Siket Bank announced impressive financial results, with a net profit of 1.54 billion Br, representing a 50pc surge from the preceding year. The bank's paid-up capital witnessed a 25pc increase, reaching 5.46 billion Br, exceeding the minimum capital requirement set by the National Bank of Ethiopia. The accomplishments were displayed during the bank's annual general assembly held last week at the Hyatt Regency hotel near Mesqel Square. The bank’s stellar financial performance is further evidenced by a substantial 36pc growth in total deposits, which now stand at 4.9 billion Br. Fueling this growth is the bank's expanding loan portfolio, which reached nine billion Birr. Siket also reported an 8pc rise in collected debts, totaling 4.2 billion Br. Contributing to the bank’s success is a 41pc surge in total income, reaching 2.37 billion Br, with a significant 75pc attributed to interest revenue. While total expenditures increased by 28pc, reaching 828.5 million Br, the bank’s robust income growth ensured a healthy profit margin. Formerly Addis Credit & Saving Institution, Siket Bank has made significant investments in its infrastructure, implementing a new core banking system and constructing a state-of-the-art data center.
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