The banking industry netted close to 50 billion Br in profits in the last financial year, according to a report from the National Bank of Ethiopia (NBE). The report lauds "remarkable" growth in deposit mobilisation and credit disbursement. Bank assets have soared to 24 trillion Br, while deposits are up to 1.7 trillion Br. Governor Yinager Dessie (PhD) said the financial sector has continued to perform despite challenges. Among these was a four-month suspension on collateralised loans the central bank enacted in late 2021. Digital banking has also grown, with the number of mobile banking users topping 43 million. The industry has welcomed close to half a dozen entrants in recent weeks, including Tsehay, Amhara, and Ahadu banks.
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