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The Commercial Bank of Ethiopia (CBE) registered a net profit of 14 billion birr, achieving only 64 percent of its plan for the fiscal year 2019/2020. In a lamentation letter addressed to the staff, the President of the Bank, Abie Sano, stated that he has never reported such a result in his career as a banker and he lacks words to describe it.
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The national telecom company, Ethio Telecom, has generated 47.7 billion birr revenue in the 2019-2020 fiscal year that ended June30, 2020. The revenue jumped by 31.4 percent compared to last year. Ethio Telecom, which is preparing itself for competition, has achieved 105.1 percent of its target. Forty nine percent of the revenue was generated from mobile services, 29 percent from data and internet, nine percent from international business, 9.4 percent from value added services and 3.6 from other services.
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Awash Bank has introduced a new scale adjustment on salaries and gave a bonus to employees after registering its highest gross profit of 4.2 billion Br in the just ended fiscal year. The new adjustment, which was made after conducting market assessment research, increased the salaries of some employees by as high as 170pc and the average employee 103pc.
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Hijra Bank S.C., a new full-fledged, interest-free bank (IFP), has reached the final stage of under-formation status with an initial paid-up capital close to 700 million Br.
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Nib International Bank has managed to earn 1.4 billion birr before tax for the 2020 / 2019 fiscal year, showing an increase of 37% compared to the previous year. The bank also managed to increase it’s total deposit to 33.2 billion birr showing an increase of 21.5%.
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Cooperative Bank of Oromia (CBO) has registered it’s highest profit to date, 1.5 billion birr before tax. The bank’s total revenue increased to 5.7 billion birr which is 57% higher than the previous year’s revenue.
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Abyssinia Bank, which managed to earn more than 1.3 billion birr in gross profit for the 2020 / 2019 year, has issued an international bid to construct it’s new head office which will likely have 50 – 60 floors, on land owned around Mexico square.
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Wegagen Bank has registered 1.1 billion birr profit for the 2020 / 2019 fiscal year. The bank which saw it’s profit decline by almost 300 million birr for the previous year has also managed to decrease it’s non performing loans from 4.5% to 2.8%.
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Zemen Bank has registered 1.05 billion birr gross profit for the recently ended fiscal year(June 2020), 59% increase from the previous year. This profit is the highest amount ever achieved by the bank in it’s 11 years of service.
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Awash bank, the biggest private bank in terms of profit has managed to earn 4.19 billion birr gross profit for 2020 / 2019 fiscal year, keeping it’s number one spot for the last 3 years. The bank managed to disperse loans worth 56.8 billion birr.
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