Zemen Bank SC, one of the private banks in Ethiopia, disclosed it has registered a net profit of 263.8 million Birr in the last fiscal year. This is a 30.5 percent increase compared to the previous fiscal year’s performance.
Earnings per share were also on the rise, from 367 Birr to 384 Birr for a thousand Birr share. Its paid up capital also increase from 650 million Birr to 850 million Birr.
During the bank’s annual report, board chairman of the bank, Amare Habte, noted despite the civil unrest, the state of emergency and the chronic shortage of foreign currency that Ethiopia has experienced last year, Zemen was able to register robust growth in key areas of the bank.
Zemen’s total income of the bank reached 966 million Birr from 703 million Birr, out of which the lion’s share increasing by 26 percent to 463 million Birr. Furthermore, the bank’s total loans and advances stood at 3.97 billion Birr as of the end of the last fiscal year.
In spite of decrease in other banks performance when it comes to foreign exchange dealings, Zemen bagged 165.3 million Birr, a 35 percent increase compared to the preceding year.
Total asset of the bank also increased from 7.33 billion Birr to 9.66 billion Birr while its capital base expanded to 1.34 billion Birr from 1.002 billion Birr.
Despite having long-held principle of operating single branch bank, Zemen is now opening more branches across the country. Up until June 30, 2017 the bank had 31 branches and sub-branches.
Among other things, Zemen’s board of directors plan to increase the bank’s paid up capital by 275 million Birr.
Source: The Reporter