AWASH

AWASH INTERNATIONAL BANK

ANNUAL REPORT 2015/16 1

INTERNATIONAL
BANK S.C.

ANNUAL REPORT
FOR FINANCIAL YEAR
ENDED 30 JUNE 2016

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 AWASH INTERNATIONAL BANK
2 ANNUAL REPORT 2015/16

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 AWASH INTERNATIONAL BANK
ANNUAL REPORT 2015/16 3

Highlights of AIB’s Financial Performance

Financial Highlights of Birr)
(In Millions of AIB’s Performance
 
(In Millions of Birr)
                 
 
Total  
2015/16   31,148.0  
Ù23.9%
Assets 2014/15  
25,140.0  

2013/14   22,106.0  
 
 
 
                         
             
             Capital    
2015/16   3,934  
Ù23.5%
3,185  
       &  Reserve          
2014/15  
       
             
2,597  
             
2013/14  

2015/16   24,236  
 
Deposits 2014/15   19,506  
Ù24.2%
2013/14   16,118  

 
 
  2015/16   15,455  
Loans  &    
Total  Assets                        Ù  23.5%  
Advances 2014/15  
12,482   Ù 23.8%
2013/14   9,176   %
 
       

 
Total  Assets  
 
   
2015/16         986                Ù  23.5%  
Profit  
861  
14.5%
before  Tax   2014/15  

2013/14  
829  
%
 
 
 
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4 ANNUAL REPORT 2015/16

Highlights of AIB’s Performance

Highlights of AIB’s Performance
(In Number)
(In Number)

  2015/16  
240  

Number   Ù18.8%
of  
2014/15   202  
Branches

2013/14   150  

 
   

                           
 
2015/16   6,003  
No.  of  
Employees   5,847  
Ù2.7%
2014/15  
 

2013/14   4,787  
 
                       

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ANNUAL REPORT 2015/16 5

TABLE OF CONTENTS
Contents Page
Board Chairman’s Message 7
The President’s Message 11
Report of the Board of Directors 16
1. Operational Performance 16
1.1 Mobilization of Deposits 16
1.2 Loans & Advances 17
1.3 International Banking Services 20
1.4 Assets 21
1.5 Capital 21

2. Financial Performance 21
2.1 Income 21
2.2 Expenses 22
2.3 Profit 23
2.4 Proposal on Dividend 24
3. Organizational Developments 24
3.1 Transforming AIB: Vision 2025 24
3.2 Branch Expansion 25
3.3 Information Technology 26
3.4 Construction of Own Buildings 26
3.5 Human Resources Development 28

4. Corporate Social Responsibility 29

Auditors Report 33

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6 ANNUAL REPORT 2015/16

THE BOARD OF DIRECTORS

Ato Tabor Wami

Chairman

Eng.Antonio Carnivalle Asegedech W/Mariam Daniel Tewodros Elias Bedada

V/Chairman Director Director Director

Epherem Tesfaye Fanta Tesgera (Dr) Girma Borishie Kibret Shuma

Director Director Director Director

Kidist Duguma Yared Abera Yidnekachew Ayele

Director Director Director

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ANNUAL REPORT 2015/16 7

Board Chairman's Message

merchandise trade sustained its momentum.
Looking ahead, the economic recovery is
expected to proceed and its favorable impact on
financing conditions together in improvements in
corporate profitability is benefiting investment.

On the other hand, a worldwide decline in the

price of export commodities, notably coffee
and oil crops created pressure on the foreign
exchange earnings of our country in general and
the banking industry in particular.

Nevertheless, despite these constraints, our

proven strategy and highly engaged work force
allowed the bank to maintain and reinforce our
strong position across the banking industry. The
overall operational results of AIB in the major
banking activities during the period under review
were gratifying as summarized below:-
1. Total deposits including margin held, grew by
Birr 4.73 billion (24%) as compared to last
year, same period, and reached Birr 24.24
Ato Tabor Wami billion.
2. Total loans and advances grew by birr 2.97
Chairman, Board of billion (24%) as compared to the previous year,
Directors same period, and reached Birr 15.45 billion.
3. Total income of the bank surged to Birr 2.82
On behalf of the Board of Directors of Awash billion, showing a growth of Birr 521.4 million
International Bank Share Company and on my own (23%) as compared to last year, same period.
behalf, I am greatly honored to welcome you all, 4. The total asset of the bank reached Birr 31.1
to the 21st AIB‘s Shareholders Annual General billion.
Meeting. I have also the pleasure to present the 5. The number of branches, which was 202 last
Annual Report of the Board of Directors for the year, same period, grew by 38 and reached
Financial Year ended June 30, 2016 in line with 240.
the Commercial Code of Ethiopia. 6. The total number of shareholders as of June
30, 2016 rose to 3,600 and its paid up capital
Different reports show that the global economic soared to Birr 2.2 billion.
7. The gross profit before provisions and tax
activity was stabilized during the beginning
increased to Birr 1.004 billion showing a growth
of 2016 and the financial market turmoil has
of Birr 134.8 million (16%) as compared to last
dwindled. The volume of world’s imports of goods
year same period.
grew between 1.2%-1.5% in which the upward
8. Profit after tax of the year recorded Birr
revision was driven by more positive data for
743,765,868 while Earning Per Share (EPS)
some continents. Global headlines inflation
registered Birr 371.
remained at low levels and crude oil prices have
been traded in the range of USD 38-47 per barrel
During the year under review the Board of
reflecting a moderation in the world over supply.
Directors was busy overseeing the bank’s activity
World trade has shown resilience and global

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8 ANNUAL REPORT 2015/16
including projects such as, Vision 2025, ICT and Board, the dedication of the Management and
Building Projects. the commitment of the Employees to implement
the bank’s plans and programs.
Concerning “Vision 2025” project, with the It should also be noted that the achievements
direction of the Board, the Management would have been impossible without the support
officially signed a contract agreement with an of our esteemed shareholders, customers, the
international consultancy firm, KPMG one year government in general and the National Bank of
ago. As a result, AIB has been engaged with the Ethiopia in particular. Our correspondent banks
consultancy firm since July 2015 to study the and transfer agencies who work with us also
bank’s business and operating model and assist deserve special thanks.
in articulating the overall strategy blue print
and transformation roadmap to the desired new It may be concluded that AIB has been
vision, coined as “The First Choice World Class registering successes at an increasing rates
Bank”. since its inception in general and a drastic
change during the FY 2015/16 in particular
Having accomplished the foregoing activities, perhaps a reflection of its accessibility and public
AIB since June 2016, started implementing the preference.
newly recommended business and operating
models. It is expected that the consultant will As we look ahead, the 2016/17 financial year
commence implementing the piloting work of the is likely to present both opportunities and
project on the two selected branches in a short challenges to AIB. The projected GTP II target
period of time. of the country indicated a double digit annual
domestic economic growth to enable structural
Regarding progress in IT Projects, AIB has transformation of the economy, a commitment
strengthened its efforts of connecting all the to focus on maintaining price stability, keeping
bank branches through the Core Banking System inflation at a single digit and aspiration for a
(CBS). During the year under review, the bank smooth inflow of the foreign exchange. Those are
launched additional digital technologies, such expected to foster a conducive environment for
as m-wallet, internet banking, mobile banking the healthy growth of the financial sector.
and agency banking. These are the digital
technologies which make the utilization of online On the other hand, AIB will have a challenge of
banking very close to the customers’ doors. The encountering stiff competition in the banking
technology facilitated the use of money transfers industry as all are expected to strive to win and
to be the easiest ever. Additional 150 ATMs and survive in the market. Nevertheless, the Board
900 POS terminals were also purchased during of Directors, the Management and employees
the year under review to widen the bank’s access of the bank will continue making concerted and
of the utilization of the technologies all over the unreserved efforts to take AIB towards a higher
country. level of achievement with the view of making it
the most trusted and dependable bank in the
The construction of buildings are well underway. country.
Among others the major landmarks includes the
10 storey mixed use building of Balcha Abba Finally, I would like to emphasize that we shall
Nafso and the 8 storey mixed use building of work for the success of our vision, which is “To
Hawassa branch, are completed in the financial be the First Choice World Class Bank”. We shall
year. continue to deliver on our strategic commitments
which drive operational performance and create
AIB is still registering a glittering result on all value for our shareholders as well as our
operational fronts in order not to lose its strong communities.
position in the Banking Industry. In fact, it is once
again at the forefront in the competition in the I look forward to the continuation of a fast growth
private Banking Industry. The fact that it has of Ethiopian Economy, a stable macro-economic
secured a gross profit before provision and tax environment and to AIB’s successful operation in
of Birr 1.004 billion, which is the highest record 2016/17 financial year and beyond.
all private banks. This unique achievement was
made possible through the directions given by the Thank you,
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ANNUAL REPORT 2015/16 9

EXECUTIVE MANGEMENT

Tsehay Shiferaw
President

Bacha Gina
V/P, Credit & Finance Mgt.

Dereje Zebene
V/P, Banking Operations

Yohannes Merga
V/P, Corporate Services

Desalegn Tolera
Director, Credit Management
Directorate

Gezahegn Dugassa
Director, Banking Product
& Technology Innovation Directorate

Matheos Bayisa (Dr.)

Director, IT & Support Operation
Directorate

Tadesse Gemeda
Director, Branch Affairs
Directorate
Teklu Wodajo
Director, HR Directorate

Temesgen Busha
Chief Coordinator,
AIB Vision 2025 Project
Tilahun Geleta
Director, Support Services
Directorate

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10 ANNUAL REPORT 2015/16

Abebe Deressa
Manager, Planning, Research
& Dev’t Dept.

Alemayehu Kinfe
Manager, Treasury &
Fund Mgt. Dept.
Andualem Hailu
D/ Coordinator, AIB Vision 2025
Transformation Project
Belihu Duressa
Manager, General & Technical
Services Dept.
Berhanu Abebe
Manager, Control Dept.

Habtamu Abera
Chief Officer, Compliance
& Risk Mgt
Hailu W/Gebriel
Assistant to the President

Henok Tessema
Manager, Addis Ababa
Area Branches

Lemessa Soboka
Manager, Outlying Area
Branches
Makeda Oumer
Manager, Finance Department

Takele Arega
Manager, Legal Services Dept.

Yonas Kumera
Board Secretary

Zewdu Shiferaw
Manager, Engineering Services
Department

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ANNUAL REPORT 2015/16 11

The President's Message

I
t is an honor for me to address to
all respected shareholders, Board of
Directors, members of Management
and the entire staff, valued
customers and all other stakeholders
of Awash International Bank S.C. (AIB)
to declare that our Bank has registered
an unparalleled level of operational
performance in the history of private
banks in the financial year ended June
30, 2016.
Though the macro-economic
performance of the Ethiopian economy
has been witnessing a double digit
growth over the past several years, the
impact of the El Nino induced drought
in some parts of our country in this
financial year was so unpleasant that it
has led to some disturbance of business
especially those that are engaged in
export of agricultural commodities and
livestock. Coupled with this, a continuous
decline in the international price of
exportable items has exacerbated the
situation and their ramifications have
been reflected in the performance of the
national economy in general and that of
the financial institutions in particular.
Despite the unexpected and
uncontrollable events, however, I am
pleased to announce to all stakeholders
of the Bank that the operational and non-
operational performance of our Bank for
the year just ended was remarkable by
all standards.

The Bank’s gross profit has significantly

grown from Birr 861.2 million to Birr
986.0 million, up by Birr 124.8 million
or 14.5% from the preceding year. As
a result of a significant increase of the
paid-up capital of the Bank from Birr
1.78 billion to Birr 2.24 billion, i.e. an
increase by Birr 465 million, earning
per share (EPS) has, however, somehow
declined from Birr 445 in 2015 to Birr
371 in 2016. Ato Tsehay Shiferaw
President

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12 ANNUAL REPORT 2015/16

Total income registered was Birr 2.8 billion in 1. The transformation project that our Bank has
2015/16 as compared to Birr 2.3 billion in partnered with KPMG East Africa Ltd, an East
2014/15. The lion’s share of the income (68%) African wing of the international management
was accounted for by interest income followed by consulting firm, KPMG was fully completed.
commission and services (16%), gain on foreign The areas of engagement included strategy
exchange (8%) and other income (8%). formulation, redesign of selected high impact
processes and alignment of structure with new
On the other hand, as a result of opening of new business and operating models.
branch offices in different parts of the country
and enhanced operation of the Bank, total expense In the course of the project, external environment
increased from Birr 1.44 billion in 2015 to Birr with regard to macroeconomic environment and
1.84 billion in 2016, depicting a growth of Birr 398 mega trends in the global, regional and national
million, or 27.6%. From the total expense of Birr economic set up were reviewed. The Ethiopian
1.84 billion, interest expense accounted for Birr banking industry landscape was scrutinized to
782 million, which is nearly 42%, and the remaining identify the possible strengths and weaknesses
Birr 1.06 billion, or 58%, is accounted for by salaries as well as the opportunities and threats.
and benefits, administrative and general expenses, The impacts of Ethiopia’s accession to WTO
provision for doubtful accounts and audit fee. and entrance of foreign banks to Ethiopian
market were also assessed. The possibilities
With all the challenges, total deposits, including of expanding AIB’s operation to East African
margin held on letters of credit, grew by Birr 4.73 markets were also evaluated. In the internal
billion (24.2%) from last year same period and environment insight, business model and
reached Birr 24.2 billion as at end of the reporting operating model diagnostics as well as branch
period. This is the highest deposit mobilized in a scanning was conducted from which gaps were
single year in the history of private banks, thanks identified.
to the persistent effort of all organs of the Bank
in aggressive deposit mobilization endeavors. The Based on the gaps identified and the SWOT
public confidence built on our Bank was our sources assessment, new strategic themes to transform
of strength in this regard and that has enabled us the bank to its envisioned state were identified,
to remain as the trusted custodian of the hard-won debated and approved to be the guiding pillars
fortunes of the people. of action for the Bank during the next ten years.
In the process of strategy review, the Bank’s
Total asset of the Bank has surged to Birr 31.1
vision, mission and value statements were
billion in the year just ended from Birr 25.2 billion
revisited and realigned with the new aspiration of
of last year same period. This is a Birr 5.9 billion
becoming one of the top ten private commercial
(23.4%) increment in a single year! The increment
banks in East Africa. This aspiration is reflected
is mainly attributed to a significant rise in loans and
in the Bank’s new vision statement to be “First
advances availed to different sectors of the economy
Choice World Class Bank”.
by almost Birr 3 Billion followed by a rise in cash on
As part of the transformation project, the Bank
hand/bank balances as well as deposits with local
has also embarked on re-branding its corporate
and foreign banks by Birr 1.91 billion. Other assets
image and brand identity to reflect its new
accounted for Birr 1.04 billion. The magnitude of the
transformational journey and proposing new
Bank’s non-performing loans vis-à-vis the total loan
values to its customers.
portfolio stood at Birr 245 million, or 2%, and that
Our Bank has now completed its strategy/
was far below the 5% threshold set by the National
transformation formulation and brand review
Bank of Ethiopia.
and is on the stage of full implementation. It has
In order to be easily accessible to the public, AIB reassigned its human resources in accordance
has opened 38 new branches in Addis Ababa and with its new business model and organizational
outlying regions in the financial year just ended, structure. Customer service and product
thereby raising the total number of its branches to development have been given special attention
240. AIB still holds the leading position in terms of in the new operating model as significant parts
branch network. of the corporate transformation endeavor.
Despite many challenges, the financial year
2015/16 was a successful year to AIB in the 2. The multi-purpose Balcha Aba Nefso Building,
following respects:- which is located at Lideta Sub-city in front of

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ANNUAL REPORT 2015/16 13
Lideta Church, which was constructed at a total At the end, I would like to thank our valued
cost of Birr 220 million as well as Hawassa customers for their loyalty towards our Bank. My
Building at Hawassa, which was constructed at a special thanks also go to the Management and all
cost of Birr 105 million, were recently colorfully staff members without whom these commendable
inaugurated in the presence of Government achievements would not have been realized. As the
officials and other invited dignitaries. The building saying goes, “Success is a ladder and one cannot
complexes are now fully operational and they are climb it with hands in a pocket”, I am confident that
expected to fetch additional revenues to the Bank the Management and the entire staff of the Bank
in the times to come. will work harder with a unity of purpose than ever
before to maintain AIB’s leading position in the
3. As a result of intensive in-house as well as private banking industry of the country.
outsourced trainings given to our staff, we
have fully utilized the budget earmarked for the I also like to take this opportunity to express my
financial year just ended and our staffs are now appreciation to all shareholders of the Bank for their
more competent, qualified and efficient in their continued patronage, the Board of Directors for
respective areas of activities. their able leadership and the Government in general
and the National Bank of Ethiopia in particular for
AIB is currently holding the leading position from their support and guidance towards meeting our
private banks in terms of paid-up capital, loans and corporate mission and objectives.
advances, deposits, profit and number of branches.
We need to work hard to sustain our leading position God bless you all!
in the times to come and I am confident that the
Management and the entire staff of the Bank will Thank you!
renew their words and exert all possible effort to
further enhance customer service and shareholders’
value and contribute to the national economy through
mobilization of deposits, expansion of delivery
channels and provision of efficient banking services.

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14 ANNUAL REPORT 2015/16

PICTORIAL PRESENTATION OF SHAREHOLDERS MEETING

20th Ordinary Shareholders Meeting, November 22, 2015

Pictorial Presentation of Board of Directors in Group

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ANNUAL REPORT 2015/16 15

PICTORIAL PRESENTATION OF ANNUAL MANAGEMENT MEETING, 2015/16

AWARDED BEST PERFORMING BRANCHES’GROUP PICTURE WITH THE BORD OF DIRECTORS

AND EXECUTIVE MANAGEMENT, 2015/16

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16 ANNUAL REPORT 2015/16

REPORT OF THE BOARD OF DIRECTORS

It is with great pleasure and honor that the 1.1 Mobilization of Deposits
Board of Directors of Awash International Bank Noting the indispensable role of deposits as the
S.C. (AIB) presents the Annual Report and the major source of funding, AIB continued to mobilize
Audited financial statements of the Bank for the different types of deposits tailored to different needs
financial year ended June 30, 2016 to the 21st of its customers, with different maturity patterns
Annual General Meeting of Shareholders of Awash carrying different rates of interest. Accordingly,
International Bank S.C. the total deposit of the Bank, including margins
held on letters of credit, rose to Birr 24.2 billion
1. Operational Performance as at June 30, 2016, depicting a growth of Birr
In spite of the adverse impacts of El Niño induced 4.7 billion (24 percent) compared with the same
drought in Ethiopia, decline in international prices period of last year. This is, of course, the biggest
of commodities, particularly Ethiopia’s exportable absolute deposit growth registered in the history
commodities, and stiff competition in the domestic of the Bank and private Banks. The continued
banking industry, Awash International Bank S.C. surge in deposits of the Bank largely reflects the
(AIB) posted an outstanding performance during growing public confidence on the Bank; the Bank’s
the financial year 2015/16. In fact, this year’s increased accessibility to the public through wide
performance is a historical one as the Bank branch networks and alternate channels and
achieved number one position in terms of profit, improved service delivery.
deposits, loans and advances, balance sheet
size, paid-up capital and branch networks, among Of the total deposits of the Bank, saving deposits
private banks operating in the country. It is worth account for the lion's share of deposits (61.7
mentioning here that AIB is the fastest growing percent), followed by demand deposits (23.7
bank among private banks operating in Ethiopia percent), time deposits (8.9 percent) and margins
that maintained sustainable growth and profitability held on letters of credit (5.8 percent). Table 1:
for more than two decades.

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ANNUAL REPORT 2015/16 17

1.2 Loans and Advances reporting period grew by 23.8 percent and reached
Provision of credit services is one of the myriad of Birr 15.5 billion as compared with the same period
banking services offered by AIB with the objective of last year. Reflecting the sustainable and fastest
of improving the lives of its customers and help growth of the Bank, the loan market share of AIB
businesses thrive. AIB directly contribute to the improved consistently during the last five years.
economic growth of the country by providing loans
Looking at sectorial distributions of loans and
and advances to different sectors of the economy
advances, international trade accounted for the
thereby enabling businesses to establish, expand
largest share (33.1%), followed by domestic trade
and create new jobs.
and services (30.1%), building and construction
The total outstanding loans and advances extended (14.6%), manufacturing (10.8%), while the balance
to different sectors of the economy during the was accounted for by the remaining sectors.

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18 ANNUAL REPORT 2015/16

Some of the Investments/Businesses Financed by AIB

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ANNUAL REPORT 2015/16 19

DH Geda Continuous Galvanizing Line

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20 ANNUAL REPORT 2015/16

1.3 International Banking Services

One of the major services of the Bank is facilitation of international trade finance and receipts of remittances
through correspondent banks and international money transfer agents. The Bank’s outstanding loans and
advances to the export sectors of the economy improved substantially, accounting for over 19 percent of
total loans and advances, thereby indicating the Bank’s financing of the priority sectors that will generate
the badly needed foreign exchange for the country.

Similarly, AIB’s alliance with the renowned international money transfer services and its principal membership
of VISA Card and Master Card as well as with China Union Pay Card and its acceptance of these cards
through all its ATMs and POS terminals, has largely contributed to the foreign exchange earnings of the
Bank during FY 2015/16.

Money Transfer Agents Working with Awash Bank

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ANNUAL REPORT 2015/16 21

1.4 Assets
The total assets of the Bank grew markedly by Birr requirement by four-fold, clearly depicting the
6 billion (24%) and reached Birr 31.1 billion at the strong capital base of AIB.
end of June 2016 from Birr 25.2 billion during the
same period of last year. The exhibited surge in
2. Financial Performance
the asset size of the Bank was mainly attributed 2.1 Income
to substantial increases in loans and advances.
The total income of the Bank grew by 22.7
Following the settlement of matured NBE bills,
percent and reached an all-time high amount of
outstanding bill purchase of AIB slightly declined to
Birr 2.8 billion during financial year 2015/16,
Birr 5.3 billion. Nevertheless, it accounts for over
spurred by increases in all components of
23 and 34 percent of the total deposits and loans
income. This significant growth in total income
& advances of the Bank, respectively.
was largely attributed to a 31.5 percent in
1.5 Capital increase interest income though gains on foreign
exchange dealings and income from commission
The commitment of AIB’s shareholders to
and service charges also showed a modest
strengthen the capital base of their bank
growth of 3 percent each.
has always been praiseworthy. During the FY
2015/16 alone the shareholders of AIB have With regard to the composition of income, the
raised their paid-up capital by slightly less than largest share of the total income (68.1%) was
half a Billion birr (by Birr 465.4 million). Of course, accounted for by interest income, followed by
this is almost equivalent to the Birr 500 million all commissions and service charges (15.8%),
banks operating in Ethiopia are required to meet gains on foreign exchange dealings (8.0%) and
by the end of 2015/16. Indeed, the Birr 2.2 billion other income (8.1%).
paid-up capital registered by AIB as at end of June
2016 exceeded the minimum regulatory capital

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22 ANNUAL REPORT 2015/16

2.2 Expenses
Driven by increases in all components of expenses, million (22.4 percent) compared with the same
the total expense of the Bank stood at Birr 1.8 period of last year. Another major component
billion during FY 2015/16, depicting a growth of of total expense was salaries and benefits that
27.7 percent vis-à-vis the same period of last year. accounted for 33 percent of the total expense.

Interest expenses continued to be an important This reflects the indispensable role of the staff

component of the bank’s operating expenses associated with steady expansion in the volume of

accounting for 42.6 percent of the total expenses. services and branch network of the Bank. On the

Mirroring the substantial expansion in the volume other hand, a surge in general and administrative

of interest bearing deposits, particularly saving expenses was mainly caused by escalating rental

deposits, interest expenses grew by Birr 143 costs for branch offices and recognition of the
depreciation value of fixed and capital assets of the
Bank.

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ANNUAL REPORT 2015/16 23

2.3 Profit
Financial year 2015/16 witnessed a remarkable growth in the profit of the Bank. Profit before tax and
provisions registered an increase of Birr 135.1 million or 13.4 percent compared with the same period
of last year and recorded an all-time high profit before tax and provisions of Birr 1,004.6 million. Similarly,
the Bank’s net profit after tax rose to Birr 743.5 million in 2015/16 from Birr 645.3 million a year ago.
However, earnings per share declined to Birr 371 in 2015/16 from Birr 445 in 2014/15, mirroring an
almost a half billion birr increase in the paid-up capital.

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24 ANNUAL REPORT 2015/16

2.4 Proposal on Dividend of becoming one of the top ten private banks in
East Africa by the year 2025. To this effect, AIB
Based on the performance of the financial year
has partnered with international management
under review, the Board of Directors of the Bank
consulting firm, KPMG a year ago. The areas of
recommends that out of the total appropriable
engagement include strategy formulation, redesign
profit of Birr 557,224,401(Five hundred fifty
of selected high impact processes and alignment of
seven million two hundred twenty four thousand
structure with new business and operating models.
and four hundred one), five percent or Birr 27,
The Consultant, in cooperation with the staff of AIB,
861,220(Twenty seven million eight hundred sixty
has conducted external and internal environment
one thousand and two hundred twenty) be retained
scanning and had identify key gaps and proposed
and a dividend of Birr 529,363,181(Five hundred
future strategic focus areas. In the process of
twenty nine million three hundred sixty three
strategy formulation, the Bank’s vision, mission and
thousand and one hundred eighty one)be paid to
value statements have been revisited and realigned
shareholders in cash or used for purchasing the
with the new aspiration of becoming one of the top
Bank’s shares, depending upon the choice of the
ten private banks in East Africa. This aspiration
shareholders.
is reflected in the Bank’s new vision statement
3. Organizational Developments “to be the first choice world class bank” and
the Banks’ new mission statement “To provide
3.1 Transforming AIB: Vision
innovative, competitive and diversified banking
2025
services accessible to the society with qualified
AIB has envisioned a transformation agenda
and dedicated staff in a profitable and socially
that has sought to transform its business and
responsible manner”.
operating models in line with its strategic aspiration

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Discussion on Strategic Issues by Board of Directors and Management with KPMG

As part of the transformation project, the Bank is also in the process of re-branding its corporate image
and brand identity to reflect its new transformational journey and proposing new values to its customers.
In brief, the Bank will embark on full scale implementation of its new business and operating models during
FY 2016/17 and beyond.

AIB’s Re-Branding contract signing ceremony Discussion on Re-branding of AIB by Board of Directors and
with Brand Integrated Consult Management with Brand Integrated Consult

3.2 Branch Expansion

A branch expansion drive in strategically important locations continued in 2015/16 in pursuit of serving
customers closer to their areas of residence or business centers. Accordingly, the Bank opened 38 new
branches all over the country, raising the total number of its branches to 240. Branch expansion endeavors
embarked by the Bank not only enabled the Bank to boost its deposit base but also enabled the Bank to
diversify its loan portfolios across a wide geographical areas or customer base.

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List of Newly Opened Branches

Branches Opened Addis Ababa
Ø Awtobis Tera Ø Dubai Tera Ø Megenagna 22
Ø Beshale Figa Ø 22 Wuha Limat Ø Mekanisa
Ø Bole 17 Ø Hayat Adebabay Ø Sidest Kilo
Ø Gesho Tera Ø Kara Allo Ø Yerer Ber
Ø Gojam Berenda Ø Kechene Chilot Ø Yeshi Debele Sefer
Ø Gurd Sholla Jakros Ø Kokeb Ø Yoseph

Branches Opened Outside Addis Ababa

Ø Adola Weyu Ø Halaba Ø Mugad (2nd Branch in Dessie)

Ø Aleta Wendo Ø Harar Arategna Ø Negelle
Ø Anger Gutte Sefer (2nd Branch Ø Oda (3rd Branch in Nekemte)
Ø Burayou Keta in Harar) Ø Sar Tera (4th branch in Adama)
Ø Bure Damot Ø Haromaya Ø Shakiso
Ø Chancho Ø Hidaga Mekele (4th Ø Welete
Ø Dambi branch in Mekele) Ø Welkite
Ø Gefersa Nono Ø Kemissie
Ø Gulisso Ø Metehara
3.3 Information Technology 3.4 Construction of Own
Buildings
AIB’s recent investment on banking technology
The period under review witnessed the near
started to bear fruits. Last year’s successful
completion of the on-going constructions of
replacement of the old CORE banking system (Bank
2B+G+10 story complex building of Balcha
Master) by the Bank Fusion Universal Banking
Abanefso and six story building in Hawassa. These
(BFUB), Core Banking System (CBS), enabled all
two complex buildings will be expected to be
branches of AIB to provide on-line banking services
operational by November 2016.
that will allow our esteemed customers to access
their account from any one of AIB branches.

The second phase implementation of the CORE

banking system, on the other hand, enabled the
Bank to provide digital banking services, namely,
mobile banking, agency banking and internet
banking. The Bank’s investment on digital channels
along with physical channels (branches, ATMs and
POS terminals) will indicate AIB’s commitment to
serve its customers 24 hours a day and seven
days a week.

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AIB’s Balcha Abanefso Bldg. ( Lideta Area)

AIB’s Hawassa Bldg.

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3.5 Human Resources Development number of AIB staff reached 6,003 by the end of
June 2016 from 5,984 during the same period of
AIB recognizes that employees are the most last year.
valuable assets of the Bank and give due emphasis With regard to staff capacity developments, AIB
to the recruitment, retention and motivation of provided in-house, outsourced and overseas
employees that are expected to contribute to the trainings to over 6,000 employees on different
Bank’s long-term success. occasions. Moreover, AIB financed 902 employees
During the financial year under review, the Bank for their continued education in diploma and
recruited a total of 103 new employees so as to degree programs. All in all, the Bank paid over Birr
fulfill vacant posts both at head office and branch 18 million during FY 2015/16 for the capacity
level and for newly opened 38 branches. The total development of its employees.

Partial View of Trainings Conducted in 2016

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4. Corporate Social Responsibility

During the review period, AIB ramped up its Corporate Social Responsibility initiatives that started long time
ago. Accordingly, the Bank donated a total of Birr 2.5 million to different organizations. These were Muday
Charity Association, Kibre Aregawuyan Migbare Senay Direjit (KAMSD), Black Lion Specialized Hospital and
National Disaster and Prevention Commission.

Black Lion Specialized Hospital Kibre Aregawuyan Migbare Senay Direjit (KAMSD)

Muday Charity Association Beneficiaries of Corporate Social Responsibility Initiative

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AIB'S ATM LOCATIONS

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Cont'd

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INTERNATIONAL
BANK S.C.

Auditors' Report

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Financial Highlight, Number of Branches and Employees In millions of Birr unless stated other wise
Particulars 2006 2007 2015/16

Deposits* 2,800 3,508 5,302 6,456 8,045 9,565 13,105 16,118 19,506 24,236

Loans & Advances ** 2,464 2,529 2,713 3,146 3,986 5,505 7,710 9,176 12,482 15,451
ANNUAL REPORT 2015/16

NBE bills 0 0 0 0 1,589 2,485 3,146 4,067 5,365 5,306

AWASH INTERNATIONAL BANK

Total Assets 3,683 4,783 7,133 9,023 11,089 13,125 17,784 22,106 25,140 31,148

Capital & Reserves 342 483 761 959 1,336 1,651 2,066 2,597 3,185 3,934

Profit Before Tax 134 179 303 351 505 531 583 829 861 986

Profit After Tax 95 127 214 248 361 394 439 619 669 744

Earnings per share

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529 526 558 493 560 469 456 475 445
(Birr)
No. of Branches (in
40 46 61 64 70 86 115 150 202 240
no.)
No. of Employees (in
1,466 1,698 2,284 2,484 2,724 3,219 4,011 4,787 5,847 6003
no.)

Source: AIB’s Audited Accounts

*Including Margins held on L/C
** Including Provisions for Doubtful Loans& Advances
*** The figure for 2008/09 is extrapolated from audited figures of 18months (Jan.1, 2008-Jun.30, 2009)
NB: Figures for 2006 &2007 are as at December 31and 2008/09 onwards as at June 30.
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Addresses of Branches Located in Addis Ababa

No Branch Name Telephone no. Fax
1 Abuare 011-557 6901/10 011-557 6883
2 Addis Ketema 011-277 2484 011-277 2483
3 Adey Abeba 011-470 7708/35 011-470 0843
4 Addisu Gebeya 011-126 8100/80 011-126 8099
5 Africa Andinet 011-371 6102 011-371 6594
6 Africa Avenue 011-557 0533 011-557 0536
7 Airport 011-618 0611/75 011-618 0171
8 Akaki 011-435 1672 011-434 3277
9 Akaki-Gelan 011-471 6503 011-471 6487
10 Akaki Kaliti 011-471 6440 011-471 6426
11 Alem Bank Akababi 011-369 3043/04 011-369 3018
12 Amanuel Total 011-273 6009/46 011-273 6032
13 Arada Giorgis 011-155 6166 011-155 5800
14 Arat Killo 011-157 0332 011-157 0335
15 Asco 011-273 0291/93 011-273 0235
16 Asrasemint Mazoria 011-279 1400 011-279 1364
17 Awtobis Tera 011-273 4410 011-2734410
18 Ayat Adebabay 011-6-39-03-05/23 011-6-39-03-14
19 Bambis (011-5-57-69-76/73 011-5-57-69-71
011-466 8575
20 Beklobet 011-416 6878
21 Beshalle Figa 011-6-67-77-50 011-6677885
22 Bethel 011-349 1268 011-349 1135
23 Bole 011-618 9522 011-662 6387
24 Bole 17 011-6-60-90-02 011-6600682
25 Bole 22 Road 011-662 8015/16/ 011-618 3996
26 Bole24 011-667 3679/53/ 011-667 3618
27 Bole Medihanealem 011-667 0347/51 011-667 0237
28 Bole Michael 011-639 2022- 011-639 2023
29 Bulgaria Mazoria 011-554 0014/59 011-554 0292
30 Churchil road 011-126 2025 011-126 2018
31 CMC 011-667 5188/55/ 011-667 5104
32 Dessie Ber 011-667 8022 /44/ 011-667 8048
33 D’Afrique 011-557 7062 011-557 7014
34 Dil Gebeya 011-372 0820 011-372 0839
35 Dubi-Tera 011-273 2281/90 011-273 2282
36 Enderase 011-557 6270 011-557 6271

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No Branch Name Telephone no. Fax

37 Edget 011-629 2108/25/ 011-629 2259
38 Ferenesay Legasion 011-154 8082/90/ 011-154 8081
39 Finfine 011-557 0107 011-557 0113
40 Fitber 011-557 2149/82 011-557 2215
41 Furi 011-367 9087 011-367 9092
42 Geja Sefer 011-557 6237/44 011-557 6232
43 Genet branch 011-554 0256/43 011-554 0233
44 Gerji 011-647 6275 011-647 6274
45 Gerji Georgis 011-639 4018/10 011-639 4002
46 Gesho Tera 011-2-732752/42 011-2-73-27/32
47 Gofa Gebriel 011-467 4565/63 011-467 4561
48 Gofa meberat haile 011-470 3392/78 011-470 3393
49 Gofa Sefer 011-465 3691 011-466 3724
50 Gojam Ber 011-126 8351 011-126 8311
51 Gojam Berenda 011-2-73-38-34/35 011-2733593
52 Gotera 011-467 0542 011-467 0576
53 Gullele 011-278 4926 011-278 4927
54 Gullele Finance 011-273 2432/27 011-273 2351
55 Gurd Sholla 011-646 1679 011-646 1231
56 Gurd Sholla Jakros 011-6395493 011-6617400
57 Habte Giorgis 011-157 8891 011-157 4546
58 Hayahulet Mazoria 011-662 4667 011-662 6587
59 Haya hulet wuha limat 011-6608443/86 011-6600931
60 Head Office 011-662 0303 011-663 7538
61 Jakros 011-667 7084/70/ 011-667 6618
62 Jemmo 011-348 4007 011-348 6270
63 Kaliti Gebriel 011-471 7262/15 011-471 7263
64 Kechene Chelot 011-1263490/92 -
65 Kaliti Gumuruk 011-470 7279/55/ 011-470 7286
66 Kara allo 011-6678906 011-6678894
67 Kara Kore 011-369 3069 011-369 3067
68 Kara Road 011-667 0260/89 011-667 0257
69 Kazanchis 011-557 0756 011-557 0683
70 Kebena 011-154 4006/08 011-154 4012
71 Kirkos 011-554 7583 011-554 7582
72 Kokeb 011-6-67-44-63 011-6673802
73 Kolfe 011-275 7235 011-277 3376
74 Korea Hospital 011-629 3836 011-629 3150
75 Kotebe 011-647 5400 011-645 6274
76 Lafto 011-419 6489 011-419 6488
77 Lamberet 011-667 5431/37 011-667 5427

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No Branch Name Telephone no. Fax

78 Legehar 011-553 1948 011-551 0867
79 Lebu 011-471 2546/38 011-471 2544
80 Lideta 011-554 6572/73 011-554 6571
81 Megenagna 011-618 2774 011-618 2772
82 Megenagna 22 011-6673382 011-6673363
83 Megenagna Adebabay 011-667 3737 011-667 3799
84 Mehal Arada 011-111 9226 011-156 0883
85 Mehal Gebeya 011-277 9472 011-273 0295
86 Mehal Gofa 011-467 1297 011-467 1281
87 Mekanisa 011-3698348 011-3698325
88 Mekanisa Abo 011-369 0727/28 011-369 0329
89 Meskel flower 011-466 9393 011-466 9501
90 Merkato 011-277 1666 011-213 7136
91 Mesalemiya 011-275-84-37 011-278 8195
92 Mierab Merkato 011-273 4298 011-273 4315
93 Mexico 011-557 2179 011-557 2259
94 Millinnium Akababi 011-661 1056/55 011-6615550
95 Mikilliland 011-273 0341 011-273 0357
96 Moenco 011-8275751 011-6674469
97 Nifas Silk 011-442 0309 011-442 0958
98 Olompia 011-557 1182/90/ 011-557 1188
99 Piazza 011-111 9454 011-111 2476
100 Quas Meda 011-276 0343/45/ 011-276 0349
101 Ruphael 011-259 1153/16 011-259 1971
102 Sallo Gora 011-869 6464 011-869 6464
103 Sanford 011-1543663
104 Sarbet 011-372 7391 011-372 7872
105 Saris 011-4431272/37 011-443 1358
106 SarisAddisu Sefer 011-559 2255 011-440 0685
107 Sebategna 011-277 3342 011-277 3270
108 Sengatera 011-557 6839/75 011-557 6880
109 Shalla Akababi 011-667 3820/22 011-667 3718
110 Sheger 011-155 8938 011-158 8918
111 Shegole 011-259 0346/02 011-259 0379
112 SidamoTera 011-278 4118 011-278 4117
113 6 Killo 011-1-261046/18 011-1-26-09-97
114 Signal 011-667 2011/65 011-667 2017
115 Stadium 011-515 6746 011-550 2920
116 Tekle Haimanot 011-278 9376 011-277 2732/

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No Branch Name Telephone no. Fax

117 Temnja yaj 011-416 2720 011-416 2705
118 Torhailoch 011-369 1211/93 011-369 1208
119 Traffic Tsehfitbet Bet Akababi 011-661 6454 011-618 8718
120 Urael 011-554 0830 011-554 0836
121 Urael Nigist 011-5570000
121 World Bank 011-515 3087 011-515 0601
122 Wuha Limat Akababi 011-618 1200 011-661 1640
123 Yeka 011-667 4049/68 011-667 3520
124 Yerer 011-6677204/56 011-6677247
125 Yeshi Debele 011-3-692392 011-3690927
126 Yoseph Akakbabi 0114-4708882 011-4709056

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Addresses of Branches Located outside Addis Ababa

No Branches Telephone no Fax
1 Abosto 046-211 5077 046-211 5058
2 Ada’a 011-4338900/86 011-433 8547
3 Adama 022-111 8585/84 022-111 5375
4 Adigrat 034-445 0016/04/ 034-445 0348
5 Adola Weyu 046-3-35-00-59/06/ 046-3350220
6 Afatessa 025-4110395/88 025-411 0390
7 Agaro 047-221 1746 047-221 1841
8 Alaba Kulito 046-556 0069 046-5560109
9 Alamata 034-774 0782) 034-7740597
10 Alemgena 011-3679092/77 011-367 9087
11 Aleta wendo 046-2-24-05-88         046-2240630
12 Ambo 011-236 4174 011-236 5669
13 Anger Gute (057-6-34-02-49 057-6340328
14 Arsi Negele 046-116 0127 046-116 0877
15 Assela 022-3312770 022-331 5622
16 Assosa 057-775 1652 057-775 1741
17 Awash Sebat Killo 022-224 0274 022-224 0251
18 Awedaye 025-662 0560 025-662 0593
19 Arbaminich 046-881 2992 046-881 4605
20 Axum 011-557-0000
21 Azezo 058-114 1222/11 058-114 0879
22 Bakko 057-665 1465/21 057-665 1494
23 Bahir Dar 058-220 0671 058-222 1147
24 Bale Robe 022-665 1700 022-665 1975
25 Batu 046-441 2210/11 046-441 2211
26 Bedele 047-445 0865/10 047-445 0173
27 Bekoji (022)3-32- 06 -55 023-3320080
28 Bedessa 025-555 0116 025-555 0169
29 Bekoji 022-332 0655 022-332 0080
30 Begi 057-641 0441) 057-641 0462
31 Berecha 022-112 0481/05 022-112 7867
32 Bishoftu 011-433 5382 011-437 0420
33 Boset 022-111 9027/28 022-111 9029
34 Bule Hora 046-443 0121 046-443 0935
35 Burayu Keta 011-2-60-46-20/46 011-2604652
36 Burayu Mariam 011-2604981/31 011-2604959
37 Butajera 046-115 0927 046-1150927
38 Bure Damot 058-7-74-11-48/83 058-7741073
39 Chagni 058-225 0458/01 058-225 0532
40 Chancho 011-1-88-09-05/06 011-1880923
41 Chilalo 022-331 8274 022-331 8227
42 Chiro 025-5511021 025-551 1022

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No Branches Telephone no Fax

43 Dale Dembel 011-6679194 011-6679278
44 Dalo Mena 022-6680521 022-668 0039
45 Debre Birhan 011-890 9057 011-637 8088
46 Debre Markos 058-7712328 058-771 4225
47 Debre Tabor 058-141 0303/46 058-141 0355
48 Dembela 022-110 0621 022-110 0622
49 Dembi 011-4300563/64 011-4300559
50 Dembi Dollo 057-5552315 057-555 1277
51 Dessie 033-1112829 033-111 2839
52 Dilla 046-3313313 046-331 4107
53 Dire Dawa 025-1114042 025-111 4046
54 Dukem 011-432 0502 011-432 0523
55 Dodola 022-6660474 226660429
56 Ertu Lebu 011-4713530
57 Eteya 022-3350489 022-3350818
58 Fiche 011-1352022 /77 011-135 2187
59 Fincha 057-664 0151/00 057-664 0041
60 Gambela 047-5511814/67 047-551 1869
61 Gefersa nono 011-2601117/32 011-260-11-33
62 Gerba Guracha 011-131 0733 011-1310733
63 Ghimbi 057-771 0066 057-771 1022
64 Ginir 022-664 0065 022-664 0449
65 Godana Selam 034-440 7044 034-444 2221
66 Gonder 058-111 4867 058-111 8044
67 GishAbay 058-226 6467/44 058-222 0073
68 Gode 011-5570000
69 Guliso 057-7780278/81 057-7780286
70 Gudru 011-5570000
71 Halaba Kulito 046-5560069 046-5560109
72 Harar 025-667 0745 025-667 0287
73 Harar Arategna 025-4662707 025-4669859
74 Haromaya 025-6610467 025-6610431
75 Harufa 046-110 0611 046-110 0543
76 Hasasa (022-3360845 (022-3360819
77 Hawassa 046-220 4722 046-220 4751
78 Hawassa Arab sefer 011-5570000
79 Hirmata 047-211 0035 047-211 0044
80 Holeta 011-261 0043/31 011-261 0021
81 Hosaena 046-555 0684 046-555 0694
82 Humera 034-448 1472 034-448 1471
83 Injibara 058-227 0807/09 058-227 0804
84 Jibruk 034-440 4552 034-440 4579
85 Jigjiga 025-775 2548 025-775 2072
86 Jimma 047-111 2189 047-111 9412

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No Branches Telephone no Fax

87 Kali 025-278 0270/94 0252-78 0261
88 Kechema 022-111 8302/06 022-111 18303
89 Kemise (033-5-54-14-50/43 (033-5-54-14-47
90 Kombolcha 033-551 0839 033-551 0796
91 Leka 057-661 1433 057-661 1439
92 Legetafo 011-829 0748 011-6375081
93 Logya 033-550 0060/75 033-550 0050
94 Maraki 058-211 5081/57 058-211 5062
95 Mechara 025-557 0561 025-557 0563
96 Mekele 034-441 8967 034-441 8966
97 Meki 022-118 0044/08/ 022-118 0180
98 Mendi 057-776 0906/07 057-776 0756/08
99 Metehara 022-8263780
100 Mettu 047-441 2648 047-441 4165
101 Modjo 022-116 0527 022-116 0473
102 Mugad 033-3126358
103 Negelle 046-4452193/90 046-4-45-21-92
104 Nejo 057-774 0492/02 057-774 0345
105 Nekemte 057-661 7092 057-661 5474
106 ODA 057-6-60-09-20 057-6-60-32-56
107 Olenchiti 011-5570000
108 Sabean Sefer 025-112 4879 025-111 2133
109 Sar Tera 022-2120414 022-2120408
110 Sebeta 011-338 4101/15 011-338 4102
111 Sendafa Beke 011-6387456
112 Shakiso (046-3341348/99
113 Shambu 057-666 0142/39 057-666 0152
114 Shashemene 046-110 6525 046-110 0014
115 Shinshencho 046-3390850/64 046-3390874
116 Shire Endeselasse 034-444 0590/94 034-444 4313
117 Sofomer 022-665 2525 022-6650043
118 Sululta 011-161 7134/38 011-161 7141
119 Tabor 046-212 0034/56 046-212 0068
120 Togochale 025-882 0131 025-882 0217
121 Wechecha 011-3804047/48 011-3804033
122 Weliso 011-341 3473 011-341 3472
123 Wolayeta Sodo 046-551 0743 046-551 0706
124 Woldiya 033-331 2739/25 033-331 2619
125 Wolete 011-3800157 011-3803007
126 Wolkite 011-5570000
127 Wukero 034-443 0496/02 034-443 0238
128 Yabello 046-446 0887/01 046-446 0311
129 Yebu 047-2260560 047-2260622

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