Banking and Finance

Ethiopian Launches Mobile Payment with Commercial Bank of Ethiopia - 27 March, 2015

Ethiopian Airlines the largest in Africa is pleased to announce the commencement of mobile payment for online ticket purchase in Ethiopia. The option was made possible with the cooperation of the Commercial Bank of Ethiopia (CBE) and Flocash an integration system provider.

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Awash International Bank of Ethiopia Reports 18% Rise in Profit

Ethiopia's privately owned Awash International Bank has reported a 639 million Ethiopian birr unaudited gross profit in the 2012/13 fiscal year. Tsehay Shiferaw, President of AIB, told journalists at a press conference held on Friday August 2 at the Addis Ababa Hilton Hotel, that the bank's profit has grown by 180.6 million birr (18%) compared to the previous fiscal year.

The registered profit may make AIB the leading profitable private financial institution in Ethiopia, according to the reports of Capital. Awash’s total revenue in 2012/13 fiscal year reached 1.4 billion birr, showing a growth of 309 million birr or 28 percent when compared with the previous year. Add a comment Add a comment

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Development Bank of Ethiopia Profit Rises 26.3%

Development Bank of Ethiopia has earned a net income of 491 million Ethiopian birr during the 2011/12 fiscal year. The Banks annual report, which was approved by its board of directors in Bahir Dar last week, indicates, it has surpassed its target of approving 7.9 billion birr worth of loans.

The largest portion of the approved loans was for companies engaged in the industrial sector. The industrial sector has received 5.8 billion birr in total, 143 percent higher than what the bank has targeted to loan out to the sector. Foreign companies, such as Saygin Dima, which got over one billion birr of loans approved last year, were the major beneficiaries. Add a comment Add a comment

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Ethiopia: CBE Posted a Record 8.4 Billion Birr Profit

Commercial Bank of Ethiopia posted a record 8.4 billion Ethiopian birr profit for the 2012/13 fiscal year, a sizable increase over the 7.9 billion birr reported in the same period last year.

The bank's general deposit has reached 154.4 billion birr and its general assets has totaled 198.3 billion birr, according to Yishak Mengesha, CBE's business development manager. The bank has opened 148 new branches across the country. The bank has also doubled the number of customers in reporting period to 6.9 million.

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Ethiopia: Nile Insurance Sold Bank of Abyssinia Shares 224% their Par Value

Bank of Abyssinia shares auctioned by Nile Insurance S.C has attracted bid 224 percent above their par value. Nile Insurance S.C is disposing shares it owned in the bank following a 2008 law which caps the maximum amount of shares a shareholder can hold in a bank to 5 percent of the bank's capital.

In a bid to comply with the law, Nile Insurance, is reducing its shares worth 49.2 million Ethiopian birr to 31.5 million birr by offering for sale 708,704 shares. The National Bank of Ethiopia has set a three year timetable, which will expire in August 2013, for "influential Share holders" to reduce their interest to the maximum amount required by the law. Add a comment Add a comment

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