[Feb 2017] Banks in Ethiopia Latest Ethiopian News - AddisBiz.Com | Ethiopian Business Guide
Addis International Bank has had an impressive year, registering an annual profit growth of 100pc, since its establishment in 2011 as one of the late entrants into the banking industry. The Bank earned a net profit of 85.3 million Br in the 2015/16 fiscal year, a 46pc increase over its performance in the previous year.
Abay has posted a 146.5 million Br net profit under tight liquidity conditions.
The Bank has been reporting a positive profit growth over the past five years. The current year’s profit is six times higher than 2011/12 fiscal year.
Abay showed the results despite the economic slowdown in the country. Last year, the country was hit by El...
After raising paid up capital from quarter billion to almost a billion Birr, Oromia International Bank (OIB) registered a 249 million Br net profit for the recently ended fiscal year, 12pc higher than the preceding fiscal year. This was disclosed during the Bank’s seventh annual meeting in Millennium Hall in...
The Cooperative Bank of Oromia (CBO) has reported an eightfold decline in its profit, from 312 million Br to below 40 million Br. This kind of a slide is rare in the private banking industry.
“This is a very shocking performance,” said Abdulmenan Mohammed Hamza, accounts manager at Portobello Group Ltd., a London based...
Enat Bank has shown a 50 pc surge in profit, although the huge increase in profit after tax has been consumed by expansion in paid up capital by 47pc
A 50pc increase in net profits to 78.9 million Br, has slightly helped Enat to boost its earnings per share (EPS) which are currently at the 167.6 Br mark from 164.3 Br last year.
Established in 2013 with 11 Board members, six...
In its 22 years of operations, Awash International Bank Share Company has become the first private bank in Ethiopia to surpass the one billion birr mark to register a little over one billion birr gross profit in the just ended fiscal year also becoming the most profitable private bank in Ethiopia.
Awash is the first among the private banking...
The Bank of Abyssinia has reported a 30pc rise in its net profits to 375 million Br, slightly lower than industry competitor Wegagen Bank. The bank has faced a profit growth slowdown in recent years, making this year’s growth rate a record-high since 2010.
Last year, Wegagen’s profit was 22.4pc higher than of BOA’s. However, in 2016, the gap contracted to two percent....
The Commercial Bank of Ethiopia (CBE) has boasted a generally positive assessment of its banking operations in the recently concluded 2015/16 fiscal year.
The bank’s report comes a few months after it merged with the Construction and Business Bank of Ethiopia. The merger gave the state-owned bank even bigger clout in the...
The Development Bank of Ethiopia (DBE), biggest lender of the land, by order of the central bank, is to revise its policy of prime lending modes.
“Due to interest drawbacks, it is believed that the Bank has to protect itself from continuous damage of failed projects.” Esayas Behre, president of the Bank told Fortune.
National Bank of Ethiopia, the central bank,...
Almost all commercial private banks found themselves confronted with liquidity crises, after suffering from what is known in the finance world as “a run on a bank” phenomenon occurred last week. It is an unusual situation where depositors demand withdrawals in unusually huge sums, with the result threatening to stall the whole...
Cooperative Bank of Oromia S.C., has registered a 531.8pc increase in its provision for doubtful debts and other assets to 228.4 million Br under the helmet of its top executives who were suspended by the National Bank of Ethiopia (NBE) in August, 2015.
The sum is considerably higher than last year’s and than that of all banks which have released their financial statements. This is the updated version of the report which initially indicated that the Bank had a 322pc increase to 152.4 million Br but which was later rejected by the...
Awash International Bank S.C. has awarded four companies 68 million Br worth of contracts for the supply of 150 Automated Teller Machines (ATMs) and 600 Point of Sales (PoS) machines.
The ATMs will be worth 63.5 million Br and the PoS 4.5 million Br.
CBM Integrates Plc and Moti Engineering will supply the ATMs while SS...
Bunna International Bank S.C. has registered a 68.2pc increase of it profit after tax totaling 134.5 million Br with its earnings per share (EPS) growing from 227.7 Br to 286.6 Br. Its paid up capital has gone up to 508.3 million Br, making its performance in 2014 / 2015 highly commendable.
Berhan International Bank S.C. has managed to increase its profit after tax consistently since 2011, although it is accumulating excess liquidity.
Coming into service in 2009, the Bank had incurred losses in its first two years. Yet the profit increase it registered 2013/14, 71pc, was its largest to date, and this dived to 17pc in the latest reporting year, when it earned 104.5 million Br net.
Last fiscal year Berhan reported a 32pc increase of its paid-up capital to 573.12 million Br, causing its earnings per share (EPS)...
Construction and Business Bank (CBB) and Commercial Bank of Ethiopia (CBE) merged this week, the later engulfing the former to form a mighty government owned financial institution, with combined asset of over 318.5 billion birr. ...
Sentayehu Wolde-Michael (PhD), Director of Public Financial Enterprises Agency, announced on December
A year of increasing expenses and capital saw Dashen Bank’s profit barely rise and its earnings per share (EPS) plummet from 670 Br to 589 Br in the 2014/15 fiscal year.
The Bank is also organising its growing branches into districts in a new management system intent on decentralization of decision making. Dashen is the first of the private banks to adopt this system.
Dashen, which is among the top...
Oromia International Bank has increased its profit after tax by 44pc to 221.8 million Br, boosting its earnings per share from the previous year’s 310 to 364 Br.
The 10th private bank to be formed in Ethiopia, OIB has been recording profits since it first started operations in 2008. Interest income has grown by 60pc to a little...
United Bank’s profit after tax has almost remained the same with one per cent increase to 281 million Br, while its earnings per share (EPS), slid down from 34.1 Br to 29.8 Br for each share of 100 Br for the 2014/15 fiscal year; EPS has declined by 43.5pc since 2011.
“The Bank attributes this decline to massive expansion of capital, but the management should find a strategy to stop such spiral of decline of shareholders’ returns,” advised Abdulmena Mohammed Hamza, accounts manager at Portobello Group Ltd., a London based holding...
Enat Bank S.C., one of the 19 banks operating in Ethiopia, is the last bank to launch the centralized online real-time exchange (CORE) banking system. The process took two years and 43.3 million Br, finally became operational on December 2, 2015.
The centralization was a product of four systems: software, server, cheque truncation, and data network. Oracle’s Flexicube, United System Integrators, Alta Computech, and Fintech, provided the different components to the CORE system.
Acquisition of the software, however, did not...
Side by side with the public sector the private sector is currently playing vital role in contributing to the economic growth in various aspects and particularly in the burgeoning financial sector, it brought tremendous impact. Fast money transaction,reaching the public, job creation and supporting the Growth Domestic Production can be mentioned in this regard. Read More