Abyssinia Bank Opens Full-fledged IFB Branch

Bekalu Zeleke


Abyssinia Bank Opens Full-fledged IFB Branch

Bank of Abyssinia (BoA) has launched a full-fledged, interest-free banking branch called Ameen at Belay Zeleke Building near Semen Hotel. The Bank dedicated one entire floor of its seven-storey building, which is located on the road from Piassa to Addisu Gebeya. The Bank started interest-free banking as a window service beginning in December 2017 and currently has a total of 125,000 customers at its IFB branches. It also mobilised deposits of 1.7 billion Br from the service. So far, it has opened eight full-fledged, interest-free banking branches in the capital and in regional states. The Bank, under Bekalu Zeleke's management, opened three in the capital while Chagni, Harmaya, Jijiga, Kemise and Bahir Dar got one each. The management of the Bank, which has a total of 440 branches throughout the country, is planning to add seven more full-fledged IFB branches. In the last fiscal year, BoA has doubled its net profit, placing itself in the list of the top three profitable banks. The Bank’s net profit grew by 48pc to over 786 million Br, and earnings per share (EPS) rose to 7.23 Br from 6.11 Br.


Radar

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...


Radar

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...


Radar

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...