2merkato

The central bank of Ethiopia, National Bank of Ethiopia (NBE), approved the candidate for the chairman position of Abyssinia Bank’s board.

The Bank of Abyssinia (BoA), reported a 21.8 percent rise in gross profit for the 2012/13 fiscal year, Capital reported. The bank’s financial report indicated that BoA earned 351.5 million birr during the reporting period, according to Capital.

BoA’s net profit after tax in the past fiscal year stood at 264.7 million birr . The bank profited 215.7 million birr in the 2011/12 fiscal year.

The Ministry of Labor and Skills has disclosed that banks are not complying with National Bank regulations by failing to provide loans to enterprises.

The Governor of the National Bank of Ethiopia Yinager Dessie (PhD) announced that the Ethiopian banking sector was registering resilient growth despite challenges. The Governor revealed this in a forum which was held to review the developments and future plans of the financial sector.

The digital payment system grew by 150%, as the number of mobile banking users surpassed 16 million. Yinager Dessie emphasized that banks should give due attention to digitalization and reaching the underserved section of the society.

The banking sector showed improvements during the 2021/2022 year. Yinager Dessie (PhD), the Governor of the National Bank of Ethiopia, stated banks performed better in asset, loan repayment and other variables.

The capacity of banks in repayment of loans increased to 48.7% while the banking sector registered 26.7% growth during the last fiscal year, it was learnt. The total asset of the banks also reached 1.7 trillion and the number of their branch offices increased by 30%.