Zemen Bank, Ethiopia declared 123 million birr in gross profits in the 2011-12 financial year, netting 86 million birr. The revenue 
earned by the bank is 2 million birr more than what the bank had declared in the previous financial year according to the statement by the bank. Zemen was able to deliver 58% in earnings per share to its shareholders it reported.
The rate of growth for the bank was slower as compared to the performance it had registered in the previous year said Ermias Eshetu, Vice President of Marketing and Corporate Services with Zemen.
The investment and capital of the bank has been tied up in provisional investment costs for the construction of the future headquarters of the bank and in the purchase of National Bank bonds as per requirement he explained.
Deposit mobilization has increased significantly in the last financial year with deposits growing by 54 percent increasing from 1.162 billion birr to 1.792 billion birr. Gross loans dispersed by the bank surpassed 1 billion birr in June 2012 as compared to 645 million birr in the previous year.The foreign exchange inflow of the bank also grew to reach 15 million US dollars per month to show a 24 percent increase as compared to last year.
Source: Capital
