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Hibret Bank has reported that it has earned a gross profit 1.44 billion birr before tax and after reserves. This profit amount is 27.45% higher compared to the previous year’s amount.
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A number of private insurance companies in Ethiopia have reported their unaudited gross profits for the 2021 / 2020 G.C (2013 E.C) budget year which ended on June 30, 2021 G.C (ሰኔ 2013). We have estimated the profit of the remaining insurance companies by carefully analyzing previous year growth, current year’s performance as well as other key factors. The following table will be adjusted whenever new and verified information is available.
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Bunna Insurance has has underwritten a Gross Written Premium (GWP) of 335.1 million birr which is 22% more than the target amount of 274 million birr. The company’s premium has shown an increase of 34% compared to the previous year’s amount of 249.2 million birr.
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Dashen Bank has amassed 10.3 billion birr revenue for the 2021 / 2020 fiscal year. The bank managed to collect 21.1 billion birr deposit and the bank’s total deposit has reached 74.6 billion birr which has shown an increase of 39.4 % compared to the previous year.
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The Ethiopian Investment Commission (EIC) revealed that the country has managed to attract over USD 3.9 billion in Foreign Direct Investment (FDI) during the Ethiopian fiscal year that ended on July 8, 2021.
The USD 800 million telecom license fee paid by the international consortium Safaricom to enter the Ethiopian market as the first telecom service provider accounts for the larger portion of the annual FDI drawn.
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Awash Bank has reported that it has earned 5.58 billion birr gross profit for the 2021 / 2020 fiscal year. The bank’s deposit reached 107.7 billion birr which is the highest deposit for a private bank in Ethiopia.
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Cooperative Bank of Oromia has reported 2.39 billion birr gross profit for 2021 / 2020 fiscal year. The bank’s paid up capital has reached 4.6 billion which makes it one of the top capitalized banks in Ethiopia.
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The National Bank of Ethiopia (NBE) has directed new entrants to the banking industry to increase their paid-up capital to 5 billion birr 7 seven years.
Currently, 20 banks are under-formation, another four are waiting for an approval from the NBE.
Except for Amhara Bank, which has collected six billion birr paid-up capital prior to its general assembly, almost all new entrants have sold shares worth below one billion Birr
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EthSwitch S.C., the national switch operator for the banking industry, is set to roll out several digital payment solutions that will introduce new features. The company has been providing solutions to banks and microfinance institutions since its establishment in 2011, pioneering ATM and POS interoperability in the country.
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Sunpay solutions S.C gears up for entry to the Ethiopian Digital payment Landscape to offer a payment system with an initial capital of 100 Million Birr. The Company plans to contribute to the growth of digital payment in Ethiopia and promote financial inclusion across the country with a focus on enabling a better, seamless and secure customer experience. Sunpay Solutions, a sister company of Sunshine Investment Group, has developed its own digital payment platform “sunpay” by well-skilled individuals from the fintech industry which is set to launch the service in July 2021.
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| Currency (Code) | Buying Rate | Selling Rate |
|---|---|---|
 US Dollar(USD) | 48.1002 | 49.0622 |
 Euro(EUR) | 54.3965 | 55.4844 |
 Pound Sterling(GBP) | 60.9934 | 62.2133 |
 UAE Dirham(AED) | 11.8499 | 12.0869 |
 Saudi Riyal(SAR) | 11.6035 | 11.8356 |
