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[Oct 2017] Banks in Ethiopia Latest Ethiopian News AddisBiz.com | Ethiopian Business Directory & Portal - Addis Biz

Ethiopia Devalues Currency, Raises Interest Rates

In the midst of a Forex currency crisis, the National Bank of Ethiopia (NBE) has devalued Birr by 15pc and raised the interest rate by two percentage points to seven percent. The devaluation pegs the Ethiopian Birr at 26.91 to the dollar, up from 23.40 Br on the official market. It will be effective from tomorrow, October 11, 2017.

The Central Bank justifies the move as an effort to control the inflationary pressure and prop up export earnings. The export proceeds have been stagnant at around three billion dollars for the

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Commercial Bank Ready to Launch Agent Banking

Commercial Bank of Ethiopia CBE BuildingThe State owned giant, Commercial Bank of Ethiopia (CBE), is set to launch agent banking, CBE Birr, next month. It has already gotten approval from the National Bank of Ethiopia (NBE) to pilot the system.

The move comes four years after the Bank started a feasibility study to provide the service.  It enables users to

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Commercial Bank of Ethiopia (CBE) earns 14.6 billion birr profit before tax for 2017 / 2016 fiscal year

The state owned financial giant, Commercial Bank of Ethiopia (CBE), total assets will soon climb to a half trillion birr.
The bank disclosed in its annual performance for the 2016/17 financial that it has registered massive progresses in every aspect of the banking activity.

The biggest bank in the country stated that its assets reached to 485.7 billion birr by the end of the financial year. The capital of CBE has also reached to 40 billion birr. Recently, the government approved a capital increase.

For the year the

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Awash Bank Earns 1.44 Billion Birr Profit for 2017 / 2016 fiscal year

Awash Bank, the first private bank that commenced business after the Ethiopian Peoples’ Democratic Front (EPRDF) came to power, has earned a little over 1.4 billion birr gross profit holding its lead among private banks in Ethiopia.

Last year, the bank took the lead from Dashen Bank by surpassing the one billion birr mark. According to sources, the bank has managed to make a gross profit of 1,444,038 birr before tax in the 2016/2017 fiscal year.

This year’s profit is 439.4 million birr more than last

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Wegagen Bank Profits 797 million birr before tax for 2017 / 2016

This year, the Bank grossed an unaudited profit of 797 million Br, which is 50pc higher than the previous fiscal year, making the company the fourth highest profit earner in the country next to Awash, Dashen and Abyssinia.

The shares of Wegagen Bank S.C. with a par value of 1,000 Birr have commanded a price as high as 4,197.7 Br in their second auction although the earnings per share (EPS) of the Bank have been in long-term decline.

Except for the surge in 2011, The Bank’s dividend per share, the amount that goes to

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Abyssinia Banks Profits 801 million birr before tax for 2017 / 2016

Abyssinia Bank ProfitBank of Abyssinia’s (BoA) profits, deposits and loan disbursements grew 50 percent this fiscal year. BoA has amassed an 801 million birr profit before tax. This was an increase of nearly 300 million birr compared with the 2015/16 fiscal year. A year ago the bank earned over 506 million birr profit before tax. The 2016/17 fiscal year achievement is 58 percent more than the 2015/16

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Bank shares owned by Ethiopian Diasporas put up for auction

The action to scrub Ethiopian banks of Ethiopian natives with foreign nationality has commenced as private banks begin auctioning off shares that were returned by these nationals, in compliance with a November 2016 directive from the National Bank of Ethiopia (NBE).

This week, Awash Bank officially floated a tender for 21,052 shares, worth about 21 million Br for a public bid, which accounts almost one percent of its paid up capital. The bidding will open on February 16, 2016. Members of the public will be able to bid for the

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Addis International Bank Profits 85.3 ml Br for 2016 / 2015

Addis International bank s.c profitsAddis 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.

The Bank

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Abay Bank Profits 146.5 Million birr after tax for 2016/2015 Fiscal Year

Abay Bank SC Logo EthiopiaAbay 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

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