Zemen Bank disclosed it made a gross profit of 165 Million Birr and a net profit of 128 Million Birr during the last fiscal year. This figure is 36 percent higher than the Bank’s 2012/2013 fiscal year performance which saw 123.8 Million Birr before tax profit.
Zemen’s performance of 128 Million Birr net profit during 2013/2014 is higher than the 94 Million Birr net profit it recorded in the year preceding it. This performance by the Bank is 36 percent higher when compared to the year before it.
In 2012/2013 the Bank’s profit only rose by 9 percent.
Earning per share of the Bank for the past five years was in average 45 percent, according to a statement by Zemen. However, the past year’s earning per share was 32 percent and the year before it saw 58 percent earning per share.
Currently Zemen’s overall asset has reached close to 4 Billion Birr, which is a 21 percent rise. Deposits also rose by 22 percent and reached 3 Billion Birr from 2.5 Billion Birr. The Bank’s performance with regard to deposits is slightly above the industry average, which is 21 percent.
During the 2013/2014 fiscal year, Zemen extended 1.43 Billion Birr loan. There is a slight growth in the bank’s performance when compared to 1.4 Billion Birr performance it recorded during the 2012/2013 fiscal year.
With regard to foreign exchange inflows the bank collected, it has managed to pull together a total of U.S. $ 287 Million in the entire year. This figure shows a n eight percent increase when compared to the year before it.
Zemen is also standing on good financial terms when seen in light with the capital base and liquidity position. The company’s capital adequacy ratio reached 37 percent of risk weighted assets or four times higher than the regulatory requirement. The liquidity ratio also reveals good performance standing at 38 percent of the total assets.
On the other hand, Zemen’s cumulative purchase of government securities (National Bank of Ethiopia Bills) has reached 947 Million Birr.
According to Capital, Zemen’s distinctive Doorstep Banking service has handled more than 605 Million Birr in transaction last year and continues to assist many local and foreign companies improve their cahs and treasury management functions.
Source: Capital
