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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 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.
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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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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.
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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.
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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.
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.
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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.
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| Currency (Code) | Buying Rate | Selling Rate |
|---|---|---|
 US Dollar(USD) | 47.8476 | 48.8046 |
 Euro(EUR) | 53.9960 | 55.0759 |
 Pound Sterling(GBP) | 60.9382 | 62.1570 |
 UAE Dirham(AED) | 11.7877 | 12.0235 |
 Saudi Riyal(SAR) | 11.5426 | 11.7735 |
