Happy Hour!

Executives of Awash International Bank (AIB) have every reason to be happy about their bank. And their happiness has a price tag of 617.7 million Br – a profit the Bank has made in the fiscal year that ended in June, 2014. This feeling of Tsehay Shiferaw, right, the Bank’s president, was shared by Girma Woldegiorgis, middle, former president of Ethiopia, Tsegaye Kemsi, left, chief executive officer of Awash Insurance Company (AIC) and Getahun Nana, far left, vice governor at the National Bank of Ethiopia (NBE). The Bank’s profit has seen an increase of 41pc compared to the previous year. Underlying the increase in profit were earnings from foreign exchange and interests. Though the performance of the Bank pleased executives, there are differing views about the increasing interest expenses on deposits. The dominant feeling from executives, including Tsehay, is that this remains a concern for the Bank that is celebrating its 20th year anniversary.