Abay Bank's Paid-up Capital Surges, Battles Liquidity Hurdles


Abay Bank's Paid-up Capital Surges, Battles Liquidity Hurdles

The third-generation Abay Bank has solidified its position with marked growth in paid-up capital of 6.01 billon Br, showing a 27pc surge from the previous year. It registered revenues of 8.4 billion Br, marking a 19pc increase while its assets soared by 21pc to reach 66.4 billion Br. However, the bank's net profit showed a nominal decline to 1.5 billion Br, shrinking by 3pc, while earnings per share declined to 280 Br. With over 3.5 million customers, deposits have surged by a whooping 26pc to 52.6 billion Br. Despite the bank being tested by liquidity hurdles due to the 14pc credit cap put on by the Central Bank, total loan portfolio stood at 41.7 billion Br. The bank incurred a total expense of 6.4billion birr, making a 30pc  increase from the previous year. Amlaku Asres (PhD), board chairman, pointed to the domestic and international challenges affecting banking activities while the emergence of new technologies has created opportunity for the bank to test new waters. Yehuala Gesese, presidant of the Bank, noted that the bank has formed new strategies where rebranding the bank has played a crucial part. He added that that expanding digital services through internet and mobile banking services has played a role in bank’s growth.


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Coffee Exports Bring in $1.5B in Third Quarter

Ethiopia has earned 1.5 billion dollars from coffee exports over the nine months of the fiscal year. The country had set a target to earn a little over a billion dollars by exporting 201,959tns of coffee during the same period. According to Adugna Debella (PhD), director general of the Ethiopian Coffee & Tea Authority, the export strategy continues to focus on major international markets, with the top 10 destinations, including Saudi Arabia, Germany, and the United States (SU), accounting...


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Central Bank Holds Fourth Exchange Auction

The National Bank of Ethiopia(NBE) sold one dollar for 131.4961 birr in its recent auction. It was reported that 26 banks participated in this auction, which took place last week on Thursday. In a statement issued by the National Bank  following the auction, it was indicated that 70 million dollars was offered for the event. Subsequently, it was reported that 96 pc of the foreign exchange needs of the participating banks were met. In the previous auction, held 15 days ago, the bank had of...


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City Registers 64,075 Births in Fiscal Year

The city has exceeded its birth registration target for the first nine months of the fiscal year, registering 64,075 children—71.15pc more than the set goal of 58,342. This success, with a registration coverage rate of 109.63pc, is largely attributed to the efficiency of the one-centre birth registration service system, which has been rolled out across health centres and courts. The total number of vital events registered, including births, adoptions, marriages, divorces, and deaths, reache...