Siket Bank S.C. has announced a strong performance for the 2023/24 fiscal year, recording a net profit of Birr 1.54 billion and total assets of Birr 15.9 billion, reflecting a 30% growth. The bank's results were shared by Board Chairperson Tilahun Worku during the 2nd Stakeholders Ordinary General Assembly on Saturday last week, where he addressed board members, shareholders, and directors.
Since its establishment, Siket Bank has made significant strides in providing efficient microfinance and banking services, despite being a relatively new player in the sector. Tilahun highlighted the bank’s commitment to creating value for customers, shareholders, and communities through improved trademarks, strengthened institutional structures, and enhanced technological advancements aimed at boosting competitiveness.
The bank's total deposits reached Birr 4.9 billion, a 36% increase from the previous year, with 537,428 customers. Additionally, it disbursed Birr 9 billion in loans to key sectors including trade, manufacturing, construction, and agriculture.
Siket also achieved a 50% increase in net profit year-over-year, supported by investments in leadership development and digital infrastructure. The bank allocated Birr 10 million for corporate social responsibility initiatives.
Source: The Ethiopian Herald
