Sidama Bank has officially started providing services as of yesterday. At the launch program, the Deputy Governor of the National Bank, Ato Solomon Desta, emphasized that the bank's success would play an important role in the country's economic development and in providing access to modern banking on a large scale. Sidama Bank is one of the five banks that have transformed from small financial institutions to banks in the past five years.
Sidama Bank recorded a net profit of Birr 71.6 million for the previous fiscal year, surpassing its initial profit target by 58 percent. The announcement was made during the bank's third regular and third emergency general meeting of shareholders, held in Hawassa.
Sidama Bank has announced plans to open 130 branches across Ethiopia in the next financial year. The bank's president, Ato Tadese Hatia, said that the expansion was part of a strategy to increase capital and expand access to financial services.
Sidama Industrial Parks Development Corporation (SIPDC) achieved positive results despite operational difficulties. Over a six-month period, the corporation reported exceeding USD 338,000 in revenue from exports of avocado oil and processed milk products.
The Sidama Regional State Trade and Industry Bureau has organized an exhibition and bazaar in Hawassa city under the theme “Productivity of Our Industries for Our Propsperity”, featuring 120 local manufacturing industries.
