure.

The constant focus on our customers, as a brand promise, enables us to thrive on competition. We

have continued working hard to create a vibrant working environment and to be a bank that

provides opportunities with an emphasis on knowledge-based and convenience banking, rooted in

our shared values and respect for all our customers. We persist in living with our values and remain

vigilant, prudent and focused on the sound management of our balance sheet. We thrive on further

deepening our sources of income-tapping niche markets and growth opportunities. Our commitment

for excellence will continue to guide as we go forward and continue building on our successes.

To conclude, our past year’s achievements would be hard even to think of without the meaningful

contributions and perseverance of our stakeholders. Hence, I would like to extend my sincere

gratitude to our esteemed customers who continued putting their confidence in us. The support and

guidance of the National Bank of Ethiopia also is highly appreciated. I would also like to express my

gratitude for the usual cooperation of the Ethio Telecom, the Board of Directors of Dashen Bank, the

Management Team and our energetic workforce also deserve special gratitude for their laudable

efforts.

I am confident that you will enjoy reading the Directors’ Report and the Annual Report in the following

pages.

There is no commitment without involvement.

Lulseged Teferi

President

10 September 2011


Board of Directors’ Report

The Board of Directors of Dashen Bank S.C. hereby presents the annual report of the Bank for the fiscal year ended June 30, 2011. The performance of the Bank during 2010/11 fiscal year is summarized hereunder.

1. OPERATIONAL HIGHLIGHTS

1.1 Deposit Mobilization

Increasing accessibility and diversity of our banking services has enabled us to broaden our customer base across the width and breadth of the Country. As a result, we have been able to maintain the growth momentum observed in the past as regards to resource mobilization. By the end of June 2011, aggregate deposits of the Bank amounted Birr 11.8 billion, representing a 16.8% growth over the Birr 10.1 billion achieved last year. The corresponding number of deposit customers has also climbed by 16.8% over the preceeding year’s level and reached 809,093 as at June 30, 2011.

As a reflection of our growing market outreach and the confidence that the public has bestowed in us, saving deposit took the lion’s share (65.84%) of the aggregate balance as at June 30, 2011. The remaining 34.16% was shared by Demand and Fixed Time deposits, each constituting for 28.7% and 5.46% respectively.

Shareholders Meeting in Session


‘Others’ include advances on L/C, personal loans, loans under reactivation, staff housing loans and

loans in litigation.

1.2 Loans and Advances

To the dismay of our expectation, the credit-capping remained in place for much of the fiscal year, which put a brake on credit expansion efforts. The challenge in this regard would stay around as the newly-launched NBE bills, which we proudly subscribe for to support the national development agenda, but the effect is that this will re-direct a considerable amount from the loanable funds.

By the end of June 2011, outstanding loans and advances balance of the Bank scored Birr 6.1 billion, growing by 23.4 % over the previous year’s level. The distribution of loans and advances covered all major economic sectors. Domestic Trade and Services ranked on top with 32.0% share while the Manufacturing sector took the second spot comprising 23.2% of the aggregate balance. Foreign Trade (Import and Export put together), Real Estate and Transport sectors took the following spots with 15.2%, 9.7% and 7.1% shares respectively.

-

250

500

750

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1,250

1,500

1,750

2,000

Agr

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Impo

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Tran

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In m

illio

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f Birr

Sectoral Distribution of Loans & Advances

2009/10

2010/11

Financed Project - Executive Hotel, Adama Financed Project - Wossen Awoke Real Estate, A/A


1.3 International Banking

In its endeavor to come across with the best avenues for its customers engaged in inter-

national trade (importers and exporters), the Bank has expanded to 404 the number of

correspondent banks with whom it has exchanged SWIFT bilateral key exchange arrangements.

By the end of the reporting period, Dashen Bank’s correspondent banking relationship in SWIFT

covered 161 cities in 68 countries.

During the reporting period, the Bank has entered into agency agreement with VIGO

Remittance Corporation, a US-based Money Transfer Company, to provide customers with

an alternative channel for incoming international money transfers. As a continuation of our

endeavor to expand the global network for remittances, the Bank has also concluded an

agency deal with Xpress Money.

1.4 Payment Card Services

In the reporting period, the payment card services have witnessed significant strides. The

card acceptance network has expanded to 70 Automatic Teller Machines (ATMs) and 704

Point of Sale (POS) terminals. As a manifestation of the growing acceptance of the value

propositions bundled in our Payment Card Service, 48,402 additional customers have

subscribed to the VISA branded Dashen debit card, raising the total number of cardholders to

151,452. As a result, the volume and value of transactions entertained on our ATMs and POS

terminals have grown substantially. This business volume has remained pivotal in substantiating

the investment on the payment card system. In the reporting period, the Bank generated USD

75 million from international cards (VISA, MasterCard and Maestro), which rose by 14% from the

previous year’s level.

Financed Project - Ashraf Agri. & Ind. Plc, Bahir Dar Financed Project - Admas University College


Training in Session

2. FINANCIAL PERFORMANCE

2.1 Income Analysis Total income of the Bank grew to Birr 1.3 billion in 2010/11, from Birr 964.3 million in 2009/10 (33%

rise). The sizable growth in total income was propelled by the rise in interest income earned

from loans and advances (Birr 115.3 million), gain from foreign exchange transactions (Birr 79.25

million), commission (Birr 48.35 million), L/C opening and service charge (Birr 46.6 million) and

Treasury Bills (Birr 11.7 million).

As regards to the composition of income, non-interest income took the upper hand over interest income constituting for 52.1% of the aggregate income generated in 2010/11. In the reporting period, earnings from international banking activities surged by Birr 168.6 million (39%) on top of the level attained in 2009/10 to reach Birr 605.7 million, which represents 47.2% of the total income.

2.2 Expense Analysis

The overall operating expense of the Bank soared to Birr 652.1 million, registering 28.8% growth


The 15th Annual Managers’ Conference (July 22 - 23, 2011)

- 50 100 150 200 250 300 350

Interest Expense

Salaries and Benefit

General Expense

In millions of Birr

Comparative Expense by Type

2009/10

2010/11

over the previous year’s level of Birr 506.1 million. Interest paid on savings deposits alone grew by Birr 77.1 million (31%) as explained by the upward adjustment in interest rate and the continued robust growth in deposits. General Expense and Staff Salaries and Benefits also went high by 30.3% and 25.4% respectively. As regards to general expense, increasing volume of our operation and the prevailing inflationary situation have contributed for the reported hike.

2.3 Summary of Earnings

The operating profit of the Bank witnessed robust growth during the reporting period, mounting to Birr 629.9 million, up by 37.4% from the preceeding year’s level of Birr 458.3 million.


Inauguration of Humera & Gambella Area Banks

Profit Before Tax

Interest Expense

General Expense

Salaries & Benefits

Commission

Interest Income

Other Income

630.0

526.8

126.3

(144.7)

(181.1)

(325.3)

629.9

(700)

(200)

300

800

1,300

Incomes Profit Before Tax

In m

illio

ns o

f B

irr

Income, Expense & Pre-tax Profit

Expenses

3. MARKET EXPANSION

With the view to expand our market outreach, we have opened six more Area Banks during 2010/11, raising our network to 64. Two of the Area Banks opened in outlying towns are Humera and Gambella; whereas, the rest went operational in different corners of the capital, namely, Lebu, Bomb Tera, Gerji Mebrat Hail, and Piazza (in the locality of Taitu Hotel).

The drive to serve our customers 24/7 through payment card service is gaining impetus with the expansion of our card acceptance network. By the end of June 2011, we had expanded our ATM network to 70. So also, the number of POS terminals at various merchant locations had reached 704.

As part of its continuous effort to improve counter service, the Bank has begun implementing One-Window Service in selected Area Banks.


4. RISK MANAGEMENT

The new dimension of risk management and compliance require reporting of the Bank’s culture, processes, coordinated activities, and the structures that are directed towards realizing potential opportunities and/or managing adverse effects. The Bank’s Board defines tolerance limits for each risk level and key risk areas; the Bank has also updated its ‘risk register’by virtue of a monitoring and reporting program of risk management.

At last, we confirm that the Bank has had sustained no such ‘risks of impairment’ and maintained its ‘integrity up to the interest of all stakeholders’ ensuring that all applicable laws, rules and regulations are being complied with. Besides, in accordance to the directive issued by the NBE; the Bank honoured all compliance duties with respect to customer due diligence, “Know Your Customers” and “Anti-Money Laundering/Counter Terrorist Financing”.

5. HUMAN RESOURCES

Upholding its conviction for ‘growing own trees’, the Bank strives to nurture its human capital through continuous human resource development programs. In line with this, various in-house and external trainings courses were arranged that benefited 1,554 staff in different capacities. Furthermore, education assistance has also been given to 441 employees who have been pursuing further education at different levels.

By the end of June 2011, the staff strength of the Bank, including short and long term contract employees, stood at 2,826.

6. CONSTRUCTION OF OWN BUILDINGS

The endeavor in this regard has enabled the Bank to contribute its due share to improve the urban landscape of the Capital and several regional towns (including Adama, Awassa, Jimma, Dilla, Wolayta Sodo, Woldia, and Bedelle). The construction of our own buildings, which

Dashen Wolayta Area Bank BuildingDashen Dilla Area Bank Building


Donation for Ethiopian Red Cross SocietySigning ceremony with UnionPay

we expect will pay in the form of secure and efficient customer service, convenient work environment for staff that reinforces the aforementioned benefit and positive public image, among others, has continued in full swing.

7. INITIATIVES IN OPENING UP NEW PERSPECTIVES

The changing need of customers have always taken centre stage in Dashen Bank. We build on our strength and start gearing our business model to a well integrated One-Window Service through continuously upgrading our core banking system to its latest version. Besides, we have signed partnership agreement in card-acquiring business with UnionPay resulting from our strategic orientation and focus on further deepening of our Payment Card Service.

8. CORPORATE SOCIAL RESPONSIBILITY

Besides providing reliable and accessible modern banking products and services up to the highest expectation of our esteemed customers, we firmly intend to pursue our corporate social commitment. In 2010/11 the value of donation and contribution for good social causes was Birr 1.2 million. During the past five years, the Bank has donated a total of Birr 4.8 million.

9. PROPOSED DIVIDEND

Subsequent to the decision at the 14th extraordinary meeting of the shareholders, the paid-up capital of the Bank has grown to Birr 698,709,000 as depicted in the Balance Sheet. In consideration of the sizable plough-back, the Board of Directors proposes a cash dividend payment of Birr 225,000,000.

Thank You,

Teklu HaileChairman, Board of Directors10 September 2011


Auditors’ Report

INDEPENDENT AUDITORS’ REPORT TO THE SHAREHOLDERS OF DASHEN BANK SHARE COMPANY

We have audited the financial statements of Dashen Bank Share Company at 30 June 2011, the Profit and Loss Account, the Cash Flow Statement, and the related notes for the year then ended. These financial statements have been prepared under the accounting policies set out therein.

Respective responsibilities of directors and auditors

The directors’ are responsible for preparing the financial statements in accordance with applicable laws, regulations and Generally Accepted Accounting Principles. Their responsibilities include: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error, selecting and applying appropriate accounting policies, and making accounting estimates that are reasonable in the circumstances.

Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and Generally Accepted Auditing Standards and to express an opinion on these financial statements based on our audit and whether the financial statements are properly prepared in accordance with the relevant provisions of the Commercial Code of Ethiopia and the Banking Business Proclamation No. 592/2008. We also report to you whether in our opinion the information given in the Directors’ Report is consistent with the financial statements.

In addition we report to you if, in our opinion, the company has not kept proper accounting records, if we have not received all the information and explanations we require for our audit, or if information specified by law regarding directors’ remuneration and other transactions is not disclosed.

We read the Directors’ Report and consider the implications for our report if we become aware of any apparent misstatements within it.

Basis of audit opinion

We conducted our audit in accordance with Generally Accepted Auditing Standards. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgments made by the directors in the preparation of the financial statements,


and of whether the accounting policies are appropriate to the company’s circumstances, consistently applied and adequately disclosed.

We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatements, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements.

Opinion

In our opinion:

- the financial statements present fairly, in accordance with Generally Accepted Accounting Principles, the state of the company’s affairs as at 30 June 2011 and its result for the year then ended;

- the financial statements have been properly prepared in accordance with the relevant provisions of the Commercial Code of Ethiopia, the Banking Business Proclamation No. 592/2008 and the directives of the National Bank of Ethiopia.

- the information given in the Directors’ Report is consistent with the financial statements.

We have no comment to make on the report of your directors in so far as it relates to these financial statements and pursuant to Article 375 of the 1960 Commercial Code of Ethiopia, recommend approval of the above-mentioned financial statements.

A.W. Thomas L.P. Addis AbabaChartered Certified Accountants 16 September 2011(Auditors of the Dashen Bank S.C.)


Currency : Ethiopian Birr

Notes 2010

DASHEN BANK S.C.BALANCE SHEETAS AT 30 JUNE 2011

ASSETS Cash and balances with other banks Cash on hand 3 772,178,086 487,671,113 Deposits with local commercial banks 4 290,336,840 261,198,947 Deposits with foreign banks 2,209,547,284 2,280,213,906 Deposits with National Bank of Ethiopia 5 2,953,682,255 2,226,273,909 6,225,744,465 5,255,357,875Investments 6 1,697,875,795 1,426,215,795Items in course of collection from other banks 7 52,533,612 305,716,129Loans and advances to customers 8 6,093,873,109 4,938,736,202Other assets 9 395,641,060 262,477,512Fixed assets 10 194,127,115 164,882,525

TOTAL ASSETS 14,659,795,156 12,353,386,038 LIABILITIES Customers' deposits Demand 3,408,063,676 2,715,397,280 Saving 7,797,453,958 6,730,372,408 Fixed 635,721,100 698,780,088 11,841,238,734 10,144,549,776Margin held on letters of credit 384,572,562 231,437,596Other liabilities 11 858,358,568 719,834,298Provision for taxation 18 179,223,021 134,216,737 TOTAL LIABILITIES 13,263,392,885 11,230,038,407 SHAREHOLDERS’ FUNDS Share capital 12 698,709,000 591,860,000Legal reserve 452,880,242 340,216,401Retained earnings 19 244,813,029 191,271,230 1,396,402,271 1,123,347,631TOTAL LIABILITIES AND SHAREHOLDERS’ FUNDS 14,659,795,156 12,353,386,038


DASHEN BANK S.C.PROFIT AND LOSS ACCOUNTFOR THE YEAR ENDED 30 JUNE 2011


INCOME Interest income Loans and advances 592,641,091 477,299,822 Fixed deposits 8,711,889 4,472,938 Foreign deposits 2,324,586 883,095 Total interest income 603,677,566 482,655,855Interest expense Interest paid on deposits (325,272,464) (248,187,407) 278,405,102 234,468,448 Less: Provision for doubtful loans and advances (17,060,555) (11,361,495) 261,344,547 223,106,953Other income Service income 13 72,154,996 50,526,744 Letters of credit opening charges 46,136,425 21,137,663 Commissions 126,342,140 77,985,636 Gain on foreign exchange 14 388,908,319 309,649,462 Investment income 15 27,245,942 6,473,252 Sundry income 16 17,724,398 15,901,302 678,512,220 481,674,059EXPENSES Salaries and benefits 144,713,826 115,355,296 Rent 29,016,388 24,547,493 General and administrative 17 98,358,332 75,437,243 Depreciation 36,837,183 29,990,339 Directors’ remuneration 752,656 1,006,154 Audit fee and expenses 300,000 190,500 (309,978,385) (246,527,025)PROFIT BEFORE PROVISION FOR TAXATION 629,878,382 458,253,987 Provision for taxation 18 (179,223,021) (134,216,737)NET PROFIT AFTER PROVISION FOR TAXATION 450,655,361 324,037,250 Transfer to legal reserve (25%) (112,663,840) (81,009,312) Transfer to retained earnings 19 337,991,521 243,027,938

Earnings per share 20 753 609

Notes 2010


Cash flows from operating activitiesOperating profit before provision for taxation 629,878,382 458,253,987 Adjustments for: Depreciation 36,837,183 29,990,339 Gain on disposal of fixed assets (59) (183,740) Investment income 15 (27,245,942) (6,473,252) 639,469,564 481,587,334

Decrease in items in course of collection 7 253,182,517 37,995,300Increase in loans and advances to customers 8 (1,155,136,907) (589,486,208)Increase in other assets 9 (133,163,547) (63,793,760)Increase in demand deposits 692,666,396 525,647,944Increase in saving deposits 1,067,081,550 1,696,865,594Decrease in fixed deposits (63,058,988) (3,174,051)Increase in margin held on letters of credit 153,134,968 71,797,741Increase in other liabilities 11 138,524,270 83,407,727 Business profit tax paid 18 (134,216,737) (102,611,999)Directors’ bonus paid 19 (8,925,402) (3,748,146)Net cash inflow from operating activities 1,449,557,682 2,134,487,475Cash flows from investing activitiesPurchase of fixed assets 10 (66,088,996) (85,178,926)Disposal of fixed assets 7,282 230,700Investment income 15 27,245,942 6,473,252Increase in investment in Treasury & NBE bills 6 (271,660,000) (1,397,830,000)Net cash used for investing activities (310,495,772) (1,476,304,974)

Cash flows from financing activitiesProceeds from issue of share capital 7,030,000 3,492,000Dividend paid 19 (175,705,320) (109,128,200)Net cash used in financing activities (168,675,320) (105,636,200) Net increase in cash and cash equivalents 970,386,590 552,546,301 Cash and cash equivalents, opening balance 5,255,357,875 4,702,811,574 Cash and cash equivalents, closing balance 6,225,744,465 5,255,357,875

Notes 2010


DASHEN BANK S.C.STATEMENT OF CASH FLOWFOR THE YEAR ENDED 30 JUNE 2011


1. ESTABLISHMENT

The Bank is a privately owned company established in 1995 in accordance with the “Licensing and Supervision of Banking Business Proclamation No. 84/1994” of Ethiopia to undertake commercial banking activities.

The Bank obtained its license from the National Bank of Ethiopia on 20 September 1995 and started normal business activities on 1 January 1996. It operates through its Head Office in Addis Ababa and 64 area banks, 5 Foreign Exchange Bureaux, 704 Point of Sale (PoS) terminals and 70 Automatic Teller Machines (ATMs) located within and outside Addis Ababa.

2. ACCOUNTING POLICIES

The significant accounting policies adopted by the Bank are summarized hereunder:

(a) Accounting convention

These financial statements are prepared under the historical cost convention and generally accepted accounting principles.

(b) Interest income and expenses

Interest income and interest expenses are accounted for on the accrual basis. However, no interest is accounted for unpaid past due loans and advances.

(c) Other income

All other income is accounted for at the time of completion of related banking transactions.

(d) Conversion of foreign currencies

(i) Foreign currency denominated transactions are converted into Birr at the prevailing rates of exchange and realized foreign exchange gains or losses are reflected in the profit and loss account.

(ii) Year–end balances of foreign currencies on hand and with correspondent banks are converted into Birr at the mean of the buying and selling rates ruling at the balance sheet date.

(iii) During the fiscal year the mid-market rate of the ETB against the US Dollar has been within the range of Birr 13.6696 to Birr 17.0772 to the US Dollar.

DASHEN BANK S.C.NOTES FORMING PART OF THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 30 JUNE 2011


(e) Provision for doubtful debts

The provision for doubtful loans and other receivables is maintained at a level adequate to cover possible losses. Management determines the adequacy of the provision based upon reviews of individual credits and other related factors, and pursuant to the Directives of the National Bank of Ethiopia.

(f) Fixed assets

Fixed assets are stated at cost, net of depreciation calculated on the following bases at their respective rates per annum.

i) Buildings are depreciated based on the straight-line method at a rate of 5% per annum.

ii) The following categories of business assets are depreciated based on the declining balance method:

Furniture and fixtures 20%

Office and other equipment 20%

Computer hardware and software 25%

Motor vehicles 20%

The depreciation base is the book value as recorded in the opening balance sheet of the accounting period including assets acquired during the period and excluding net book value of assets disposed of.

3. CASH ON HAND 2010

Local currency 692,586,107 451,569,197

Foreign currency 76,306,986 32,619,847

Travelers’ cheques 2,862,993 2,528,469

Ethiopian Millennium commemorative coins 422,000 953,600

772,178,086 487,671,113

4. DEPOSITS WITH LOCAL COMMERCIAL BANKS

Current accounts 116,070,533 75,310,168

ECX accounts 8,070,526 30,888,779

Fixed deposits 165,000,000 155,000,000

ATM inter-operability account* 1,195,781

290,336,840 261,198,947

* Dashen Bank made a bilateral agreement for ATM inter-operability with Zemen Bank on 17th August 2010. This provides service execellence to customers of both Dashen and Zemen Banks.


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5. DEPOSITS WITH NATIONAL BANK OF ETHIOPIA 2010

Statutory reserve 1,800,000,000 1,525,000,000

Payment and settlement account 1,153,682,255 701,273,909 2,953,682,255 2,226,273,9096. INVESTMENTS a) Short term investment is Treasury Bills 698,390,000 1,397,830,000

b) Long term investments

NBE Bills (i) 971,100,000

Tana Building (ii) 22,801,795 22,801,795 Nyala Insurance S.C. (iii) 5,584,000 5,584,000 1,697,875,795 1,426,215,795

(i) Following Directive No. MFA/NBE Bills/001/2011 to purchase government bonds to be calculated at 27% of the loans disbursed from 1 July 2010, Dashen Bank S.C. purchased bonds totalling Birr 971,000,000 during the year ended 30 June 2011.

(ii) The Bank and MIDROC Ethiopia PLC following their agreement on 5 October 2001 acquired

jointly the Tana Department Store Building in Addis Ababa, as a result of a tender procedure

instituted by the Commercial Bank of Ethiopia.

According to the terms of the agreement between the two joint venture parties:

a) The contributions for the acquisition are:

MIDROC Ethiopia PLC 60% 34,202,693 34,202,693 Dashen Bank S.C. 40% 22,801,795 22,801,795

57,004,488 57,004,488

b) Dashen Bank S.C. is appointed to manage and administer the affairs of the building.

c) The results of operations are to be shared pro-rata to the respective contributions.

(iii) The Bank has 5,584 shares at par value of Birr 1,000 each in Nyala Insurance S.C.

7. ITEMS IN COURSE OF COLLECTION FROM OTHER BANKS

Un-cleared local cheques (i) 12,397,878 267,011,553

Outward bills purchased 2,634,084 2,617,376

Outward documentary bills purchased 15,566,771 25,966,901

MoneyGram paid and outstanding 4,136,779 1,470,109

Western Union paid and outstanding 17,798,100 8,650,190

52,533,612 305,716,129

(i) Implementation of the Ethiopian Automated Transfer System as a new inter-bank payment system by the National Bank of Ethiopia and participant banks on 3 June 2011 caused the balance of cheques in course of collection to decrease significantly.


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8. LOANS AND ADVANCES TO CUSTOMERS 2010

Agriculture 124,681,876 139,429,906 Manufacturing 1,417,640,681 1,136,637,857 Domestic trade and services 1,980,205,381 1,498,239,365 Export 378,221,334 452,324,704 Import 546,488,378 470,436,746 Construction machinery and working capital 410,701,283 399,698,555 Transport 432,383,202 317,079,960 Advances on letters of credit 217,254,576 58,347,487 Personal 1,954,126 1,018,780 Loans in litigation 57,210,972 97,510,944 Loans under re-activation 49,505 Staff housing loans 58,369,314 49,871,256 Real estate 595,509,005 428,197,540 Less: Provision for doubtful loans and advances (123,664,930) (106,944,940) Suspended interest account (3,082,089) (3,161,463) 6,093,873,109 4,938,736,202

8.1 The Bank is a party to various legal proceedings in relation to loans and advances, the ultimate resolution of which is not expected to have a materially adverse effect on the financial position of the Bank or the results of its operations.

9. OTHER ASSETS Stocks of - stationery, printing and computer supplies 3,662,043 3,555,017 - passbooks, drafts and CPOs 2,260,864 3,583,278 - cheque books 2,704,472 1,486,478 - fixed assets 8,752,569 10,773,906 - cleaning and sanitation 10,469 6,002 - entertainment supplies - 279 - uniforms 378,894 112,092 - debit cards 1,186,119 1,307,508 - PIN mailers 250,613 48,992 - revenue stamps 8,384 6,586 - sundry materials 20,550 43,002 19,234,977 20,923,140Outstanding rent deposit (National Trading Enterprise) 2,584,052 2,436,149Prepayments 34,776,389 32,568,419Staff advances 11,526,976 9,184,158Purchase advances 30,481,928 13,427,608Suspense account (National Bank of Ethiopia) 707,400 707,400Other non-current assets (see below 1) 272,649,918 164,972,560Sundry debtors (see below 2) 23,679,420 18,258,078 395,641,060 262,477,512

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2010 Other non-current assets - above 1 Acquired properties 2,881,321 1,392,290 Blocked account for building constructions 9,095,917 9,095,917 Constructions in progress * 218,348,140 136,607,697 Cash collateral to VISA 3,433,498 1,515,249 Deposit for utilities and office rent 196,418 196,418 Deposit for signboards and logo 14,000 14,000 Suspense, fixed asset account ** 25,223,106 3,979,736 Deferred land lease charges 13,457,518 12,171,253 272,649,918 164,972,560

* Unpaid capital commitments for constructions in progress at Bahir Dar and Lideta sites amounted to approximately Birr 190,339,479.

** The suspense account for fixed assets relates mainly to up-grading of the computerised banking system.

Sundry debtors - above 2

Credit cards 7,631 7,631 Counterfeit cash notes (National Bank of Ethiopia) 75,781 Stolen money and related court fees 1,758,091 1,826,886 Wrong payments and overdrawn accounts 245,639 22,331 Charge-back in connection with foreign cards 3,246,766 3,707,948 2% withholding tax 130,921 116,313 Receivable from VISA 188,534 38,360 Payment cards 1,259,610 1,296,471 Receivable from MasterCard 1,320,579 5,051,817 Interest receivable on fixed deposits 4,726,575 3,480,774 Interest receivable on treasury bills 862,500 1,066,154 Interest receivable on NBE bills 5,487,649 Miscellaneous 4,369,144 1,643,393

23,679,420 18,258,078

OTHER ASSETS(Cont’d)

-

-



10. FIXED ASSETS Cost 01/07/10 Additions Adjustments / 30/06/11 Disposals Premises 79,552,588 11,012,245 - 90,564,833 Furniture and fixtures 34,716,742 6,902,578 (5,840) 41,613,480 Office and other equipment 37,599,251 9,149,513 (5,080) 46,743,684 Computer hardware and Software 105,653,982 22,137,760 (11,980) 127,779,762 Motor vehicles 51,419,862 16,886,900 - 68,306,762 308,942,425 66,088,996 (22,900) 375,008,521

Accumulated depreciation Premises 6,338,374 4,528,241 - 10,866,615 Furniture and fixtures 19,443,719 4,433,622 (5,466) 23,871,875 Office and other equipment 20,285,740 5,291,038 (1,015) 25,575,763 Computer hardware and software 68,490,399 14,823,299 (9,196) 83,304,502 Motor vehicles 29,501,668 7,760,983 - 37,262,651 144,059,900 36,837,183 (15,677) 180,881,406

Net Book value Premises 73,214,214 79,698,218 Furniture and fixtures 15,273,023 17,741,605 Office and other equipment 17,313,511 21,167,921 Computer hardware and software 37,163,583 44,475,260 Motor vehicles 21,918,194 31,044,111

164,882,525 194,127,115




11. OTHER LIABILITIES 2010

Outstanding transfers 131,172,458 148,875,207 CPOs and certified cheques issued 481,851,028 243,053,653 Exchange payable to National Bank of Ethiopia 40,142,720 25,576,672 Mail and telegraphic transfers 38,593,901 33,416,148 Blocked current and saving accounts 19,346,502 11,381,874 Demand drafts payable 234,000 146,629 Accrued interest payable on fixed deposits 17,921,224 20,178,833 Accruals 37,092,320 25,661,757 Taxes 5,234,953 2,890,887 Unearned revenue 588,236 1,461,690 Special reserve, Article 21 of Proclamation 592/2008 45,000,000 35,000,000 Tana Department Store building 3,557,784 5,137,028 Cheques under special clearance (i) 90,807 148,388,230 Retention on construction work 7,731,012 7,862,639 Sundries (see below) 29,801,623 10,803,051 858,358,568 719,834,298

(i) Implementation of the Ethiopian Automated Transfer System as a new inter-bank payment system by the National Bank of Ethiopia and participant banks on 3 June 2011, resulted in significant decrease of cheques under special clearance as of 30 June 2011.

Sundries

National Motors Corporation 126,500 126,500 Refundable excess collection on property auctioned 13,931,435 Office rent payable 258,232 330,306 ATM rejected note control 16,510 136,658 Agent commission on credit cards 18,744 8,914 Payable to MIDROC Ethiopia PLC 70,838 64,698 Deposits for guarantees 1,156,013 635,769 Adjustment and refund account 28,870 34,188 Merchant control account 24,768 152,204 Charge-back for ATM/PoS 1,605,419 1,646,964 Loan repayment, suspense account 1,758,062 Payables to shareholders 4,174,448 2,637,540 Miscellaneous 6,631,784 5,029,310

29,801,623 10,803,051


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-



12. SHARE CAPITAL 2010

Authorized capital 1,000,000 Ordinary Shares of Birr 1,000 each 1,000,000,000 1,000,000,000Paid-up capital 698,709 Ordinary shares of Birr 1,000 each 698,709,000 591,860,000

The paid-up capital has been raised by Birr 106,849,000 during the fiscal year of which Birr 7,030,000 refers to new issued shares and Birr 99,819,000 represents stock dividend.

13. SERVICE INCOME Service charges - local 6,384,384 4,659,092 Service charges - foreign 65,770,612 45,867,652 72,154,996 50,526,74414. GAIN ON FOREIGN EXCHANGE Other gains on foreign exchange 288,170,741 309,649,462 Windfall gain (net) (i) 100,737,578 - 388,908,319 309,649,462

(i) Following the Birr devaluation at 1 September 2010, Dashen Bank S.C. obtained Birr 402,950,212 as Windfall Gain and paid 75% as Windfall Gain tax i.e. Birr 302,212,634 to the Ethiopian Revenue and Customs Authority in accordance with Income Tax (amended) Proclamation No. 693/2010 and Directive No. 29/2010. The balance of Birr 100,737,578, represents the net (25%), windfall gain to the bank.

15. INVESTMENT INCOME Treasury Bills 15,405,636 3,669,404

NBE Bills 5,487,649

Tana Building 4,626,498 1,548,297

Nyala Insurance S.C. 1,726,159 1,255,551

27,245,942 6,473,252

16. SUNDARY INCOMETelecommunications 10,022,743 9,968,673Postage 181,020 124,552Estimation fees 744,711 536,609Correspondent bank charges 114,864 13,021Legal fees 17,364 10,495Miscellaneous 6,643,696 5,247,952

17,724,398 15,901,302


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17. GENERAL AND ADMINISTRATIVE EXPENSES 2010

Stationery, printings and computer supplies 9,644,500 8,537,916

Telecommunications 13,147,190 11,407,283

Postage 351,537 270,840

Advertisements 7,658,119 5,453,694

Entertainment 1,040,409 753,197

Insurance 2,611,566 1,977,535

Fuel and lubricants 4,187,073 2,970,181

Per-diems 2,108,073 1,351,734

Representation allowance 1,485,368 1,345,443

Transport 2,144,809 1,264,961

Water and light 2,476,915 1,800,634

Special reserve, Article 21 of

Proclamation 592/2008 10,000,000 7,841,292

Maintenance and repairs 6,315,416 4,779,575

Donations and contributions 1,189,375 1,170,000

Professional fees 8,650,347 5,533,145

Bank charges 1,579,439 1,005,157

VISA charges 5,001,363 4,027,038

PoS reimbursement charges 4,364,763 6,109,879

Fixed assets 990,636 239,306

Cost of debit cards 1,905,370 1,504,606

Cost of PIN mailers 42,526

Operating lease 249,212 480,833

MasterCard charges 7,488,189 2,539,541

Sundries 3,726,137 3,073,455

98,358,332 75,437,243


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18. PROVISION FOR TAXATION

2010

Profit before provision for taxation 629,878,382 458,253,987Add: Depreciation as per bank’s policy 36,837,183 29,990,339 Representation in excess of 10% of basic salary 57,068 Penalties 49,229

Entertainment 1,040,409 753,197 37,983,889 30,743,536Less: Interest on Treasury Bills 15,405,636 3,669,404

Gain on disposal of fixed assets 59 183,741 Depreciation for tax purpose pursuant to Proc. No. 286/2002 36,843,090 29,954,579 Interest on foreign deposits * 2,324,586 883,095 Interest on local deposits 8,711,889 4,472,938 Dividend earned on shares 1,726,159 1,255,551 Interest earned on NBE bills 5,487,649 Bad debts written off against provision held before June 2002 340,565 1,336,275 70,839,633 (41,755,583)Taxable profit 597,022,638 447,241,940Taxation (a) 597,022,638 @ 30% 179,106,792 134,172,582 (b) 2,324,586 @ 5% * 116,229 44,155 179,223,021 134,216,737

* Profit tax is computed at the rate of 5% on interest earned on deposit with foreign banks as

per Income Tax Proclamation No. 286/2002, Article 36, Sub Article 1.


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19. RETAINED EARNINGS 2010

Balance, 1 July 2010 191,271,230 120,975,638 Add: Transfer of current year profit (2011) 337,991,521 243,027,938 529,262,751 364,003,576 Less: Dividend paid (2010) 175,705,320 109,128,200 Directors’ Bonus paid (2010)** 8,925,402 3,748,146 Transfer to paid-up capital (2011) 99,819,000 59,856,000 (284,449,722) (172,732,346) 244,813,029 191,271,230

** The resolution at the 14th ordinary meeting of the shareholders held on 6 November 2010 amended the decision made on 30 October 2008 regarding the directors’ bonus wrongly minuted as 2% of profit after legal reserve instead of after profit tax. As a result, arrears of directors’ bonus for the year 2008 Birr 1,195,275, for the year 2009 Birr 1,249,382 and for the year 2010 Birr 6,480,745 where paid during the current year.

20. EARNINGS PER SHARE

Earnings per share for the year are calculated on the basis of the average number of shares outstanding during the year.

21. MEMORANDUM AND CONTINGENT ITEMS

(a) Memorandum and contingent assetsInterest on loans and advances in litigation 37,892,852 35,794,440Interest on loans and advances under re-activation 28,228 69,358Outward bills for collection 3,001,638 1,441,154Inward bills for collection 224,244,022 109,537,112 265,166,740 146,842,064

(b) Memorandum and contingent liabilities Guarantees issued to customers 382,047,304 312,466,051 Letters of credit 1,246,883,190 713,766,269 Less: Margin held on letters of credit (384,572,561) (231,437,596)

862,310,629 482,328,673 1,244,357,933 794,794,724

(c) The un-utilized balances of overdraft facilities granted to customers as at 30 June 2011 amounted to Birr 556,575,000 (2010 Birr 479,623,000).

22. EMPLOYEES’ BENEFITS SCHEMES Regarding the provident fund scheme, the Bank contributes 15% of basic salary while employees

contribute 7%. These contributions are held for each individual in saving accounts of the Bank. All other employees’ benefits are in accordance with the Labour Proclamation No. 377/2003 and Labour Amendment Proclamation No. 494/2006. Eligible staff also benefit from Housing Loans.

23. COMPARATIVE FIGURES Some comparative figures have been reclassified for a better comparison.



Addis Ababa City

S/N Area Bank Manager Telephone Fax P. O. Box

Area Bank Managers’ Address

1 Abakoran Ato Assefa Ado 011-278 1118 011-278 1121 180281

2 Africa Andinet Ato Getnet Dessie 011-416 7256 011-416 4177 41876

3 Airport Ato Workaferahu Molla 011-663 8596 011-663 8595 110616

4 Arada Ato Mulugeta Menberu 011-156 2657 011-156 2564 20314

5 Bisrate Gabriel Ato Giragn Garo 011-320 3777 011-320 3737 1428/1033

6 Bole Ato Ayele Teshome 011-552 1860 011-552 1858 62 /100

7 Bomb Tera Wr/o Woinshet Girma 011-213 4338 011-213 4331 180023

8 City Councill Ato Mesfin Bezu 011-111 4285 011-111 4379 54164

9 CMC Ato Haileyesus Tesfaye 011-646 3918 011-646 3931 170831

10 Gerji Mebrat Hail Ato Yihenalem Aknaw 011-629 2499 011-629 2543 46321

11 Goffa Ato Addisu Ayalew 011-467 3202 011-467 0049 122770

12 Golla Ato Hailu Bulbula 011-111 7490 011-155 9322 16132

13 Gullele Ato Amare Melka 011-213 3995 011-213 3993 160389

14 Gurd Sholla Ato Kassahun Tsegaw 011-646 6370 011-646 6367 2294 /1250

15 Kality Ato Yohannes Meresa 011-439 3604 011-439 0888 13677

16 Kera Ato Ashenafi Berhanu 011-467 0099 011-465 4788 13136

17 Kolfe Ato Petros Moges 011-280 0125 011-279 6128 109/1022

18 Lagar Ato Tilahun Kifle 011-550 8114 011-550 8113 21922 /1000

19 Lebu Ato Tiruneh Getaneh 011-419 9604 011-419 9605 145249

20 Lideta Ato Solomon Diriba 011-552 5645 011-552 5643 41288

21 Main Ato Alemayehu Simie 011-467 0363 011-465 4772 12752

22 Megenagna Ato Tamiru Girma 011-663 5663 011-663 2536 110470

23 Meskel Flower Ato Mulugeta Negash 011-467 3794 011-467 3793 1274/1110

24 Messalemia Ato Daniel Alemu 011-278 7190 011-276 7356 182452

25 Piazza Ato Meseret Yazachew 011-157 2355 011-157 1388 57085

26 Saris Ato Ephrem Setargew 011-442 0123 011-442 0118 123384

27 Sebategna Wr/t Ketsela Lule 011-277 2890 011-277 2891 180169

28 Taitu Ato Tesfaye Matiwos 011-155 1994 011-155 1990 25269

29 Tana Ato Andualem Belete 011-275 3411 011-278 1253 182482

30 Tikur Anbessa Ato Wossen Tegegn 011-554 2165 011-554 2163 2544

31 Wuha Limat Ato Melkamu Asaminew 011-662 2157 011-662 2158 110379

32 Yerer Ber Ato Amha Mulugeta 011-629 8146 011-629 8132 23498 /1000


Up-Country

S/N Area Bank Manager Telephone Fax P. O. Box

Area Bank Managers’ Address

1 Adama Ato Elias Hussien 022-111 3480 022-111 5644 13

2 Adigrat Ato Yemane Teka 034-445 5064 034-445 2716 302

3 Alamura Ato Demeke Tsegaye 046-220 5509 046-220 5528 1770

4 Arbaminch Ato Asnake Demessie 046-881 1511 046-881 0685 2044

5 Assela Ato Yalew Nigussie 022-331 7705 022-331 7704 1072

6 Awassa Ato Alemu Abera 046-220 4967 046-220 4968 907

7 Bahir Dar Ato Tilaye Eniyew 058-220 2166 058-220 1573 886

8 Bedelle Ato Tariku Negash 047-445 1101 047-445 1311 138

9 Bensa Ato Daniel Melkae 046- 337 0283 046-337 0201 6

10 Debre Berhan Ato Yetwale Dessie 011-681 6376 011-681 6266 482

11 Debre Markos Ato Zelalem Molla 058-771 7133 058-771 7135 399

12 Dessie Ato Fitsum Yohannes 033-111 4400 033-111 9427 78

13 Dilla Ato Manyahelhal Zewdie 046-331 0982 046-331 2215 427

14 Dire Dawa Ato Dawit Ayalew 025-111 07 66 025-111 07 87 1391

15 Djibruk Ato Zerihun Gessese 034-441 0851 034-441 3985 746

16 Dukem Ato Daniel Assefa 011-432 0644 011-432 0359 1439

17 Gambella Ato Ermias Mamo 047-551 0999 047-551 1118 306

18 Gondar Ato Sissay Teferi 058-111 6000 058-111 4344 1085

19 Harar Wr/o Nurit Mohammed 025-666 5958 025-666 3648 26

20 Hossaena Ato Tadesse Kassahun 046-555 4226 046-555 4227 455

21 Humera Ato Zewedie Mekonnen 034-448 1817 034-448 1678 139

22 Injibara AtoTesfaye Mequanint 058-227 1239 058-227 1237 67

23 Jimma Ato Samuel Midekssa 047-111 2931 047-111 2932 880

24 Kombolcha Ato Habtamu Chanie 033-551 1500 033-551 1495 350

25 Mekelle Ato Haile Kahsay 034-441 6781 034-441 0808 641

26 Nazareth Arada Ato Feysel Omer 022-111 3263 022-111 1282 765

27 Sebeta Ato Tesfaye Beyecha 011-338 3557 011-338 3556 358

28 Shashemene Ato Yihenew Bizualem 046-110 0316 046-110 6036 118

29 Shire Ato Halefom Seyoum 034-444 2480 034-444 2728 299

30 Wolayta Sodo Ato Tesfaye Molla 046-551 5223 046-551 5222 223

31 Woldia Ato Cherinet Tesfaye 033-331 2215 033-331 2217 216

32 Zeway Ato Natnael Guta 046-441 4520 046-441 4523 440


S/N ATM Name Specific Location

LIST OF ATMs WITH THEIR LOCATION 1 Sheraton Addis Hotel (2) Sheraton Addis 2 Hilton Hotel Menilik II Avenue 3 Wabi Shebelle Hotel Ras Abebe Aregay Street4 Ethiopia Hotel Yohannes Street5 Lucy Gazebo Restaurant National Museum6 Ras Hotel Gambia Street, Near to National Theatre7 Intercontinental Hotel Guini Conacrai Street8 Harmony Hotel Bole Medhanialem9 Jupiter International Hotel Guini Conacrai Street, Kasanchis10 Honey Land Hotel Baron Business Building, Jimma 11 Getu Commercial Center Africa Avenue12 D.H. Geda Tower Africa Avenue13 Tk International Building Africa Avenue14 Kurtu International Building Ras Habtegiorgis Street15 Adams Pavilon Building Pushkin Square, Sarbet 16 Edna Mall Building Bole Medhanialem17 Yoly Building Mikili Land St., Near to Atlas Hotel18 Addis Ababa University 6 Killo Campus19 Bahir Dar University At University Campus20 Bahir Dar University Poly campus21 Gondar University Marakay campus22 Gondar University Medical college23 Dire Dawa University At University Campus24 Haromaya University At Haromaya Campus25 Adama Uniiversity At University Campus26 Dashen Africa Andinet AU Head Quarter,Yezelalem Building27 Dashen Airport Cameroon Street, Bright Tower Building 28 Dashen Arada Belay Zeleke Road, Sor Amba Hotel 29 Dashen Bisrate Gabriel Adot Multplex Building30 Dashen Bole Bole Road,Garad Building31 Dashen CMC CMC , Four Y Building32 Dashen Goffa Goffa Mazoria, Kebede Baye Building33 Dashen Gullele Gullele, Martha Building34 Dashen Gurd Sholla Gurd Sholla , Meher Building35 Dashen Kality Kality, Crown Hotel36 Dashen Kera Bulgaria Mazoria,G/Kidan T/Giorgies Building37 Dashen Lideta Chad Street, Alsam Chelelek Building38 Dashen Main (2) Debrezeit Road, Garad Building39 Dashen Megenagna (2) Equatorial Guinea Street, Lem Hotel40 Dashen Meskel Flower Gabon Street, Tebebu Budg.41 Dashen Messalemia Messalemia , near to Shewa Tsega Budg. 42 Dashen Piassa (2) Deguel Square, infront of Oslo Café43 Dashen Saris Saris , Dawi Building44 Dashen Tana Merkato,Tana Building45 Dashen Tikur Anbessa Tikur Anbessa Area, Dres Building46 Dashen Wuha Limat Haile G/Selasie Road, COMET Building47 Dashen Yerer Ber Around Imperial Hotel,Sami Building 48 Dashen Abakoran Gojam Berenda, Yirga Haile Building49 Dashen Golla Tekle Haimanot , Garad Building50 Dashen Kolfe Kolfe Atana Tera , Berehan Chora Building51 Dashen Adama Dashen Adama Building52 Dashen Alamura Dashen Alamura Area Bank , Awassa Town53 Dashen Awassa Dashen Awassa Building54 Dashen Bahir Dar Protection House55 Dashen Dessie Haji Mohammed Yasin Tower56 Dashen Dire Dawa Garad Budlding57 Dashen Djibruk Aregawi Hailu Building, Mekelle Town58 Dashen Dukem Near to Werkamaw Hotel59 Dashen Gondar Gondar Town60 Dashen Harar Garad Building61 Dashen Jimma Dashen Jimma Building62 Dashen Mekelle Garad Building63 Dashen Nazareth Arada Abdi Gudina Budg.,Adama Town

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Tel.: +251 11 663 3860/68, Fax: +251 11 663 3863, E-mail: [email protected], Addis Ababa, Ethiopia

Tel.: +251- 11-466 13 80

Fax.: +251- 11-465 30 37

P. O. Box: 12752, SWIFT: DASHETAA

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Website:www.dashenbanksc.com

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