[Sep 2021] Private Banks in Ethiopia Latest Ethiopian News

Most profitable Ethiopian Private Banks for 2021 / 2020 fiscal year [Estimation]

Jul 7, 2021 | 0

A number of private banks 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 banks 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.

Awash Bank Earns 5.58 billion birr gross profit for the 2021 / 2020 fiscal year

Jul 6, 2021 | 0

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.

Cooperative Bank of Oromia Grosses 2.39 billion birr profit for 2021 / 2020 f.y

Jul 2, 2021 | 0

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.

Paid-up capital Requirement for banks in Ethiopia raised from 500mln birr to 5bln birr

May 17, 2021 | 0

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

Ahadu Bank manages to perform it’s first formation assembly with 760 million birr subscribed capital

Jan 2, 2021 | 0

Ahadu Bank, one of the 20+ banks under formation in Ethiopia has managed to perform it’s first formation assembly in Ghion Hotel on January 2, 2021. The bank managed to sell 760 million birr worth of shares and managed to collect 540 million birr in paid up capital out of 10,500 shareholders.

Damota Bank, a new bank under formation, starts selling shares

Dec 27, 2020 | 0

A new bank, Damota Bank s.c under formation has started sharing sales. The bank has floated shares each worth 1,000 birr where anyone can purchase a 50 shares minimum worth 50,000 birr unto 100,000 shares worth 100,000,000.

ZamZam Bank receives license as Ethiopia’s first Interest Free Bank (IFB)

Oct 22, 2020 | 0

The first Interest-Free Bank (IFB), ZamZam Bank (ZZB), has received a green light from the National Bank of Ethiopia (NBE) after 13 years in restless efforts.
The bank was a pioneer when it started its activity in 2007 after the government had shown interest in allowing the bank to operate under the Islamic Banking principle.

Hijira Bank’s Board Receive Approval

Oct 19, 2020 | 0

The National Bank of Ethiopia (NBE) has given the green light to the founding board of directors of Hijra, the second under establishment, full-fledged interest-free bank in the country. Issued on September 14, 2020, under the signature of Frezer Ayalew, director of banking supervision at the central bank, the letter approved the nomination of the 13 board members drawn from the academia, law, ICT, finance and business arenas.

New bank called Akufada Bank is in the process of formation

Oct 18, 2020 | 0

According to a press report held on Oct 17, 2020 in Yod Abyssinia, a new bank called Akufada Bank s.c is under formation. According to the press report, the new bank under formation has prepared 2 million (2,000,000) shares each one worth 1,000 birr.

Hossana Bank, a new private bank to be established

Sep 28, 2020 | 0

Hossana Bank S.C is a new bank under formation set to join the evergrowing banking sector. By organizing all of its capital, financial, technological, and human resources, the bank has reached the final stages of “under-formation” status and is awaiting finalization from the national bank.

Currency (Code)	Buying Rate	Selling Rate
US Dollar(USD)	45.8988	46.8168
Euro(EUR)	53.7704	54.8458
Pound Sterling(GBP)	60.0868	61.2885
UAE Dirham(AED)	11.3076	11.5338
Saudi Riyal(SAR)	11.0746	11.2961

Private Banks in Ethiopia Latest News