Ethiopia's Zemen Bank announced floating of shares worth 100 million Ethiopian birr to increase its capital, Capital reported.

Ermias Eshetu, Vice President of Marketing and Corporate Services of Zemen Bank, told Capital that it is initially offering the purchase of the shares to its existing shareholders numbering around 3,000 and any remaining shares will be available to the public.

Zemen Bank earned a gross profit of 123.8 million birr in the 2012/13 fiscal year based on audited financial results. The bank’s financial report indicated that its net profit after taxes stands at 94.1 million birr, an increase of 9 percent from the previous fiscal year.

In terms of deposits and loans, the bank has shown a significant growth, with deposits increasing by 40 percent during the year, from 1.8 billion birr to 2.5 billion birr, while gross loans reached 1.4 billion birr in June 2013, compared to 1 billion birr a year earlier.

Source: Capital