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Dashen Bank
15
th
Annual Report for
the year ended June 30, 2011
October 18, 2011
DASHEN BANK ANNUAL REPORT 2010 -11
Table of Contents

Page
Statement of the Board Chairman
06 - 07
The Presidents 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
OUR SCORECARD
Total Capital & Asset Level (In millions of Birr)
Loans and Deposits (In billions of Birr)

14,660
12,353
11.8
10.1
9,733
7.9
7,840
6.2
6.1
1,396
1,123
731
909
2007/08
2008/09
2009/10
2010/11
4.4
4.9
4.5
2007/08
2008/09
2009/10
Year
Total Asset Level
Total Capital Level
Total Deposit
Number of Depositors (In thousands)
Total Loans & Advances
Number of Loanees
6,269
809
693
582
487
2010/11
Year
5,978
5,805
5,496
2007/08
2008/09
2009/10
2010/11
2007/08
2008/09
1,283
506
964
756
In millions of Birr
In millions of Birr
2010/11
Total Expense (including provisions)

652
(in millions of Birr)
Total Revenue (in millions of Birr)
670
2009/10
Year
Year
2007/08 2008/09 2009/10 2010/11
403
337
2007/08
2008/09
Year
2009/10
Gross Profit Before Tax (In millions of Birr)
Net Profit (In millions of Birr)

451
630
353
2007/08
2008/09
In millions of Birr
In millions of Birr
458
333
2010/11
Year
2009/10
2010/11
239
250
2007/08
2008/09
324
2009/10
2010/11
Year
Year
Earning Per Share & Paid-up Capital
Staff Strength
698,709,000
528,512,000
591,860,000
1,866
453,993,000
846
550
609
753
2007/08
2008/09
2009/10
2010/11
2,249
Year
Paid-Up Capital
No. of Bilateral Key Exchange

Arrangement & POS Terminals
No. of Area Banks, Forex Bureaux, & ATMs
669
70
58
52
47
2,826
2007/08 2008/09 2009/10 2010/11
Year
Earning Per Share
2,541
64
501
409
55
395
404
2009/10
2010/11
371
40
704
254
20
4
2007/08
5
2008/09
Number of Area Banks

Number of ATMs
5
2007/08
Year
2009/10
2010/11
Number of Forex Bureaux
2008/09
Year
No. of POS Terminals
No. of Bilateral Key Exchange Arrangement
DASHEN BANK ANNUAL REPORT 2010 - 11
BOARD OF DIRECTORS
Teklu Haile
Chairman
Melaku Beza
Director
Yilma Yemane-Berhan
Director
Ayele Demissie
Director
Ahmed Hassen
Director
Teka Asfaw
Director
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POLICY DEVELOPMENT COMMITTEE
Lulseged Teferi
President
Berhanu W/Selassie
V/President - Systems &
Resources Management
Asfaw Alemu
V/President - Operations
Management
Abebe Girmay
Manager, Payment
Card Department
Abebe Teklu
Controller
Girma Tilaye
Manager, Engineering
Department
Messeret Taye
Manager, Human Resources &
Logistics Department
Esubalew Tekeste
Manager, International Banking
Department
Negussie Demie
Manager, Fund
Management & Accounts Department
Girma K/Michael
Manager, Information
Technology Department
Samuel Adane
Manager, Corporate Planning &
Development Department
Yonas Kidane
Principal Risk Management and
Compliance Officer
Tilahun Hailu
Manager, Credit Department
Yeshiwork Yimer
Manager, Legal Department
Yonas Abebe
Manager, Regional Office A/A
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 years 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 years 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
6
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 Presidents 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 sectors 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 Banks 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 Banks 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 years 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 years 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 lions 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

10
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 years 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.
Sectoral Distribution of Loans & Advances

2,000
2009/10
In millions of Birr
1,750
2010/11
1,500
1,250
1,000
750
500
250
Others
Real Estate
Transport
Cons. &
W.Capital
Manufacturing
Import/Export
DTS
Agriculture
Others include advances on L/C, personal loans, loans under reactivation, staff housing loans and
loans in litigation.
Financed Project - Executive Hotel, Adama
Financed Project - Wossen Awoke Real Estate, A/A

11
1.3 International Banking

In its endeavor to come across with the best avenues for its customers engaged in international 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 Banks 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 years level.
Financed Project - Ashraf Agri. & Ind. Plc, Bahir Dar

12
Financed Project - Admas University College
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
Training in Session
13
over the previous years 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.
Comparative Expense by Type
General Expense
2009/10
2010/11
Salaries and Benefit
Interest Expense
50
100
150
200
250
300
350
In millions of Birr
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 years level of Birr 458.3 million.
The 15th Annual Managers Conference (July 22 - 23, 2011)

14
Income, Expense & Pre-tax Profit

1,300
In millions of Birr
800
126.3
526.8
Profit Before Tax

Interest Expense
General Expense
300
629.9
630.0
Salaries & Benefits

Commission
Expenses
(200)
Incomes
(144.7)
Interest Income
Profit Before Tax
Other Income
(181.1)
(325.3)
(700)
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.
Inauguration of Humera & Gambella Area Banks

15
4.
RISK MANAGEMENT
The new dimension of risk management and compliance require reporting of the Banks
culture, processes, coordinated activities, and the structures that are directed towards
realizing potential opportunities and/or managing adverse effects. The Banks Board
defines tolerance limits for each risk level and key risk areas; the Bank has also updated its risk
registerby 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 Dilla Area Bank Building

16
Dashen Wolayta Area Bank Building
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 Haile
Chairman, Board of Directors
10 September 2011
Signing ceremony with UnionPay
Donation for Ethiopian Red Cross Society

17
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,
18
and of whether the accounting policies are appropriate to the companys 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 companys 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.

Chartered Certified Accountants

(Auditors of the Dashen Bank S.C.)
Addis Ababa
16 September 2011
19
DASHEN BANK S.C.

BALANCE SHEET
AS AT 30 JUNE 2011
Currency : Ethiopian Birr
Notes
ASSETS
Cash and balances with other banks
Cash on hand
3
772,178,086
Deposits with local commercial banks
4
290,336,840
Deposits with foreign banks
2,209,547,284
Deposits with National Bank of Ethiopia
5
2,953,682,255

6,225,744,465
Investments
6
1,697,875,795
Items in course of collection from
other banks
7
52,533,612
Loans and advances to customers
8
6,093,873,109
Other assets
9
395,641,060
Fixed assets
10
194,127,115
TOTAL ASSETS
14,659,795,156

LIABILITIES
Customers' deposits
Demand

3,408,063,676
Saving
7,797,453,958
Fixed
635,721,100

11,841,238,734
Margin held on letters of credit
384,572,562
Other liabilities
11
858,358,568
Provision for taxation
18
179,223,021

TOTAL LIABILITIES
13,263,392,885

SHAREHOLDERS FUNDS

Share capital
12
698,709,000
Legal reserve
452,880,242
Retained earnings
19
244,813,029

1,396,402,271
TOTAL LIABILITIES AND
SHAREHOLDERS FUNDS
14,659,795,156
20
2010
487,671,113
261,198,947
2,280,213,906
2,226,273,909
5,255,357,875
1,426,215,795
305,716,129
4,938,736,202
262,477,512
164,882,525
12,353,386,038
2,715,397,280
6,730,372,408
698,780,088
10,144,549,776
231,437,596
719,834,298
134,216,737
11,230,038,407
591,860,000
340,216,401
191,271,230
1,123,347,631
12,353,386,038
DASHEN BANK S.C.

PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2011
Notes
2010
INCOME
Interest income
Loans and advances
592,641,091
Fixed deposits
8,711,889

Foreign deposits
2,324,586
Total interest income
603,677,566
Interest expense
Interest paid on deposits
(325,272,464)

278,405,102
Less: Provision for doubtful loans
and advances
(17,060,555)

261,344,547
Other income
Service income
13
72,154,996
Letters of credit opening charges
46,136,425
Commissions
126,342,140
Gain on foreign exchange
14
388,908,319
Investment income
15
27,245,942
Sundry income
16
17,724,398

678,512,220
EXPENSES
Salaries and benefits
144,713,826
Rent
29,016,388
General and administrative

17
98,358,332
Depreciation
36,837,183
Directors remuneration
752,656
Audit fee and expenses
300,000

(309,978,385)
PROFIT BEFORE PROVISION
FOR TAXATION
629,878,382
Provision for taxation
18
(179,223,021)
NET PROFIT AFTER PROVISION
FOR TAXATION
450,655,361
Transfer to legal reserve (25%)
(112,663,840)
Transfer to retained earnings
19
337,991,521
Earnings per share
20
477,299,822
4,472,938
883,095
482,655,855
(248,187,407)
234,468,448
(11,361,495)
223,106,953
50,526,744
21,137,663
77,985,636
309,649,462
6,473,252
15,901,302
481,674,059
115,355,296
24,547,493
75,437,243
29,990,339
1,006,154
190,500
(246,527,025)
458,253,987
(134,216,737)
324,037,250
(81,009,312)
243,027,938
753
609
21
DASHEN BANK S.C.

STATEMENT OF CASH FLOW
Notes
Cash flows from operating activities

Operating profit before provision for taxation
Adjustments for:
Depreciation
Gain on disposal of fixed assets

Investment income
15

Decrease in items in course of collection
7
Increase in loans and advances to customers
8
Increase in other assets
9
Increase in demand deposits
Increase in saving deposits
Decrease in fixed deposits
Increase in margin held on letters of credit
Increase in other liabilities
11
Business profit tax paid
18
Directors bonus paid
19
Net cash inflow from operating activities
Cash flows from investing activities
Purchase of fixed assets
10
Disposal of fixed assets
Investment income
15
Increase in investment in Treasury & NBE bills
6
Net cash used for investing activities
Cash flows from financing activities
Proceeds from issue of share capital
Dividend paid
19
Net cash used in financing activities

Net increase in cash and cash equivalents

Cash and cash equivalents, opening balance

Cash and cash equivalents, closing balance
22
2010
629,878,382
458,253,987
36,837,183
(59)
(27,245,942)
639,469,564
29,990,339
(183,740)
(6,473,252)
481,587,334
253,182,517
(1,155,136,907)
(133,163,547)
692,666,396
1,067,081,550
(63,058,988)
153,134,968
138,524,270
(134,216,737)
(8,925,402)
1,449,557,682
37,995,300
(589,486,208)
(63,793,760)
525,647,944
1,696,865,594
(3,174,051)
71,797,741
83,407,727
(102,611,999)
(3,748,146)
2,134,487,475
(66,088,996)
7,282
27,245,942
(271,660,000)
(310,495,772)
(85,178,926)
230,700
6,473,252
(1,397,830,000)
(1,476,304,974)
7,030,000
(175,705,320)
(168,675,320)
3,492,000
(109,128,200)
(105,636,200)
970,386,590
552,546,301
5,255,357,875
4,702,811,574
6,225,744,465
5,255,357,875
DASHEN BANK S.C.

NOTES FORMING PART OF THE FINANCIAL STATEMENTS
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) Yearend 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.
23
DASHEN BANK S.C.

(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

Local currency
Foreign currency
Travelers cheques
Ethiopian Millennium commemorative coins
2010
692,586,107
451,569,197
76,306,986
32,619,847
2,862,993
2,528,469
422,000
953,600
772,178,086
487,671,113
116,070,533
75,310,168
4. DEPOSITS WITH LOCAL COMMERCIAL BANKS

Current accounts
ECX accounts
8,070,526
30,888,779
Fixed deposits
165,000,000
155,000,000
ATM inter-operability account*

24
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.
DASHEN BANK S.C.

5. DEPOSITS WITH NATIONAL BANK OF ETHIOPIA

2010
Statutory reserve

Payment and settlement account

1,800,000,000
1,525,000,000
1,153,682,255
2,953,682,255
701,273,909
2,226,273,909
698,390,000
1,397,830,000
971,100,000
6. INVESTMENTS

a) Short term investment is Treasury Bills
b) Long term investments
NBE Bills (i)

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

Dashen Bank S.C.
60%
40%
34,202,693
22,801,795
34,202,693
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)
Outward bills purchased
Outward documentary bills purchased
MoneyGram paid and outstanding
Western Union paid and outstanding
12,397,878
267,011,553
2,634,084
2,617,376
15,566,771
25,966,901
4,136,779
1,470,109
17,798,100
8,650,190
52,533,612
305,716,129
(i) I mplementation 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.
25
DASHEN BANK S.C.

8. LOANS AND ADVANCES TO CUSTOMERS

2010

Agriculture

124,681,876

Manufacturing

1,417,640,681

Domestic trade and services

1,980,205,381

Export

378,221,334

Import

546,488,378

Construction machinery and working capital
410,701,283

Transport

432,383,202

Advances on letters of credit

217,254,576

Personal

1,954,126

Loans in litigation

57,210,972

Loans under re-activation

Staff housing loans

58,369,314

Real estate

595,509,005

Less: Provision for doubtful loans and advances
(123,664,930)

Suspended interest account
(3,082,089)

6,093,873,109
139,429,906
1,136,637,857
1,498,239,365
452,324,704
470,436,746
399,698,555
317,079,960
58,347,487
1,018,780
97,510,944

49,505
49,871,256
428,197,540
(106,944,940)
(3,161,463)
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
- passbooks, drafts and CPOs
- cheque books
- fixed assets
- cleaning and sanitation
- entertainment supplies
- uniforms
- debit cards
- PIN mailers
- revenue stamps
- sundry materials

Outstanding rent deposit (National Trading Enterprise)
Prepayments
Staff advances
Purchase advances
Suspense account (National Bank of Ethiopia)
Other non-current assets (see below 1)
Sundry debtors (see below 2)
26
3,662,043
2,260,864
2,704,472
8,752,569
10,469
378,894
1,186,119
250,613
8,384
20,550
19,234,977
2,584,052
34,776,389
11,526,976
30,481,928
707,400
272,649,918
23,679,420
395,641,060
3,555,017
3,583,278
1,486,478
10,773,906
6,002
279
112,092
1,307,508
48,992
6,586
43,002
20,923,140
2,436,149
32,568,419
9,184,158
13,427,608
707,400
164,972,560
18,258,078
262,477,512
DASHEN BANK S.C.

OTHER ASSETS(Contd)

Other non-current assets - above 1

Acquired properties
2,881,321

Blocked account for building constructions
9,095,917

Constructions in progress *
218,348,140

Cash collateral to VISA
3,433,498

Deposit for utilities and office rent
196,418

Deposit for signboards and logo
14,000

Suspense, fixed asset account **
25,223,106

Deferred land lease charges
13,457,518

272,649,918
2010
1,392,290
9,095,917
136,607,697
1,515,249
196,418
14,000
3,979,736
12,171,253
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
Counterfeit cash notes (National Bank of Ethiopia)
Stolen money and related court fees
Wrong payments and overdrawn accounts
Charge-back in connection with foreign cards
2% withholding tax
Receivable from VISA
Payment cards
Receivable from MasterCard
Interest receivable on fixed deposits
Interest receivable on treasury bills
Interest receivable on NBE bills
Miscellaneous
7,631
75,781
1,758,091
245,639
3,246,766
130,921
188,534
1,259,610
1,320,579
4,726,575
862,500
5,487,649
4,369,144
23,679,420
7,631
1,826,886
22,331
3,707,948
116,313
38,360
1,296,471
5,051,817
3,480,774
1,066,154
1,643,393
18,258,078
27
DASHEN BANK S.C.

10. FIXED ASSETS

Cost
01/07/10
Additions

Premises
79,552,588
11,012,245

34,716,742
6,902,578

37,599,251
9,149,513

Computer hardware and

Software
105,653,982
22,137,760

Motor vehicles
51,419,862
16,886,900
308,942,425
66,088,996
28
Accumulated depreciation
Premises
software
Motor vehicles
Net Book value

Premises
software
Motor vehicles
Adjustments / 30/06/11
Disposals
90,564,833
(5,840)
41,613,480
(5,080)
46,743,684
(11,980)
-
(22,900)
127,779,762
68,306,762
375,008,521
6,338,374
19,443,719
20,285,740
4,528,241
4,433,622
5,291,038
(5,466)
(1,015)
10,866,615
23,871,875
25,575,763
68,490,399
29,501,668
144,059,900
14,823,299
7,760,983
36,837,183
(9,196)
(15,677)
83,304,502
37,262,651
180,881,406
73,214,214
15,273,023
17,313,511
79,698,218
17,741,605
21,167,921
37,163,583
21,918,194
44,475,260
31,044,111
164,882,525
194,127,115
DASHEN BANK S.C.

11. OTHER LIABILITIES

Outstanding transfers
CPOs and certified cheques issued
Exchange payable to National Bank of Ethiopia
Mail and telegraphic transfers
Blocked current and saving accounts
Demand drafts payable
Accrued interest payable on fixed deposits
Accruals

Taxes
Unearned revenue
Special reserve, Article 21 of Proclamation 592/2008
Tana Department Store building
Cheques under special clearance (i)
Retention on construction work
Sundries (see below)
131,172,458
481,851,028
40,142,720
38,593,901
19,346,502
234,000
17,921,224
37,092,320
5,234,953
588,236
45,000,000
3,557,784
90,807
7,731,012
29,801,623
858,358,568
2010
148,875,207
243,053,653
25,576,672
33,416,148
11,381,874
146,629
20,178,833
25,661,757
2,890,887
1,461,690
35,000,000
5,137,028
148,388,230
7,862,639
10,803,051
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

Refundable excess collection on property auctioned

Office rent payable

ATM rejected note control

Agent commission on credit cards

Payable to MIDROC Ethiopia PLC
Deposits for guarantees

Adjustment and refund account

Merchant control account

Charge-back for ATM/PoS

Loan repayment, suspense account

Payables to shareholders

Miscellaneous

126,500
13,931,435
258,232
16,510
18,744
70,838
1,156,013
28,870
24,768
1,605,419
1,758,062
4,174,448
6,631,784
29,801,623
126,500
330,306
136,658
8,914
64,698
635,769
34,188
152,204
1,646,964
2,637,540
5,029,310
10,803,051
29
DASHEN BANK S.C.

12. SHARE CAPITAL

2010
Authorized capital 1,000,000 Ordinary Shares of

Birr 1,000 each
Paid-up capital 698,709 Ordinary shares of
Birr 1,000 each
1,000,000,000
1,000,000,000
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

Service charges - foreign
14. GAIN ON FOREIGN EXCHANGE
6,384,384
65,770,612
72,154,996
4,659,092
45,867,652
50,526,744
288,170,741
100,737,578
388,908,319
309,649,462
309,649,462
Other gains on foreign exchange

Windfall gain (net) (i)
(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
Telecommunications
Postage
Estimation fees
Correspondent bank charges
Legal fees
Miscellaneous
10,022,743
181,020
744,711
114,864
17,364
6,643,696
9,968,673
124,552
536,609
13,021
10,495
5,247,952
17,724,398
16. SUNDARY INCOME
30
15,901,302
DASHEN BANK S.C.

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
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
-
Special reserve, Article 21 of
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
31
DASHEN BANK S.C.

18. PROVISION FOR TAXATION

Profit before provision for taxation
629,878,382
Add: Depreciation as per banks policy
36,837,183
Representation in excess of 10% of
basic salary
57,068
Penalties
49,229
458,253,987
29,990,339
Entertainment
1,040,409

37,983,889
Less: Interest on Treasury Bills
15,405,636
Gain on disposal of fixed assets
59

Depreciation for tax purpose pursuant to

Proc. No. 286/2002
36,843,090

Interest on foreign deposits *
2,324,586

Interest on local deposits
8,711,889

Dividend earned on shares
1,726,159
Interest earned on NBE bills
5,487,649

Bad debts written off against

provision held before June 2002
340,565

70,839,633
Taxable profit
597,022,638
Taxation

(a) 597,022,638 @ 30%
179,106,792

(b) 2,324,586 @ 5% *
116,229

179,223,021
753,197
30,743,536
3,669,404
183,741
32
2010
29,954,579
883,095
4,472,938
1,255,551
1,336,275
(41,755,583)
447,241,940
134,172,582
44,155
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.
DASHEN BANK S.C.

19. RETAINED EARNINGS

2010

Balance, 1 July 2010
191,271,230

Add: Transfer of current year profit (2011)
337,991,521

529,262,751

Less: Dividend paid (2010)
175,705,320

Directors Bonus paid (2010)**
8,925,402

Transfer to paid-up capital (2011)
99,819,000
(284,449,722)

244,813,029
**
120,975,638
243,027,938
364,003,576
109,128,200
3,748,146
59,856,000
(172,732,346)
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 assets
Interest on loans and advances in litigation
Interest on loans and advances under re-activation
Outward bills for collection
Inward bills for collection

37,892,852
28,228
3,001,638
224,244,022
265,166,740
35,794,440
69,358
1,441,154
109,537,112
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.

33
Area Bank Managers Address

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

1
Abakoran
Ato Assefa Ado
011-278 1118
011-278 1121
180281
Africa Andinet
Ato Getnet Dessie
011-416 7256
011-416 4177
41876
Airport
Ato Workaferahu Molla
011-663 8596
011-663 8595
110616
Arada
Ato Mulugeta Menberu
011-156 2657
011-156 2564
20314
Bisrate Gabriel
Ato Giragn Garo
011-320 3777
011-320 3737
1428/1033
Bole
Ato Ayele Teshome
011-552 1860
011-552 1858
62 /100
Bomb Tera
Wr/o Woinshet Girma
011-213 4338
011-213 4331
180023
City Councill
Ato Mesfin Bezu
011-111 4285
011-111 4379
54164
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
34
Area Bank Managers Address

S/N
Area Bank
Manager
Telephone
Fax
P. O. Box
Up-Country
1
Adama
Ato Elias Hussien
022-111 3480
022-111 5644
13
Adigrat
Ato Yemane Teka
034-445 5064
034-445 2716
302
Alamura
Ato Demeke Tsegaye
046-220 5509
046-220 5528
1770
Arbaminch
Ato Asnake Demessie
046-881 1511
046-881 0685
2044
Assela
Ato Yalew Nigussie
022-331 7705
022-331 7704
1072
Awassa
Ato Alemu Abera
046-220 4967
046-220 4968
907
Bahir Dar
Ato Tilaye Eniyew
058-220 2166
058-220 1573
886
Bedelle
Ato Tariku Negash
047-445 1101
047-445 1311
138
Bensa
Ato Daniel Melkae
046- 337 0283
046-337 0201
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
35
LIST OF ATMs WITH THEIR LOCATION

S/N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
36
ATM Name
Sheraton Addis Hotel (2)
Hilton Hotel
Wabi Shebelle Hotel
Ethiopia Hotel
Lucy Gazebo Restaurant
Ras Hotel
Intercontinental Hotel
Harmony Hotel
Jupiter International Hotel
Honey Land Hotel
Getu Commercial Center
D.H. Geda Tower
Tk International Building
Kurtu International Building
Adams Pavilon Building
Edna Mall Building
Yoly Building
Addis Ababa University
Bahir Dar University
Bahir Dar University
Gondar University
Gondar University
Dire Dawa University
Haromaya University
Adama Uniiversity
Dashen Africa Andinet
Dashen Airport
Dashen Arada
Dashen Bisrate Gabriel
Dashen Bole
Dashen CMC
Dashen Goffa
Dashen Gullele
Dashen Gurd Sholla
Dashen Kality
Dashen Kera
Dashen Lideta
Dashen Main (2)
Dashen Megenagna (2)
Dashen Meskel Flower
Dashen Messalemia
Dashen Piassa (2)
Dashen Saris
Dashen Tana
Dashen Tikur Anbessa
Dashen Wuha Limat
Dashen Yerer Ber
Dashen Abakoran
Dashen Golla
Dashen Kolfe
Dashen Adama
Dashen Alamura
Dashen Awassa
Dashen Bahir Dar
Dashen Dessie
Dashen Dire Dawa
Dashen Djibruk
Dashen Dukem
Dashen Gondar
Dashen Harar
Dashen Jimma
Dashen Mekelle
Dashen Nazareth Arada
Specific Location
Sheraton Addis
Menilik II Avenue
Ras Abebe Aregay Street
Yohannes Street
National Museum
Gambia Street, Near to National Theatre
Guini Conacrai Street
Bole Medhanialem
Guini Conacrai Street, Kasanchis
Baron Business Building, Jimma
Africa Avenue
Africa Avenue
Africa Avenue
Ras Habtegiorgis Street
Pushkin Square, Sarbet
Bole Medhanialem
Mikili Land St., Near to Atlas Hotel
6 Killo Campus
At University Campus
Poly campus
Marakay campus
Medical college
At Haromaya Campus
AU Head Quarter,Yezelalem Building
Cameroon Street, Bright Tower Building
Belay Zeleke Road, Sor Amba Hotel
Adot Multplex Building
Bole Road,Garad Building
CMC , Four Y Building
Goffa Mazoria, Kebede Baye Building
Gullele, Martha Building
Gurd Sholla , Meher Building
Kality, Crown Hotel
Bulgaria Mazoria,G/Kidan T/Giorgies Building
Chad Street, Alsam Chelelek Building
Debrezeit Road, Garad Building
Equatorial Guinea Street, Lem Hotel
Gabon Street, Tebebu Budg.
Messalemia , near to Shewa Tsega Budg.
Deguel Square, infront of Oslo Caf
Saris , Dawi Building
Merkato,Tana Building
Tikur Anbessa Area, Dres Building
Haile G/Selasie Road, COMET Building
Around Imperial Hotel,Sami Building
Gojam Berenda, Yirga Haile Building
Tekle Haimanot , Garad Building
Kolfe Atana Tera , Berehan Chora Building
Dashen Adama Building
Dashen Alamura Area Bank , Awassa Town
Dashen Awassa Building
Protection House
Haji Mohammed Yasin Tower
Garad Budlding
Aregawi Hailu Building, Mekelle Town
Near to Werkamaw Hotel
Gondar Town
Garad Building
Dashen Jimma Building
Garad Building
Abdi Gudina Budg.,Adama Town
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Tel.: +251 11 663 3860/68, Fax: +251 11 663 3863, E-mail: mcbseth@ethionet.et, Addis Ababa, Ethiopia
Dashen Bank
Tel.: +251- 11-466 13 80
Fax.: +251- 11-465 30 37
P. O. Box: 12752, SWIFT: DASHETAA
E-mail:dashen.bank@ethionet.et
Website:www.dashenbanksc.com

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Dashen Bank

Annual Report for

the year ended June 30, 2011

October 18, 2011

DASHEN BANK ANNUAL REPORT 2010 -11

Statement of the Board Chairman

The Presidents Message

Board of Directors Report

Profit and Loss Account

Cash Flow Statement

Notes forming part of the

Loans and Deposits (In billions of Birr)

Total Capital Level

Number of Depositors (In thousands)

Total Loans & Advances

Total Expense (including provisions)

Total Revenue (in millions of Birr)

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

Gross Profit Before Tax (In millions of Birr)

Net Profit (In millions of Birr)

Earning Per Share & Paid-up Capital

No. of Bilateral Key Exchange

No. of Area Banks, Forex Bureaux, & ATMs

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

Number of Area Banks

Number of Forex Bureaux

DASHEN BANK ANNUAL REPORT 2010 - 11

DASHEN BANK ANNUAL REPORT 2010 - 11

POLICY DEVELOPMENT COMMITTEE

Statement of the Board Chairman

DASHEN BANK ANNUAL REPORT 2010 - 11

Consequently, it has never given room for

In this regard, by exploiting opportunities we are determined to remain

The Presidents Message

unprecedented wide-ranging political deadlocks and costly

DASHEN BANK ANNUAL REPORT 2010 - 11

DASHEN BANK ANNUAL REPORT 2010 - 11

Board of Directors Report

1.1 Deposit Mobilization

Shareholders Meeting in Session

DASHEN BANK ANNUAL REPORT 2010 - 11

1.2 Loans and Advances

Sectoral Distribution of Loans & Advances

Financed Project - Executive Hotel, Adama

Financed Project - Wossen Awoke Real Estate, A/A

1.3 International Banking

1.4 Payment Card Services

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

DASHEN BANK ANNUAL REPORT 2010 - 11

Financed Project - Admas University College

2.1 Income Analysis

2.2 Expense Analysis

Comparative Expense by Type

Salaries and Benefit

2.3 Summary of Earnings

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

DASHEN BANK ANNUAL REPORT 2010 - 11

Income, Expense & Pre-tax Profit

Profit Before Tax

Salaries & Benefits

Profit Before Tax

Inauguration of Humera & Gambella Area Banks

CONSTRUCTION OF OWN BUILDINGS