Abyssinia Gross Profit Triples Industry Average

Dec 4 , 2022

Abyssinia Bank has reported successful results, with a gross profit of 4.6 billion Br, up 127pc from the previous year. It is more than triple the average gross profit for private banks. The total loan portfolio surged by a staggering 76.6 billion Br to stand at 113.3 billion Br, which is more than double of average deposits of private banks in the last fiscal year. Abyssinia branches have increased by 125, growing to 748. It has attracted over one million customers after opening interest-free banking over a decade ago, with an increase of 60pc from the previous year, constituting 13pc of the total customer base. Shareholders who convened at the Inter-Luxury Hotel last week resolved to increase the Bank's paid-up capital to 12.5 billion Br. Mekonen Manyazewal, the board's chairperson, disclosed that Abyssinia Bank saw a slight fall in foreign exchange earnings, mobilising 674.6 million dollars. The Bank's total assets have increased to 149.4 billion Br, showing a 43.6pc growth.



A booming plastic container market around the Saris area bustles with shoppers inspecting the selections. Water supply shortages have plagued the capital as an expanding population size's demand is unmet by the drops moving through the pipes. The Addis Abeba Water & Sewage Authority relies heavily on underground wells and surface water from the Legedadi, Dire and Gefersa dams. With the Authority digging 28 wells to meet the demand shortage, several parts receive water through the taps three...



A telephone pole gently rests aside DebreZeit road, tucked into the city's ageing infrastructure. Ethiopia's infrastructure has been under rising assault by robbers who mimic maintenance workers appointed by the state. The ones pared from theft are constantly a victim of subdued synergy between government bureaus. The International Journal of Scientific & Technology Research published a study in 2020 indicating that lack of coordination between agencies was a significant factor in delays, co...



Traditional holiday hymns are sung by a group of men dressed in cultural outfits with decorations made from a horse's mane around the Bole area. The early weeks of September bring with them a panoply of festivities. A soft holiday spirit glistens the streets of Addis Abeba, while roaring hordes of shoppers grappling with inflation rates near 30pc do not grace marketplaces like they used to. The tight clampdown on access to foreign currency by the Ministry of Finance which banned the import of 3...