Bank of Abyssinia Climbs Profit Ladder


Bank of Abyssinia Climbs Profit Ladder

Shareholders of the Bank of Abyssinia convened at the Interluxury Hotel on Tito Street, as the Bank marks another profitable year, amassing 3.8 billion Br net profits. It is an increase of 18.7pc from last year. Bekalu Zeleke, president of the Bank, revealed total revenues of 22.7 billion Br, an increase of 35.9pc from last year as their assets stood at a mighty 189.5 billion Br. Total deposits mobilised through the year climbed by 36.4 billion Br while loans and advances reached 146 billion Br. "We had good deposits compared to other players in the industry," said Bekalu. Earnings per share of the Bank had gone through a marked decline of 18pc to 39 during the year in line with the dividends that saw a five per cent drop. Board Chairman Mekonen Manyazewal indicated that several policy changes had occurred during the year, like mandatory treasury bonds and the amendment payment system proclamation. The chairman identified both threats and opportunities in the form of new competition in the evolving financial landscape. The Bank has 11,508 employees, having recruited 2145 new employees during the year. Bekalu indicated that the next phase of the competition will involve human resources and emphasised: "We have to be vigilant."   Editor's Note: This article was updated from its original form on November 20, 2023.

[ssba-buttons]

Radar

AMG Holdings Breaks Ground on Industrial Rail Link to Ethio-Djibouti Railway

AMG Holdings has launched construction on a 2.5-kilometer railway connecting its Sheger Industrial Park to the Ethio-Djibouti Railway's Endode Station. The Ethiopian-led project comprises 1.7 Kms of main track and 800 meters of side rail. Chief Project Manager Engineer Nigist Hailu said the line is expected to be completed within six months, facilitating the transport of raw materials and finished goods to Djibouti's port. More than 100 local workers have already joined the project, with addi...


Radar

Ethiopian Deposit Insurance Fund Achieves Full Q1 Collection Target

The Ethiopian Deposit Insurance Fund collected 2.08 billion Br in the first quarter of 2025. This meets 100 percent of the target and represents a 26.83 percent increase compared with the same period last year. The rise in premiums was attributed to higher deposits from member financial institutions. To date, the fund has collected a total of 15.93 billion Br in premiums from member institutions, with 14.51 billion Br coming from regular deposits and 1.42 billion Br from interest-free depo...


Radar

Oromia Bank, Ethiopian Airlines Introduce Fly Now, Pay Later via Milkii Digital App

Oromia Bank's Milkii Digital App, launched on May 3, 2025, has introduced a “Fly Now, Pay Later” service that lets customers book Ethiopian Airlines tickets using digital loans, with payments spread over six months after travel with 16.5 interest rate and allows customers to book flights upto 300,000 Br. Developed in collaboration with Ethiopian Airlines, the platform is part of a broader effort to expand digital finance and simplify access to services. The initiative seeks to enhance conven...