Zemen Bank, one of the notable private banks in Ethiopia, disclosed it has registered a net profit of 203 million Birr in the past fiscal year. The performance is 33 percent higher than the bank’s achievements in 2014/2015.

Earnings per share also stood at 36.7 percent. “The bank continued its record of delivering profits to its shareholders, as seen from the five-year average earnings per share return of 40 percent per year,” the annual report by the bank stipulated.

Zemen’s overall asset base reached 7.4 billion Birr rising by 7.4 percent. Deposit also grew by 44 percent and reached 5.4 billion Birr.

The bank also shined regarding foreign exchange inflows as it reached 302 million USD from 236 million USD. The paid up capital on the other hand reached 650 million Birr by the fiscal year.

Zemen distributed 3.4 million Birr as loan during the fiscal year. This is an increase of 33 percent when compared to 2.2 billion Birr it extended during 2014/2015.

Last year, Zemen opened 3 new banking centers in the capital; around CMC, Piassa and Old Airport. The bank also opened Humera Banking Center taking the total number of branches to 12 and sub-branches to 6.

Source: Capital