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

United Bank S.C Profits 339 million birr after tax as for 2017

United Bank SC Ethiopia LogoUnited Bank S.C. reported a 12.5 percent increase in its after-tax profits to 339 million birr as of June 30, 2017 though its earnings per share fell.

In this regard, earning per share (EPS) of United of 100 birr par value declined from 32.44 birr to 27.17 birr. The bank has gone through a similar declining of EPS since 2011.

Basically, United’s expansion of

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Wegagen Bank Replaces Six-Year Old Core Banking Solution

Wegagen Bank S.C, the fourth most profitable private bank in the country, replaced its six years-old core banking solution in an attempt to build a robust database system and widen its capacity of serving clients. It will be fully implemented in all of the Bank’s 239 branches within two months.

It cost the Bank over 200 million Br, according to sources.

The new solution, known as Flex Cube, is procured from Oracle- a known international database and software supplier, replacing its old solution- OMNI Enterprise Core

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Dashen Bank Profits 1.05 Billion Birr for 2017 / 2016 fiscal year

dashen bankDuring the recently ended fiscal year, Dashen grossed 1.05 billion Br operating profit excluding the Bank earnings from the shares at Tana Department Store in Merkato and Nyala Insurance. The other bank which acquired the same strategy, Awash Bank, grossed a provisional profit of 1.4 billion Br during the same period. BoA grossed 801 million Br profit during the past fiscal year.

As for Advisory services,

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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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